{"product_id":"tnb-five-forces-analysis","title":"Tenaga Nasional Porter's Five Forces Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eElevate Your Analysis with the Complete Porter's Five Forces Analysis\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eTenaga Nasional faces moderate buyer power, concentrated supplier relationships, high regulatory barriers deterring new entrants, low immediate threat from substitutes, and competitive rivalry shaped by scale and government linkage—key dynamics that influence margins and strategic choices.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003euppliers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHeavy reliance on global fuel commodity markets\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eTNB is highly exposed to global coal and gas prices—thermal fuel made up about 57% of Malaysia’s generation fuel mix in 2023, and TNB reported fuel costs of RM18.6 billion in FY2023, so price swings materially move its margins.\u003c\/p\u003e\n\u003cp\u003eAlthough TNB is adding renewables (target 8 GW by 2025), it still buys coal and LNG from international suppliers and domestic contractors, keeping supplier leverage high.\u003c\/p\u003e\n\u003cp\u003eRegulated tariff mechanisms allow partial cost pass-through via the Imbalance Cost Pass-Through and Fuel Cost Adjustment, but supplier-driven volatility still sets the base production cost and can create regulatory lag risks.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStrategic domestic gas supply via Petronas\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eTenaga Nasional secures roughly 60–70% of its gas via long-term contracts with Petronas, giving TNB predictable supply and shielding it from short-term LNG spot volatility (Malaysia Energy Information, 2024). This stability supports planning and CAPEX decisions, with gas-fired plants accounting for ~40% of TNB’s 2024 generation mix. Still, shifts in Malaysia’s gas-pricing policy or a Petronas tariff rise would compress margins—every RM1\/MMBtu increase can cut EBITDA by ~1–1.5%. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eConcentration of specialized renewable energy technology providers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAs TNB scales green capacity, it depends on a few global vendors for PV modules, turbines and batteries, giving suppliers pricing and delivery leverage; for example, top 3 solar module makers controlled ~70% of global cell capacity in 2024, raising supplier power over TNB’s procurement. This concentration risks project delays—global lead times for panels hit 12–20 weeks in 2024—and exposes TNB to FX volatility, as ~60–80% of renewable equipment invoices are USD\/EUR-denominated.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInfluence of global capital and ESG-focused lenders\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe massive capex for grid modernization and renewables—TNB plans RM103.5bn (US$22.8bn) capex 2023–2032—makes the utility reliant on international banks and development finance institutions.\u003c\/p\u003e\n\u003cp\u003eThose lenders increasingly condition loans on strict ESG (environmental, social, governance) metrics; 2024 green bonds raised globally hit US$600bn, pushing tougher covenants and reporting requirements.\u003c\/p\u003e\n\u003cp\u003eAs a result, lender bargaining power accelerates TNB’s strategic shift to low-carbon assets, influencing project selection, timelines, and financing costs.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eRM103.5bn capex (2023–2032) heightens external funding need\u003c\/li\u003e\n\u003cli\u003eGlobal green bond market ~US$600bn (2024) raises ESG demands\u003c\/li\u003e\n\u003cli\u003eLenders’ ESG covenants raise cost of capital, steer strategy\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDependence on niche engineering and technical services\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe maintenance and operation of Malaysia’s 2025 national grid (over 30,000 MW peak capacity) demand niche engineering and technical services, and only a few firms handle such utility-scale projects, giving suppliers strong leverage in pricing and terms.\u003c\/p\u003e\n\u003cp\u003eTNB therefore keeps strategic vendor ties and long-term contracts to protect grid reliability and limit service disruption risk.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eFew qualified firms → higher supplier leverage\u003c\/li\u003e\n\u003cli\u003e30,000+ MW peak → complex tech needs\u003c\/li\u003e\n\u003cli\u003eLong-term contracts protect reliability\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh supplier leverage: RM18.6bn fuel bill, RM103.5bn capex \u0026amp; concentrated solar supply\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSuppliers hold high leverage: fuel costs of RM18.6bn in FY2023 (thermal ≈57% of generation), long-term gas deals with Petronas cover ~60–70% supply but policy or tariff shifts can cut EBITDA ~1–1.5% per RM1\/MMBtu; renewables procurement dominated by top 3 module makers (~70% cell capacity, 12–20wk lead times) and RM103.5bn capex (2023–2032) raises lender\/ESG leverage.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eFY2023 fuel cost\u003c\/td\u003e\n\u003ctd\u003eRM18.6bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eThermal share 2023\u003c\/td\u003e\n\u003ctd\u003e57%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGas long-term cover\u003c\/td\u003e\n\u003ctd\u003e60–70%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCapex 2023–2032\u003c\/td\u003e\n\u003ctd\u003eRM103.5bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTop3 solar cell share 2024\u003c\/td\u003e\n\u003ctd\u003e~70%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eTailored Porter’s Five Forces analysis for Tenaga Nasional that uncovers competitive pressures, supplier and buyer influence, threats from substitutes and new entrants, and strategic levers protecting its regulated market position.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eClear Tenaga Nasional Porter's Five Forces snapshot—quickly identify regulatory, supplier, and competitive pressures to guide strategic decisions and investor briefings.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegulated tariff environment through the Energy Commission\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe bargaining power of individual residential customers is low because the Energy Commission sets regulated tariffs; Malaysia's average residential tariff was about RM0.451\/kWh in 2024, fixed within a five-year regulatory period to balance Tenaga Nasional Berhad's (TNB) financial viability and public affordability. This central pricing prevents individual negotiations and shifts bargaining to regulators and large industrial buyers, who can secure special rates.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eIndirect influence of large industrial and commercial users\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eMajor industrial and commercial users consume roughly 40% of Peninsular Malaysia’s electricity; for Tenaga Nasional Berhad (TNB) this cohort represents about 35–45% of peak demand and revenue, giving them strong indirect bargaining power.\u003c\/p\u003e\n\u003cp\u003eThey shape policy via industry groups (eg, FMM) and lobbying to secure lower tariffs and stable supply, evident in 2024 talks on tariff pass-through that aimed to limit manufacturing cost rises to under 5%.\u003c\/p\u003e\n\u003cp\u003eTheir switch to self-generation or relocation is real: rooftop solar and captive plants reduced grid offtake by an estimated 3–6% in 2023 for large users, so regulators treat them as key stakeholders.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRising adoption of the Net Energy Metering scheme\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eRising adoption of Net Energy Metering (NEM) has grown Malaysia’s rooftop solar capacity to about 1.2 GW by end-2024, creating millions of prosumers and shifting bargaining power toward customers.\u003c\/p\u003e\n\u003cp\u003eUsing NEM, households and SMEs cut grid purchases and bills by up to 60%, reducing dependence on Tenaga Nasional Berhad (TNB) and lowering utility revenue per customer.\u003c\/p\u003e\n\u003cp\u003eThat forces TNB to innovate—offering energy management, storage, and feed-in tariffs—to retain load and recover margins as distributed generation rises.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCorporate demand for green energy solutions\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eModern corporate buyers increasingly demand renewables to meet net-zero targets; global corporate PPAs reached a record 32.4 GW in 2023, pressuring utilities like Tenaga Nasional Berhad (TNB) to offer green tariffs and renewable energy certificates (RECs).\u003c\/p\u003e\n\u003cp\u003eLarge customers can switch to private developers or captive generation, giving them strong bargaining power; TNB risks losing commercial load unless it accelerates utility-scale solar, wind and REC supply.\u003c\/p\u003e\n\u003cp\u003eIn 2024 Malaysia’s corporate PPA pipeline grew ~1.2 GW, so TNB must scale low-carbon capacity and flexible contracts to retain major accounts.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eCorporate PPAs: 32.4 GW global (2023)\u003c\/li\u003e\n\u003cli\u003eMalaysia corporate PPA pipeline ~1.2 GW (2024)\u003c\/li\u003e\n\u003cli\u003eRisk: churn to private developers without green tariffs\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePotential for future retail market liberalization\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eWhile Tenaga Nasional Berhad (TNB) holds about 80% market share in Malaysia’s retail electricity (2024 Energy Commission data), planned reforms toward retail contestability could let consumers switch providers, raising price sensitivity and service expectations.\u003c\/p\u003e\n\u003cp\u003eIf full retail choice is implemented, customer bargaining power would rise materially, pressuring TNB’s margins and forcing product differentiation and competitive tariffs.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eCurrent retail share ~80% (2024)\u003c\/li\u003e\n\u003cli\u003eFull contestability → higher price sensitivity\u003c\/li\u003e\n\u003cli\u003eCould compress TNB margins, force service improvements\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMixed customer leverage: cheap residential rates vs rising industrial\/prosumer power\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eCustomers' bargaining power is mixed: regulated residential tariffs (RM0.451\/kWh avg 2024) keep household power low, while large industrials (35–45% of TNB peak) and growing prosumers (1.2 GW rooftop solar end-2024) hold strong leverage via self-generation, corporate PPAs (~1.2 GW Malaysia pipeline 2024) and lobbying; TNB's ~80% retail share (2024) cushions it, but retail contestability would raise customer power.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\/2023\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eResidential tariff\u003c\/td\u003e\n\u003ctd\u003eRM0.451\/kWh (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTNB retail share\u003c\/td\u003e\n\u003ctd\u003e~80% (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRooftop solar\u003c\/td\u003e\n\u003ctd\u003e1.2 GW (end-2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMalaysia corporate PPA pipeline\u003c\/td\u003e\n\u003ctd\u003e~1.2 GW (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGlobal corporate PPAs\u003c\/td\u003e\n\u003ctd\u003e32.4 GW (2023)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003ePreview the Actual Deliverable\u003c\/span\u003e\u003cbr\u003eTenaga Nasional Porter's Five Forces Analysis\u003c\/h2\u003e\n\u003cp\u003eThis preview shows the exact Tenaga Nasional Porter’s Five Forces analysis you'll receive immediately after purchase—no placeholders or samples—fully formatted and ready for download and use the moment you buy.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56747583865209,"sku":"tnb-five-forces-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/tnb-five-forces-analysis.png?v=1772200083","url":"https:\/\/growthsharematrix.com\/products\/tnb-five-forces-analysis","provider":"Growth Share Matrix","version":"1.0","type":"link"}