Michael Porter developed an analysis tool (Porter's Five Forces Analysis) to determine an industry's competitive nature. The Analysis can be used as a guide to determine how best to position a company to be successful in that Industry.Complete an Industry Competitive Analysis, using Porter's Five Forces Analysis, of the RETAIL FLORAL INDUSTRY (flower shops and other retail establishments that sell fresh flowers) to determine the Industry's competitive nature. Evaluate each of the Five Forces using Porter's Five Forces Analysis (Threat of New Entrants, Bargaining Power of Suppliers, Character of Rivalry, Bargaining Power of Buyers, and Threat of Substitutes). Provide factual information to support your evaluation of each force's strengths (use low, moderate, or strong designations for each of the five forces).Based on your Analysis of the Five Forces and the Industry's resultant competitive nature, what would be an effective overall strategy for a firm entering the Industry to be profitable?Consider all the types of firms in the Industry that supply floral products (i.e., Wal-Mart, Kroger's, local floral shops, online florists, etc.).The four strategy choices are BROAD LOW-COST (providing a wide product line and offering low costs), FOCUSED LOW-COST (providing a narrow product line and offering low costs), BROAD DIFFERENTIATION (providing a broad product line and offering something others do not and thereby able to charge premium prices), and FOCUSED DIFFERENTIATION (offering a narrow product line and something others do not provide, and thereby able to charge premium prices).Some companies combine several of these strategies. For example, Southwest Airlines has a combined focused low-cost and differentiation strategy (low-cost flights and excellent customer service).Consider other competitors when selecting your overall strategy. Explain how your strategy choice will help your company succeed in the Industry.