Final answer:
Porter's five forces include the bargaining power of suppliers, threat of substitute products or services, industry rivalry, threat of new entrants, and bargaining power of buyers. Switching costs are not one of the five forces but relate to barriers to entry, which can affect the threat of new entrants in the industry.
Step-by-step explanation:
The question is about Porter's five forces, which is a framework for analyzing the competitive forces within an industry, and determining corporate strategy. The five forces include bargaining power of suppliers, threat of substitute products or services, industry rivalry, threat of new entrants, and bargaining power of buyers.
The option 'd) Switching costs' is not one of Porter's five forces. Instead, switching costs can be considered a barrier to entry, which is a factor that can influence the threat of new entrants in the industry according to the model.
Barriers to entry are the legal, technological, or market forces that discourage or prevent potential competitors from entering a market. When barriers to entry are substantial, it can lead to monopoly.
An understanding of how much market power each firm possesses, product similarity, the difficulty for new firms to enter the industry, and the basis of competition are all crucial in assessing the competitive landscape of an industry.