Competitive Forces Analysis for TechCorp

Consider the case of a leading smartphone manufacturer, TechCorp, which has dominated the market for several years. Recently, several new entrants with disruptive technologies have begun to emerge, focusing on affordable, high-performance devices that appeal to cost-sensitive consumers.

In analyzing the competitive forces affecting TechCorp, consider how these new entrants impact TechCorp's market position and strategy. Additionally, reflect on the existing barriers to entry in the smartphone industry and how they influence the intensity of competition.

Given this scenario, what is the most significant competitive force that TechCorp faces in light of the new entrants?