From the perspective of porter's five forces model, universal technical standards increases the threat of new entrants because they lower market entry costs.
What are porter's five forces?
- Porter's Five Forces, a methodology that identifies and analyses five competitive forces that affect every business, can be used to determine an industry's weaknesses and strengths.
- The Five Forces analysis is often used to determine an industry's structure in order to establish business strategy.
- Porter's methodology can help any sector of the economy better understand industry competition and boost long-term profitability.
- Following Harvard Business School professor Michael E. Porter, the Five Forces theory was developed.
- These are Porter's five forces: The industry is rife with turmoil.
- The possibility of new competitors entering the market
- The impact of suppliers
- The impact of consumers product replacement risk
Learn more about porter's five forces here:
https://brainly.com/question/12587672
#SPJ4
