Evaluating the Threat of Substitutes in the Beverage Industry

In the context of industry analysis, understanding competitive forces is essential for evaluating a company's position within its industry. Michael Porter’s Five Forces framework is often used to analyze the competitive dynamics of a market. One of the primary forces he described is the threat of substitute products or services.

Consider a company in the beverage industry that primarily markets carbonated soft drinks. When assessing the competitive forces it faces, which aspect should be evaluated to understand the threat of substitutes?