Competitive Forces in the Smartphone Industry

In the context of industry and company analysis, understanding competitive forces is crucial for assessing a company's position within its market. Consider a hypothetical scenario involving a smartphone manufacturer, 'TechGiant', positioned in a highly competitive market characterized by rapid technological advancements and innovative consumer preferences.

TechGiant faces significant competition not only from established companies like 'SmartTech' but also from innovative startups that are quickly gaining market share. In this scenario, which of the following competitive forces is most likely to pose the greatest threat to TechGiant's profitability?