What are Michael Porter's Five Forces that govern the competition within an industry? How do these forces impact overall growth opportunities within an industry?

What will be an ideal response?

Porter Five Forces are: 1. The threat of new entrants, 2. The threat of substitute products or services, 3. The bargaining power of suppliers, 4. The bargaining power of customers and, 5. The intensity of rivalry among the current competitors.
The extent of these forces determines the overall profitability of the industry. Thus, Porter argues that firms must understand how these forces work in a particular industry, how they affect individual firms in the industry, and how each firm can try to take advantage of these forces.