As it relates to Porter’s Five-Force model read the paragraph below and provide additional feedback:

As it relates to Porter’s Five-Force model read the paragraph below and provide additional feedback:

Thus, Poter took out 2 key components. The first component is that firm should take a closer look at competitors to explain and predict a firm’s performance, as competition should be viewed broadly and should encompass not only direct rivals, but other forces of the industry including buyers, suppliers, potentially new firms, and the threat of substitutes (Rothaermel,  2015, pg.65). Thus, Lockheed Martin should watch out for potentially missing a customer as another company may take their contract for a cheaper price, but with better performance. Furthermore, not all suppliers may have a part or an item that Lockheed Martin and that may result into underdeveloped RFQ and worthening performance of the company. It should look if it can take the potential contract and what rate of completion it will be able to achieve through analyzing suppliers. Furthermore, substituting is another hard factor for all companies as one small company may substitute Lockheed Martin with better performance as it might be a new one in the business.