The link below is an example of the clothing industry:
Michael Porter has devised a framework which provides a better understanding of the industry and how companies can be affected by forces within the markets. The five forces that he has described are: a) Threat of new entrants, b) Determinant of buying power, c) Threat of substitutes, d) Determinants of supplier power, and e) Rivalry among the firms. This allows a focused and better analysis of the external factors of the industry.
a) Themanager.org: This website provides a clear explanation of the Porter’s Five Force model and gives a deep and clear understanding of each and every point of the analysis. This can be retrieved from the following website: http://www.themanager.org/Models/p5f.htm. This site is more detailed and helps understand the topic in a deeper manner.
b) Marketing Teacher.com: This website provides students with all the concepts of marketing and helps business students to a great extent as it allows a simple explanation of all the topics making it simpler for all students. This can be accessed from the following link: http://www.marketingteacher.com/Lessons/lesson_fivefoces.htm. This website is very simple and to the point form of explanation of the topic.
This analysis is to provide for a better understanding of the major external elements that affect the performance of a company. This highlights the major elements like the political, economical, social and also the technological factors that can cause any affect to the company’s performance.
a) NetMBA.com: Similar to the marketing teacher website, this website also provides business students with a chance to learn the concepts in a simple and straight forward manner. The language is simple and the explanation is very helpful to deepen the knowledge of the topic. The website can be retrieved from http://www.netmba.com/strategy/pest/.
b) QuickMBA: The second reference that can be