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Apple threat of new entrants3/17/2024 ![]() Firms in an industry may or may not compete directly against one another, as we’ll discuss shortly, but they all face similar situations in terms of customer interests, supplier relations, and industry growth or decline. All firms are part of an industry-a group of firms all making similar products or offering similar services, for example automobile manufacturers or airlines. These entities are all directly connected to the firm in some way, and firms must understand the micro environment in order to successfully compete in an industry. What makes up a firm’s external micro environment, and what tools do strategists use to understand it?Ī firm’s micro environment is illustrated in the green circle in (Figure). ![]() ![]() ![]() Strategic Analysis: Understanding a Firm’s Competitive EnvironmentĪ Firm’s Micro Environment: Porter’s Five Forces ![]()
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