Porter’s Five Forces: A Must Know Tool for Your Marketing Assignment

Marketing involves planning and framing strategies. This task of strategy framing is itself interesting so how can your marketing assignment be boring, right? Many students seek marketing assignment help to make their assignment interesting and impressive so that they can score good grades.

But, if you think deeply, you will find that you can yourself composing a top-notch marketing assignment by incorporating some interesting topics in your assignment. There are many topics which can make your assignment standout such as SWOT analysis, BCG matrix, Keller’s brand equity pyramid to name a few. Here in this article, we will be explaining to you a very interesting topic known as Porter’s Five Forces. The knowledge of this topic will help you make your assignment attractive so that you can score well. In addition to this, it will also help you excel in your career as after completion of your degree you will be the one who will frame marketing strategies for an organization that you wish to work with. Thus, study this article very carefully.

What This Porter’s Five Forces Is?

You must be wondering what is this Porter’s Five Forces that we are talking about. Well, it is a tool that corporates use to analyze the level of competition within the industry.

According to this model, the competition in the industry is the result of 5 forces namely, threats imposed by new entrants, supplier’s bargaining power, buyer’s bargaining power, availability of substitute products or services, and the rivalry that exists within the industry.

In order to understand these 5 forces, have a look at them one by one.

1)Threats imposed by new entrants: New entrants enter the industry with a desire to capture the market share. The degree of seriousness of the threat depends upon whether the industry has entry barriers for new entrants or not. Examples of entry barriers include customer loyalty for already existing brands, rigid government policies, limited availability of distribution channels etc. If an industry has more entry barriers, then there will be less threat for existing players in the industry.

2)Supplier’s bargaining power: This force analyzes the degree of control and power that the companies suppliers have over the price and quality of purchased goods or services. More suppliers of goods and services imply that their control over the price and quality will be less. On the contrary, if there are few suppliers, then they will have more control and power.

3)Buyer’s bargaining power: This force analyzes the degree of pressure that buyers can exert on the company. Customers are price sensitive and they can easily switch from one brand to another, this puts the company under pressure. If a product has a few buyers and many substitutes available, then buyers will be more powerful and if there are more buyers and less availability of substitute products, then the company will be more powerful.

4)Availability of substitutes: Availability of substitute and alternative products puts the company under pressure as customers can easily switch from one brand to another if their expectations are not met by the company. Companies must keep a watch on new product launches and frame their marketing strategy accordingly.

5)Rivalry within the industry: This force analyzes the degree of intensity of the competition between the already existing players in the marketplace. There is a high degree of rivalry when there are a lot of competitors that are equal in size as well as power. When there is high rivalry, competitors resort to active advertising strategies and price fights. This requires the company to frame their strategies accordingly.

If you incorporate this knowledge of Porter’s 5 Forces in your marketing assignment, it will make it interesting and create a good impression on your professor so that you can get good grades.

Summary: Porter’s Five Forces is a very interesting topic that you can include in your marketing assignment. This article explains all the 5 Forces in detail so that you can understand it, write it in your assignment, and get good grades.

About the author: The author is an academic writer associated with Global Assignment Help Australia. She is an avid reader and traveller and has helped many students by providing them assignment writing services.