Threat of substitute products or services

[arafatrahman89]

This force then analyses the risk of losing customers to alternative products or services available.

Bargaining power of customers
The bargaining power of customers is another important factor that drives the wheels of competition.

Bargaining power of suppliers
This force examines how suppliers influence the prices, quality portugal number screening and quantity of the products or services offered.

Practical application of competitive strategy
Ultimately, it all comes down to implementing effective competitive strategies.

Take advantage of modern technologies
In today's world, businesses need to leverage modern technologies to gain a competitive advantage.

Attract and retain customers
Effective marketing strategies can help attract and retain customers and strengthen a company's competitive position.

Conclusion
Competitive strategy is undeniably essential to the success of a business. It is important for businesses to implement effective competitive strategies to remain relevant in their market. It is a constant battle, but with the right strategies in place, a business can outperform the competition and dominate the market.