If you answered your direct competitors you might be right BUT you might be wrong. Competition for profits goes beyond established industry rivals to include four other competitive forces.
Doug Brown, CEO of All Star Directories, did an excellent job of describing how he is using the Porter Model as a tool to evaluate all five competitive forces to better measure the state of competitiveness in his industry at the September CEOtoCEO Breakfast.
This is a useful planning tool for your business, because it helps you understand both the strength of your current competitive position, and the strength of a position you’re considering moving into. Click here for to gain a better understanding of the Porter Model. Click here to view an interview with Michael Porter discussing The Five Competitive Forces That Shape Strategy.