Porter’s Five Forces
In the first part of this video we look at Michael E Porter’s Five Forces to consider the market environment that we are operating in. In the second part we look at how we might use Lewin’s Force Field analysis to assess the importance and urgency of each of the five forces.
Watch the video for background information about Porter’s Five Forces, feel free to request the templates from firstname.lastname@example.org. I am happy to share.
1. Familiarise yourself with the five aspects of Porters model in relation to your business
2. Gather a focus group of those who understand your business from the inside and those who understand the external environment
3. Plot the information on the template
4. Consider the strengths and weaknesses of the external elements using Lewin’s Force Field Analysis in relation to your business ability to take advantage of others weaknesses and mitigate the strength of others
Please share your experiences with this model in the comments below. I am building a portfolio of small business case studies and would love to include examples of what has worked well for you.
PS – If you need further help then give me a call on 07962 626604 to arrange a Skype session with me.
PPS – This exercise forms part of a series of workshops on Coping with Competition