Michael Porter on competition
Competition for proﬁts goes beyond established industry rivals to include four other competitive forces as well: customers, suppliers, potential entrants, and substitute products. The extended rivalry that results from all ﬁve forces deﬁnes an industry’s structure and shapes the nature of competitive interaction within an industry.
I would also add in another competitive force – the public, or non-market forces.
First published Jul 26, 2011