Understanding porter five forces

Porters 5 forces are important in analysis of business strategies and industrial development. To understand the how they work, it is important to read some literature related to the topics.
In a nutshell, the forces include the threat of fresh competition, which states that businesses that attract high profits will often catch the eyes of other investors; the threat of substitution, which stipulates that client often get alternative products; bargaining power of customers, which is described as the ability of customers to pressure firms into changing prices; bargaining power of suppliers, which takes into account the fact that suppliers have the power to exert pressure on the firm, particularly when the products in question are unique; lastly, the intensity of competitive rivalry, this describes the competitiveness of firms within the industry
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