Some significant ways in which Porter’s Five Forces acts as a significant tool to understand competitive forces in an industry and adjust strategy to improve business outcomes are:

1. – Identify and assess competitive threats: The competitive environment in which the Japanese company operates can be better understood, and possible threats from suppliers, buyers, substitutes, and new entrants can be identified, with the help of Porter’s Five Forces framework. It can benefit from this by being better equipped to anticipate and handle them.
2. – Develop competitive strategies: Porter’s Five Forces Framework can also help one to design effective strategies by identifying areas where they have a competitive advantage and combat weak spots. For example, a business with strong supplier bargaining power may focus on building long-term relationships with their suppliers to secure better pricing and terms.
3. – Evaluate industry attractiveness: The Five Forces can help evaluate the overall attractiveness of an industry by assessing the level of competition, the potential for profitability, and barriers to entry. This information can be used to determine whether it is worth investing in a particular industry or not.
4. – Make informed business decisions: Businesses can enhance their decision-making process by thoroughly examining the competitive landscape by understanding what are Porter’s 5 forces. For instance, when contemplating entry into a new market, a company can employ this framework to assess the extent of competition and potential profitability, thus making a more informed decision.

Overall, Porter’s Five Forces example can be a useful tool for businesses to analyze the competitive environment, develop effective strategies, and make informed decisions.