{"id":1769,"date":"2013-02-03T21:00:48","date_gmt":"2013-02-04T05:00:48","guid":{"rendered":"https:\/\/masonmyers.com\/?p=1769"},"modified":"2015-01-28T12:58:42","modified_gmt":"2015-01-28T20:58:42","slug":"five-forces-michael-porter-business-fundamentals","status":"publish","type":"post","link":"https:\/\/masonmyers.com\/five-forces-michael-porter-business-fundamentals\/","title":{"rendered":"Five Forces by Michael Porter — Fundamentals Through Graphics"},"content":{"rendered":"

Five Forces of Competition<\/h2>\n

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The five forces of competition concept is one of the most influential in modern business.\u00a0 It was developed by Michael Porter of the Harvard Business School.\u00a0 Like all good frameworks, it takes something complicated and provides a simple, shorthand method to understand and remember the concepts.\u00a0 This is the next post in my series of fundamentals through graphics, charts, and graphs.\u00a0 Revisiting fundamental business concepts is helpful.\u00a0 We last did this in the post on the economies of scale and the experience curve<\/a> developed by the Boston Consulting Group in 1966.<\/p>\n

“The collective strength of these forces determines the ultimate profit potential of an industry,” writes Porter.\u00a0 These concepts are important to any business owner trying to determine how better to compete within an industry.\u00a0 Or, they are important to any entrepreneur contemplating a venture in an industry where they want to understand the industry dynamics.<\/p>\n

Here is a quick summary of the Five Forces (more detailed reading can be found through Harvard Business Review articles by Michael Porter and his books).<\/p>\n

Five Forces of Competitive Advantage:<\/h2>\n