In Michael Porter’s Five Forces model, which force assesses the ease with which buyers can switch from an industry’s product to an alternative product category?

Explanation

* Threat of Substitutes measures the risk posed by alternative product categories that satisfy the same basic consumer need (e.g., trains vs. flights).
* Buyer power measures price negotiation leverage; New entrants evaluates entry barriers; Rivalry measures intensity among incumbent firms.
* High threat of substitute products places a strict ceiling on industry price levels and profitability.