MGMT615Do some research and find an analytical tool that aids in understanding the various competitive forces that affect strategic planning. Although all organizational sectors potentially face similar kinds of competitive forces, each sector and/or organization may face unique factors that affect competitive pressure at any given time, depending on varying circumstances.

Do some research and find an analytical tool that aids in understanding the various competitive forces that affect strategic planning. Although all organizational sectors potentially face similar kinds of competitive forces, each sector and/or organization may face unique factors that affect competitive pressure at any given time, depending on varying circumstances.
One analytical tool that can aid in understanding the various competitive forces that affect strategic planning is Porter’s Five Forces model (Porter, 2019). This model identifies five forces that shape industry competition and can impact an organization’s ability to achieve profitability: Threat of new entrants: This refers to the ease with which new firms can enter the market and compete with existing firms. Threat of substitute products or services: This refers to the availability of alternative products or services that can meet the same customer needs. Bargaining power of buyers: This refers to the ability of customers to negotiate prices or demand certain features from suppliers. Bargaining power of suppliers: This refers to the ability of suppliers to negotiate prices or demand certain conditions from buyers. Rivalry among existing competitors: This refers to the intensity of competition among existing firms in the market. By understanding these forces and analyzing their impact on an organization’s industry, businesses can develop strategies to address these challenges and achieve a competitive advantage. Cont…