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May 10, 2023

Consideration of ‘Power of the Buyer’ and ‘Threat of Substitutes’ aspects of Porters Five Forces

Strategic decision making is considered as one of the most important factors in the modern business context as the existence of businesses in present days depends on proper strategic decision making. In case of industries like FMCG goods, retail industry and food retail chains, strategic decision making could be found as the key factor behind the industries mentioned above. In this study, the researcher shall discus the strategic decision making aspects of the fast food industry. In the initial part of the study, the researcher shall make discussion on the power of buyer and its implication on the strategic decision making of the fast food industry. The analysis shall be made on the basis of the Porter’s Five Forces model. In this part of the study, the researcher shall also make discussion on the threat of substitutes in the fast food industry. In this context, the researcher is required to mention that the fast food industry in the UK belongs to perfectly competitive market as this industry has a large number of competitors and the numbers of the customers are also considered as infinite. As the fast food industry in the UK faces demand from all around the globe, the number of customers is to be taken as infinite (Mena et al. 2014).

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