21) Porter identified the bargaining power of competitors as one of the competitive forces. 22) The three competitive forces in Porter's model concern the danger of customers taking their business...

21) Porter identified the bargaining power of competitors as one of the competitive forces.

22) The three competitive forces in Porter's model concern the danger of customers taking their business elsewhere.

23) If the costs of switching to another vendor are high, then the strength of the competitive forces is low.

24) The strength of bargaining power forces does not depend on the availability of substitutes.

25) Typically, as an individual, a customer has substantial bargaining power over a large manufacturing industry.

26) Availability of substitutes plays a role in determining the bargaining power of suppliers.

27) Vendor knowledge and vendor relationships serve as a barrier to entry for new competitors.

28) Describe Porter's five forces model.