Porters five forces model is used as part of the industry analysis completed in this workshop and the ADP. Refer to the form illustrated in Figure 1. The aim is to determine an organizations competitive advantage compared to its competitors. Assessing the competition in the industry, determining the potential of new entrants, the power of the suppliers and customers, and the threat of substitutes enables an organization to continually reassess its strategy. Additional areas addressed in this weeks industry analysis are rivalry intensity, economies of scale, and distribution channels. The latter has been of interest post-pandemic. The process is crucial because an optimized supply chain results in lower costs and a more efficient production cycle. Companies seek to improve their supply chains so they can reduce their costs and remain competitive (Hayes, 2022, para. 2).
- Read the Miniature Guide to Critical Thinking: Concepts and Tools.
- Review Chapter 6 Mechanics of Style in the APA Style Manual 7e.
- Conduct research to locate the most current, relevant information on how automation is taking jobs from the employee industry.
- Complete industry analysis for each content area in the ADP Industry Analysis form once the data has been collected.
