You have just been introduced to Porterâ€™s Five Forces and the concept of SWOT for understanding business strategy in your finance class. You are excited and eager to share these new insights with other classmates after class.,Porterâ€™s Five Forces and the concept of SWOT for understanding business strategy,You have just been introduce d to Porterâ€™s Five Forces and the concept of ,SWOT ,for understanding business strategy in your finance class. You are excited and eager to share these new insights with other classmates after class.,However, you really want to impress your classmates with your understanding of the material so you scheduled an office meeting to go over these concepts with your professor to make sure you understand them.,Provide a brief summary of Porterâ€™s five forces.,How it is integrate with a SWOT analysis for developing a business strategy for your professor.,Formulate a thoughtful response from 100 to 250 words. Include at least one reference.,Â ,More details:,Porterâ€™s 5 Forces and SWOT analysis are both tools use d to analyze and make strategic decisions. Porterâ€™s 5 Forces is use d to analyze the competitive environment within an industry, while a SWOT analysis tends to look more deeply within an organization to analyze its internal potential.,Each of the models seeks to define the companyâ€™s position in the market. Porterâ€™s 5 Forces are generally more of a micro tool, while SWOT analysis is comparatively macro.,Â ,Firstly, Porterâ€™s 5 Forces is a comparative analysis strategy that analyzes competitive market forces within an industry.,Secondly, SWOT analysis looks at the strengths, weaknesses, opportunities, and threats of an individual or organization to analyze its internal potential.,Thirdly, While Porterâ€™s 5 Forces are all external factors, the SWOT analysis examines both internal (strengths and weaknesses) and externalÂ forces.,Furthermore, Both tools can be use d to put strategic planning processes in place to further a company success.,Porterâ€™s 5 Forces is a comparative analysis strategy. Companies can use it to determine competition within their industry, along with an industryâ€™s weaknesses and strengths. This model can be applied to anyÂ ,segment,Â of the economy to search for profitability and attractiveness.,Attachments,Click Here To Download,
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