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Understanding Market Competition Through Porter’s Five Forces: A Practical Lesson for Strategy Students
In business education, students often learn that competition is not limited to the companies that sell the same product or service. A restaurant does not only compete with another restaurant. It may also compete with home delivery platforms, ready-made meals, supermarkets, changing customer habits, rent costs, labor shortages, and digital reviews. A university does not only compete with other universities. It may also face pressure from online learning platforms, professional
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