Competitive Forces Impact on GlobalTech's Profitability

GlobalTech Inc. is a prominent player in the technology sector, focusing on innovative consumer electronics. In its latest strategic review, GlobalTech management identified several factors influencing their competitive landscape and industry dynamics. The company operates in a market characterized by rapid technological advancements, heavy competition, and significant brand loyalty from consumers. During discussions on how these factors impact competitive forces, GlobalTech's management reflected on both the threat of new entrants and the bargaining power of suppliers.

In this context, which of the following competitive forces is most likely to have the greatest impact on GlobalTech’s future profitability?