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No doubt, developing a stable customer base is urgent for every company.
5.0 Conclusion
Though, Michael Porter’s five forces model has some defects and is difficult for a company to consider the whole five forces when a company makes strategy, the model still benefits company in several aspects. It proves to be very effective in many aspects, especially in differentiation strategy. Those insights it gives to enterprises prove to be quite practical.
The core competence may cause some obstacles and have limitations for those small-sized companies and new entrants. However, once it is established, core competence can bring a lot of benefits to the company.
All in all, both Porter’s five forces model and core competence theory bring more advantages than disadvantages. Companies can utilize their advantages and evaluate on them to choose a more suitable strategy. Together with other strategies, the five forces model will make enterprises have a better knowledge about market, its opponents as well as itself. The value chain analysis can enhance the ability of companies to compete in the global economy. (Hubert, 2005) Together with it, core competence can easier be identified and companies can concentrate on cultivating core competence in key sessions.
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