Chapter 2 Study Guide: BUS 690 Summer 2017 Answer the questions and give examples where appropriate: 1} Direct contest between rivals: does it work or not and why? 2} What is the real point of competition or beating your rivals? 3} Dene the ve forces 4} What do the ve forces explain? 5} What are the links between industry structure and profitability? 6} How is industry structure utilized for understanding the dynamics of competition? ?} How do powerful buyers affect prices and profitability and competition? 8} How do powerful suppliers affect business, prices, competition? 9} How do you assess the power of suppliers and buyers? 10] What is differentiation and how does it affect competition? 11) What are substitutes? How do substitutes affect the industry? 12] What is switching costs and how does it relate to substitution? 13] What are entry barriers? Give examples. 14] What is a new entrant into an industry? How do you assess the threat of a new entry? 15] What are some of the advantages that inCtnnbents have over new entrants? 16] Is industry structure dynamic? 1?] What is the real point of competition