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Examples of industry and market changes that can assist or resist a business include changes in technology, shifts in consumer behavior, new regulations or laws, economic trends, and competitive actions. For instance, advancements in technology can provide businesses with new opportunities for innovation and efficiency, but they can also pose challenges if a business is unable to adapt quickly enough. Similarly, shifts in consumer behavior can open up new markets, but they can also render existing products or services obsolete. New regulations or laws can either create barriers to entry or open up new opportunities, depending on the nature of the regulation. Economic trends, such as recessions or periods of economic growth, can also have a significant impact on a business's performance. Finally, actions taken by competitors, such as price cuts or new product launches, can also affect a business's position in the market.
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Now it's time to take a big step back and focus on the macro factors. No business exists in a vacuum, and industry and market changes can become either assistance or resistance. Porter's Five Forces is one of the most tried-and-true frameworks to help managers and analysts understand how a firm is positioned in its industry.
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What’s the best way to turn business challenges into strategic opportunities? With a structured case study, consultants and project teams can follow e...
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