Factors impacting the magnitude of the threat of buyers: (1) the number and size of buyers (buyers' bargaining power is reduced when buyers are large in number and small in size) (2) whether buyers incur costs to switch from one firm to another (high switching costs decrease buyers' power) (3) the likelihood of backward integration (buyers' bargaining power increases if they can backward integrate into the focal industry) (4) whether buyers are price sensitive (the threat of buyers increases when buyers are price-sensitive) Overall magnitude of the threat of buyers (low, medium, high)