Watch videos "Porter's Generic Strategies:How to stay competitive" and "The Five Competitive Forces that Shape Strategy".

Links for the videos or you can search on YouTube by the name:

https://youtu.be/mYF2_FBCvXw - Porter's Generic Strategies:How to stay competitive

https://youtu.be/_p8dIU09vH0- The Five Competitive Forces that Shape Strategy

Answer the following question when you finish the video:

1.What is the basic idea behind the 5 Forces model?What drives the profitability of a firm in a market economy?

2.How to improve the profitability of a firm?What are the two (2) generic strategies that allow firms to stand on their own and be profitable?

3.Discuss Porter's recommendation on how to improve the profitability of a firm.What is the best way to compete so that a firm can be profitable?Explain.