Understanding the competitive dynamics of industry

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Taking into consideration what we have learned about Porter's Five Forces and how it provides the framework for understanding the competitive dynamics of an industry has helped change my mindset. Supply Chain can be found in several different industries for good reason. While the threat of new supplies/companies in the supply chain industry is low, there are additional barriers that require higher capital to determine if they will last or not. When you hear supply chain, automatically your mind will go towards transportation, but it can also include technology vendors as well as other material suppliers. The bargaining power of those suppliers must be substantial. The reason for that is that larger companies can have their pick of who they want to work with. It is up to the newer or interested supply chain firms to set themselves apart to negotiate terms that would present them with the opportunity to do business with the companies in question. When it comes to my future salary and career plans, there are several things that I now must keep in mind. There are certain positions that I have been looking at that require more skills than I currently have but that doesn't.

Reference no: EM133737433

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