Porter's Five Forces explained. It's one of those frameworks that all consultants are probably familiar with, but may not completely understand all the components. If you're studying for your case interview, Porter's Five Forces is not a framework that you'll be expected to use during your interview. Yet, the business principles with the framework are very important, and you'll add to your business acumen by really understanding all the components. Listen to Jenny Rae, Managing Director at Management Consulted, as she explains Porter's Five Forces in simple terms.
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Timestamps:
00:45 Force 1: Competition in an industry.
01:20 Key takeaway.
02:23 Force 2: Potential of new entrants into the market.
03:28 Force 3: The power of customers.
04:16 Force 4: The threat of substitutes.
05:30 Force 5: Supplier power.
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Porter's Five Forces: Explained
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