Discusion board Assignment Example | Topics and Well Written Essays - 500 words

Discusion board - Assignment Example The applications also enable management identify and correct any unforeseen challenges that may arise. Business processes are sources of competitive advantage. Business processes need to be unique and strategic to offer a competitive advantage. For instance, a business with processes focused on the creation of innovative products and services or those that portray a high sensitivity to customer queries and concerns tend to create a competitive advantage over their rivals. 2-How does Porters five forces shape industry competition and strategy? What are the implications? Do you agree with these five forces? Is there any other force that affects competition and strategy? What is the role of MIS in this framework? Understanding one’s business, specifically the strengths and weaknesses, is very important in facing rival competition. This is the basis in Porter’s five forces that shape industry competition and strategy. According to Porter, these five are; supplier power, buyer power, competitive rivalry, threat of substitution and threat of new entry. The five are centered in understanding the power that lies in a business and very useful in the analysis of the current positioning of a business, from a competitive point of view. Understanding this power, according to Porter, enables one to gain an advantage position by capitalizing on the strengths and improving weaknesses. For instance, in threat of new entry, the knowledge that competitors can easily penetrate the market and bring competition enables a business create barriers strong enough to keep off competitors thus maintain a competitive position. These forces shape the markets and industries businesses operate in. For inst ance, in competitive rivalry, having very few or no competitors at all offers a business competitive advantage in the industry it operates in. I agree with these five