A Contemporary Analysis Driven by Porter’s Five Forces
In 1979, the original publication of Michael Porter’s article, “How Competitive Forces Shape Strategy” debuted. This article, and more importantly it’s Five Force Model, have since become the “Gold Standard” for business planning and development.
Dr. Essen has published a detailed manifesto on how these forces shaped businesses of the past, and continue to shape those moving forward, including his own. Today’s Florida Dental Association (FDA) newsletter July/August edition features that publication and many other expert articles by thought-leaders in the community.
For years, actors in the medical field have struggled to understand the balance between best business practices and high levels of patient care. Dentists are not exempt from this same phenomenon. Nearly 30% of dentists today are facing these same problems when defining their model to drive productivity and profits.
In this article, the Five Forces and their importance are detailed to provide insight into how external forces shape the way businesses operate today and tomorrow.
The Five Forces Include:
- Threat of New Entrants
- Threat of Substitute Products or Services
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Rivalry Among Existing Competitors
In the full article, the discussion of each of these forces and their impact on single and whole parts of the business can be reviewed in-depth. It is important to understand what is happening inside the walls of your practice, but planning and understanding shouldn’t stop there.
If you would like to read the full article we have provided the link below and would love to hear your thoughts!
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