Which of the following is NOT one of Porter's 5 forces?

In the context of Porter's Five Forces framework, identifying which element does not belong is crucial for understanding competitive dynamics within an industry. The framework includes five distinct forces that help analyze market structure and competition: the bargaining power of suppliers, industry rivalry (often referred to simply as industry competition), the bargaining power of buyers, the threat of substitutes, and the threat of new entrants.

Brand loyalty, while an important concept in marketing and consumer behavior, is not one of Porter's forces. Instead, it affects the bargaining power of buyers and can influence competitive rivalry but does not stand alone as a competitive force in the framework. The other four elements, when considered collectively, provide a comprehensive view of the competitive pressures a company faces in its industry, but brand loyalty operates as a result of those forces rather than as a force itself. Understanding these dynamics is essential for strategic management and positioning within the marketplace.