Write an analysis addressing the following:
Identify the business you will build throughout this course and choose a name for your business. Write a paragraph about the business you are choosing, why this is your choice, and what products or services you will provide.
Write an analysis of buyer power and supplier power for your business, using Porter’s Five Forces Model. Be sure to discuss how you could combat the competition with strategies such as switching costs and loyalty programs.
Write an analysis of rivalry, entry barriers, and the threat of substitute Products for your business, using Porter’s Five Forces Model. Be sure to discuss how you could combat the competition with strategies such as product differentiation.
Describe which of Porter’s three generic strategies you would use for your business. Be sure to describe the details of how you will implement this strategy and how it will help you create a competitive advantage in your industry.