Impact of Market Forces on Engineering Consulting Industry

Different strategic management models have been studied for the manufacturing and commodity industry, however, less attention has been given to how engineering consulting firms fit in the model of market forces. A total of seven market forces have been considered including the five market forces from Porter's five forces model and two other market forces of globalization and deregulation to analyze engineering consulting industry. The purpose of this article is to study the impact of market forces on professional services provided by engineering consulting firms. The market forces include the evaluation of the internal and external factors affecting the strategic planning and managerial implications associated with engineering consulting industry.