How to earn more profit than your competitors
What do you do when a tough competitor enters your space? Many businesses cut their prices, starting a 'race to the bottom' as their previously unassailed niche becomes just another commodity product or service. This strategy carries the seeds of its own destruction. In his classic book, The Competitive Advantage of Nations, Harvard Business School professor Michael Porter outlines five forces that shape competition: New competitors enter the market Rivalry among existing competitors intensifies Substitute products arrive Buyers use their buying power to squeeze margins Suppliers assert greater bargaining power The classic case of a business READ MORE ›