Using the five$-$forces model of competition to determine what competition is like in a given industry involves

building the picture of competition in two steps or stages: $(1)$ determining which rival has the biggest competitive advantage and $(2)$ assessing whether the competitive advantages possessed by various industry members allow most industry members to earn above$-$average profits.

determining whether the collective impact of all five competitive forces is conducive to earning attractive profits and gauging the overall strength of competition based on how many industry rivals are operating with a competitive advantage and how many are operating at a competitive disadvantage.

building the picture of competition in three steps or stages: $(1)$ identifying the specific competitive pressures associated with each of the five competitive forces, $(2)$ assessing whether the competitive advantages possessed by various industry members allow most industry members to earn above$-$average profits, and $(3)$ evaluating the strength of competitive pressures created by industry driving forces and the emergence of new industry key success factors.

building the picture of competition in three steps: $(1)$ identifying the specific competitive pressures associated with each of the five competitive forces; $(2)$ evaluating how strong the pressures comprising each of the five competitive forces are; and $(3)$ determining whether the collective impact of all five competitive forces is conducive to high$/$good industry profitability

evaluating how strong the pressures comprising each competitive force are and evaluating whether competition is being intensified or weakened by the industry's driving forces.