This set of factors that directly influences of firm and its competitive actions and responses; the threat of new entrants: the power of suppliers, the power of buyers, the threat of product substitutes, and the intensity of rivalry among competing

Intensity of rivalry among competing firms prices, product quality and promotional strategies.

Explanation:firms will compete with each other in the same market on Price changes,the quality of product offered and the promotional strategies and tools used to boost their revenue base.It is obvious that homogenous product will lesser will attract a higher sales than the others.Since they are trading the same item or commodity, any seller that sells below the market price will likely enjoy more sells than others and vice versa.

Another thing factor is the quality of the product.Rational buyers donnot just buy to satisfy their need but to also enjoy the durability and achieve maximum satisfaction from their patronage.Its therefore means that customer will not just buy any thing that looks the same but of a higher quality.This therefore creates rivalry between same firms.

answerchemical property;