Competitive Forces Impact on XYZ Corporation

XYZ Corporation is a leading manufacturer in the electronics industry, known for its innovative products and strong brand recognition. Recently, the company has faced increasing pressure from both established competitors and new entrants who are leveraging advanced technologies to reduce costs and improve product features. To maintain its market position, XYZ Corporation is conducting a competitive forces analysis to identify the most significant challenges it faces.

According to Michael Porter's Five Forces Framework, which of the following competitive forces is likely to have the most substantial impact on XYZ Corporation's profitability?