The path to success of any business begins with a strategic plan that takes into consideration company positioning, competition, risks, and opportunities. Map those building blocks with Porter’s Five Forces framework and identify your competitive advantage.
What Is the Porter’s Five Forces Template?
Porter’s Five Forces model is a powerful tool for analyzing strengths and weaknesses, competitive environment, as well as company positioning within an industry.
The model identifies five economic forces:
- Competition in the industry
- Potential of new entrants
- Power of suppliers
- Power of customers
- Threat of substitute products
Our Porter’s Five Forces template is a free mind mapping tool you can use to fortify your business against external forces that shape industries and markets.
Get Ahead With the Porter’s Five Forces Template
Use this template to conduct Porter’s Five Forces analysis. Start by determining how economic forces impact your business. Here are a few warm-up questions:
- “Who are my competitors?”
- “Do I have options in terms of suppliers?”
- “Do I have a high client retention rate?”
- “Can my clients easily switch to other products or services?”
- “How difficult is it for new competitors to enter the industry?”
Examine your answers by scrutinizing the scale and intensity of each of the five forces and their impact on your business. Use the observations to build a solid strategy for your business.
How to Use the Porter’s Five Forces Template
- To get started, sign in to your Taskade account or sign up for free.
- Open the template link and click on the ➕New Project button.
- Choose the Workspace where you want to create your Porter’s Five Forces mind map.
- Customize your mind map using Taskade’s editing and formatting features.
- Finally, click on the Share button next to your profile photo to start collaborating.
Use this framework to analyze your company's competitive environment — your analysis can be used to guide business strategy and increase competitive advantage!
Simply copy this template into your workspace of choice to get started.