Self-Check: Review Your Diagram for Completeness

“Make sure you’ve covered all five forces,” goes the standard beginner advice. It sounds simple—until you realize that a checklist isn’t just about ticking boxes. I’ve seen students draw flawless diagrams that miss critical nuances because they focused only on form, not function. The real test isn’t whether the forces are present—it’s whether the reasoning behind each assessment stands up to scrutiny.

Here’s what I’ve learned from analyzing hundreds of beginner diagrams: completeness isn’t about quantity. It’s about depth. A force can be listed but still be superficial if it doesn’t consider the specifics of your industry. A café might face high buyer power because customers demand loyalty rewards, but a tech startup in the same city may face low buyer power due to niche contracts and long-term service agreements.

This self-check isn’t a final grade—it’s a guided audit. It turns your diagram from a static image into a living analysis. Use this checklist as your personal mentor, walking you through every layer of reasoning. You’ll notice gaps, spot weak logic, and build confidence that your analysis is not only complete but credible.

By the end, you’ll no longer just “check” your work—you’ll understand why it matters. And that’s the difference between memorizing a model and truly mastering it.

Start with Your Core: Verify the Five Forces Are Clearly Identified

Every diagram must show the five forces in a way that’s instantly recognizable. Not just named—understood.

Take a moment to ask: Could someone unfamiliar with Porter’s model understand my diagram? If not, simplify your labels or add brief descriptors.

Checklist: Are All Five Forces Present and Correctly Labeled?

• Competitive Rivalry — Are you assessing existing competitors in the same market segment?
• Supplier Power — Is it focused on providers of key inputs, not just any vendor?
• Buyer Power — Are you analyzing the actual customers who influence pricing or volume?
• Threat of New Entrants — Is it framed around barriers to entry, not just new companies?
• Threat of Substitutes — Are you identifying alternative products or services that meet the same need?

If any force feels vague or misapplied, pause. Revisit the definitions in the previous chapter. Mislabeling a force early on can distort the entire analysis.

I once worked with a student who labeled “regulatory changes” as “supplier power.” The logic was wrong, but the idea was relevant. The fix? Separate regulatory risk from supplier power and address it separately. Always ground labels in the actual structure of the market.

Go Deeper: Validate Each Force with Specific Evidence

Listing a force isn’t enough. You must support it with evidence. A diagram with only words is a map with no terrain.

Ask: “What makes me think this force is strong? Weak? Neutral?” Your answer must be rooted in reality—not assumption.

Guiding Questions for Evidence-Based Analysis

• For Competitive Rivalry: Are there many competitors? Is pricing aggressive? Does the market show frequent promotions?
• For Supplier Power: Are there few suppliers? Do they offer unique components? Can customers switch easily?
• For Buyer Power: Are buyers large in volume? Can they demand discounts? Do they have low switching costs?
• For New Entrants: Are there high startup costs? Strong brand loyalty? Legal or intellectual property barriers?
• For Substitutes: Are there clear alternatives? Are they cheaper, faster, or more accessible? How quickly are they gaining traction?

Don’t rely on generalizations like “high competition.” Instead, say: “Three major chains dominate the market, and all offer similar pricing, suggesting strong rivalry.” Be specific, even if it means writing a sentence or two per force.

When I first taught this, I used a coffee shop example where a student wrote “high buyer power” because “customers like discounts.” That’s only half the story. The real insight was that customers could switch to a different café in 90 seconds due to proximity and similar pricing. That’s real buyer power. Evidence shapes credibility.

Use the Self-Audit for Beginners Checklist

Let’s move from theory to practice. Use this checklist to audit your own diagram. It’s designed to be applied after drawing your analysis—no exceptions.

Self Audit for Beginners: Five Forces Review Checklist

Check	Yes / No	Notes
Each force is clearly labeled with its correct name		Double-check spelling and use the official terms.
Each force includes at least one concrete example from your industry		Example: “Three major chains compete in the downtown area.”
Supporting reasoning is provided (1–2 sentences per force)		Why is supplier power high? Low?
Substitutes are identified with alternatives customers might use		For coffee: “Tea, energy drinks, or at-home brewing.”
Threat of new entrants considers real barriers like capital, branding, or permits		Not just “it’s hard to open a shop.” Be specific.
Buyer power is assessed not just by size but by decision-making power		Do buyers control volume, pricing, or demand?

Go through this checklist slowly. Put a pencil mark beside each item. If you answer “no,” don’t skip—it means you’ve found a gap worth fixing.

This checklist isn’t a test. It’s a safety net. It prevents the most common beginner error: mistaking a sketch for analysis. Your diagram should read like a story, not a list.

Ensure Visual Clarity and Logical Flow

A well-drawn diagram isn’t just accurate—it’s easy to follow. If a reader has to strain to understand your forces, your message is lost.

Consider the layout. Most professionals use a diamond structure with the five forces around a central industry. Make sure arrows or lines clearly point from forces to the center. Avoid clutter—use color codes, but don’t overdo it.

For example: use red for high threat, yellow for medium, green for low. But pair this with a legend. A color-only diagram fails accessibility and confuses readers.

If you’re drawing by hand, ensure your handwriting is legible. If you’re using software, keep fonts consistent. The goal is not perfection—it’s clear communication.

A colleague once spent 15 minutes on a beautifully drawn diagram with tiny text and no labels. The analysis inside was strong, but no one could read it. That’s what I call “analysis in a bubble.” It doesn’t matter if it’s brilliant if it can’t be shared.

Final Validation: Does Your Analysis Tell a Story?

Ask yourself: If someone read my diagram and its supporting notes, could they understand the overall health of the industry?

Imagine explaining this to a classmate who hasn’t read the chapter. Could they grasp the key insights?

If not, revise. Your analysis should answer: “Why is this market competitive? Who’s in control? What keeps profits low or high?”

Remember: the five forces model isn’t a checklist to complete. It’s a lens to see the industry’s true shape. A weak analysis shows only symptoms. A strong one reveals root causes.

When you finish this self-audit, you’re not done—it’s just the beginning. Use the insights to ask better questions: How does this affect pricing? Can a small business survive here? What strategies might work?

Frequently Asked Questions

How do I know if my Five Forces analysis is “good enough”?

A good analysis isn’t perfect—it’s complete. It includes all five forces, supports each with real examples, and explains the reasoning. If you can answer “why” behind each assessment, you’re on solid ground.

Can I use this checklist for real business projects?

Absolutely. This self-audit process is used by consultants and students alike. The principles of completeness, evidence, and clarity are universal. Use it as a final quality check before submitting or sharing.

What if I don’t have enough data for a force?

Be honest. Write: “Insufficient data—requires further research.” This shows critical thinking, not ignorance. It’s better than guessing. Always flag gaps.

Should I include numbers or percentages in my Five Forces diagram?

Only if they add clarity. For example: “Three major chains control 78% of local market share.” But don’t force it. If the number isn’t meaningful, skip it. Quality over quantity.

Why is my diagram too crowded? How do I simplify it?

Remove redundancy. Use bullet points or short phrases instead of full sentences. Group related ideas. Use color and icons to guide attention, not distract. A clean diagram earns more trust than a busy one.

How often should I review my Five Forces diagram?

After every major change—new competitor, supply disruption, or pricing shift. Reassess at least once a year, especially in fast-moving markets. The market evolves; so should your analysis.

Now, take your diagram, open this checklist, and begin your self-audit. You’re not just checking— you’re building a habit of accuracy, clarity, and confidence. That’s the real win.