K2

• ROLE: to provide inputs or doing supportive role to the key players belonging to the middle box who are competing with one another.
• Porter’s Five Forces Competition Model- this theory advocates that other than the competition or rivalry among business organizations producing and selling the same or similar products in the same market sector or segment, there are other factors or forces that drive business competition.
• Michael Porter- the contributor of the theory and framework that has somehow greatly influenced the popularization of the concept of strategic management- Porter’s Five Forces Competition Model.
• Supplier of Key Inputs This includes another group of business organizations outside the middle box of Porter’s competition model in the sense that they do not pose as direct threat to competition
• Rivalry among Competing Sellers This constitute the traditional view of business competition and this is positioned in the middle block in the Porter’s competition model refers to the key players or direct competitors within the industry or the sector offering the same or similar products and services.
• Substitutes This generally refers to the product or services which prospective buyers can buy or source elsewhere who’s utility, function or use is similar to a desired product for a lesser price or other reasons.
• Substitute

  These are product and services are capable of providing similar benefits, value or utility to the buying party; hence, it is but natural for consumers to exercise their choice given the limitations at their end.
• Switching Cost- is a factor that leads prospective customers to entertaining or considering the idea of buying or patronizing other products for a variety of reason
• Buyers are objects of desire of businesses competing in the same segment or industry.
• Potential and new entrance Refers to business organizations attempting to or have now joined the market trying hard to make a name for their product and the business organization as a whole.
• The Stakeholders. It emerged in the late 1990s and became widely popular by the early 2000.