Impact of the task environment factors on the business strategy of Philips

“The actions of newer competitors, many of which were entering the electronics market for the first time, were underestimated. This rapidly changing industry was signified by better quality products with higher reliability and value for money. Many of the competitors, particularly from Japan, had advantages over Philips and this was particularly marked in TV sets, a traditional Philips marketplace.” In the context of this statement, critically discuss the impact of the task environment factors on the business strategy of Philips, and advise the management on how to apply the Porter’s Five Forces Model to analyse the competitiveness of the organisation.