Competing for Business: Surviving and thriving in competitive markets

Businesses tend either to dwell too much on their competitors' activities or to ignore them, as they are unable to exert any direct control. Certainly, the amount of attention that needs to be paid to competitors varies according to the nature of the industry and market. However, while executives are guided by an overall vision and specific objectives, competitive pressures can also be decisive in determining their decisions.

Professor Michael Porter of Harvard Business School has identified five forces affecting competition in an industry, and these provide an interesting lens through which to view current and potential competitors.