Karen's Events specialises in catering for weddings. Despite Karen's high prices, she has many customers due to excellent service and stylish decor. It was easy to start her business, as she only needed a trading licence and a small amount of capital. Karen's Events buys all her products from Thuli Ltd, who is the only provider of wedding decorations and materials in this industry. Sammy's Party Planners, who operates in the same area, offers similar services at affordable prices.
Questions: Analyse the market environment of Karen's Events using the Porter's Five Forces model.