波特五力模型版课件

Porter’sFiveForcesIndustryAnalysis.Porter’sFiveForcesIndustry1IndustryanalysisTheprofitabilityofanyindustrydependsuponfiveenvironmentalfactorsThefiveforcesThethreatofentryThethreatofsubstitutionThepowerofthebuyersThepowerofthesuppliersCompetitiverivalrywithintheindustry.IndustryanalysisTheprofitabi2Porter’sFiveForcesofCompetitionFrameworkSUPPLIERSPOTENTIALENTRANTSSUBSTITUTESBUYERSINDUSTRYCOMPETITORSRivalryamongexistingfirmsBargainingpowerofsuppliersBargainingpowerofbuyersThreatofnewentrantsThreatofsubstitutes.Porter’sFiveForcesofCompet3ThethreatofentryThreatthatnewentrantswillstartup,increasecapacityandcompetitionanderodeprofitsDependsonthesizeoftheentrybarriersEgscaleeconomies,patents.ThethreatofentryThreatthat4ThethreatofsubstitutionThreatotherindustrieswilltakebusinessaway:egaluminiumindustryfacesthreatfromglass,plastics,steelThesesubstituteproductsplaceacapuponindustrypricesabovewhichbuyerswilldesert.ThethreatofsubstitutionThre5PowerofbuyersPowerofindustry’sbuyerstosecurediscountsornegotiateaddedvaluetoproductsDependsonbuyerconcentration,information,switchingcostsEgfragmentedhorticultureindustryfacesconcentrated,expertbuyerswithlowswitchingcosts.PowerofbuyersPowerofindust6PowerofsuppliersAbilityofsupplierstodictatethetermsandconditionsofsupplySupplyconcentrationanddifferentiationiskeyEgoperatingsystemcomponentofPCEgthetransmissionsysteminbicycles.PowerofsuppliersAbilityofs7CompetitiveRivalryThedegreeofcompetitionwithintheindustryformarketshareEspeciallythedegreeofpricecompetitionSomeindustriesareverypricecompetitiveEgairlinesOthersarenonpricecompetitiveandhighlydifferentiatedinproductsEgpharmaceuticals.CompetitiveRivalryThedegree8THREATOFENTRYCapitalrequirementsEconomiesofscaleAbsolutecostadvantageProductdifferentiationAccesstodistributionchannelsLegal/regulatorybarriersRetaliationSUBSTITUTECOMPETITIONBuyers’propensitytosubstituteRelativeprices&performanceofsubstitutesBUYERPOWERBuyers’pricesensitivity

RelativebargainingpowerINDUSTRYRIVALRYConcentrationDiversityofcompetitorsProductdifferentiationExcesscapacity&exitbarriersCostconditionsSUPPLIERPOWERBuyers’pricesensitivity

RelativebargainingpowerTheStructuralDeterminantsofCompetition.THREATOFENTRYSUBSTITUTEBUYER9ExamplesofindustryanalysisAirlinesPharmaceuticalsProfessionalfootballRoadRecoveryServices.ExamplesofindustryanalysisA10AirlinesThethreatofentryVeryhighbecauseDeregulatedLowstartupcostsModesteconomiesofscaleThethreatofsubstitutionHighinsomeshorthaulrouteslowerinlonghaulThepowerofthebuyersConsiderableLittlecustomerloyaltydespiteairmilesEasytoswitchbetweencarriers.Airlines.11AirlinesPowerofthesuppliersConsiderableAircraftmanufacturerslargeandverydifferentiated,highswitchingcostsUnionisedstaffCapacityshortagesinmanyairportsCompetitiveRivalryIntensepricecompetitionVeryhighfixedoperationalcostsandlowvariablecostsencouragesdiscountingtomaximiseutilisation.AirlinesPowerofthesuppliers12Airlines:conclusionAllfiveforcesareoperatingtotheindustry’sdisadvantageWouldexpecttheindustrytoexperiencepoorprofitperformance.Airlines:conclusionAllfivef13PharmaceuticalsThethreatofentryVerylowProductsprotectedbypatentsandcopyrightFormidableresearch,developmentandapprovalcostsofnewdrugsVerylargemedicalsalesforcerequiredThethreatofsubstitutionVerylowOftennoalternativetoadrugindealingwithanillness.PharmaceuticalsThethreatofe14PharmaceuticalsPowerofbuyersLimitedPurchasedecisionsmadebypowerfulmedicalprofessionabletoinfluencewhatthestateorinsuranceco.mustpayforPowerofsuppliersNegligibleDrugingredientsarelargelycommodities,widelyavailableCompetitiverivalryLimitedLittleornopricecompetition.PharmaceuticalsPowerofbuyers15ConclusiononPharmaceuticalsAllfiveforcesworkingtoindustry’sadvantageWouldexpecttheindustrytobehighlyprofitable.ConclusiononPharmaceuticalsA16ProfitabilityofUSIndustriesPharmaceuticals 26.8 Gas&ElectricUtilities 10.5Tobacco 22.0 FoodandDrugStores 10.3Household&PersonalProducts 20.5 MotorVehicles&Parts 9.8FoodConsumerProducts 20.3 HomeEquipment 9.5MedicalProducts&Equipment 18.8 Railroads 9.0Beverages 18.8 Hotels,Casinos,Resorts 8.0Scientific&PhotographicEquipt. 16.5 Insurance:LifeandHealth 7.6CommercialBanks 16.0 BuildingMaterials,Glass 7.0Publishing,Printing 14.3 Metals 6.0PetroleumRefining 14.3 Semiconductors&Apparel 14.3 ElectronicComponents 5.8ComputerSoftware 13.5 Insurance:Property&Casualty5.3Electronics,ElectricalEquipment 13.3 FoodProduction 5.3Furniture 13.3 Telecommunications 3.5Chemicals 12.8 ForestandPaperProducts 3.5Computers,OfficeEquipment 11.8 CommunicationsEquipment(4.0)HealthCare 11.5 Airlines (34.8)(Grant,2005)Medianreturnonequity(%),1999-2002.ProfitabilityofUSIndustries17SomecommentsonthemethodVerysimilartothestructure,conductperformancemodelOldwineinanewbottles?Porterstressesthatthefiveforcesaretheonlyfactors:thereneveranyothersExampleofgovernmentaspossible“6th”Butgovernmentshouldbeconsideredthroughimpactononeorotherofthe5forces.SomecommentsonthemethodVer18Comments5forcesdetermineoverallindustryprofitability,nottheindividualfirm’sInanyindustryprofitablefirmsworkalongsidemuchweakerfirmsInairlinestheenvironmentisveryunfavourablebutsomeairlinesstilldowell.Comments5forcesdetermineove19

Percentageofvarianceinfirms’returnonassetsexplainedby:

IndustryeffectsFirm-specificeffectsUnexplainedvarianceSchmalensee(1985)19.6%0.6%80.4%Rumelt(1991)4.0%44.2%44.8%McGahan&Porter1997)18.7%31.7%48.4%Hawawinietal(2003)8.1%35.8%52.0%Roquebertetal(1996)10.2%55%32.0%Misangyietal(2006)7.6%43.8%n.aDoesIndustryMatter?Source:Grant,6thEd.

Percentageofvarianceinfir20CommentsPorteronchange:Astaticapproach?ButPorteremphasisonthesearchforchangeinenvironment…thenewweaknesses…thenewsourcesofstrengthEg:changeinroadrecoveryservices….CommentsPorteronchange:.21RoadRecoveryServicesBreakdownservices,oncedominatedbyAAandRACThePast:NationwidenetworkofrecoveryvehiclesusingowncommunicationssystemVeryhighentrybarriersNoclosesubstituteLittlepricecompetitionbetweensuppliersBuyershadmeasureofmembershiployaltyNosignificantforcesamongstsuppliers.RoadRecoveryServicesBreakdo22ChangesintheroadrecoverymarketAnewlookattheAAandRACStrategyofsupplementingownrecoveryfleetwithlocalindependentsubcontractorsTechnology:thedevelopmentofopenmobilephonenetworksResult:developmentofanation-widenetworkofindependentsubcontractors,usingmobilephonenetworkstocommunicate.Changesintheroadrecoverym23Changesinthe5forcesEssentiallyverticallyintegratedbusinessesperformingtwofunctionsRunninganbreakdowninsuranceplanRunningthefleetofbreakdownrecoveryvehiclesStrategychangedindustrystructure:Createdtwoseparateindustriesinplaceofone.Changesinthe5forcesEssenti24Unwittingconsequences?UseofsubcontractorsdismantledtheverticalintegrationonthemarginsoftheindustryCruciallyitbroughtdowntheentrybarriersonthebreakdowninsurancefunctionManyentrantswithoutarecoverynetworkoftheirown:GreenFlag,DirectLine,Aviva,Crowdedmarket,verypricecompetitive.Unwittingconsequences?Useof25ConclusionsThe“5forces”remainsafter30yearsthemostwidelyusedtoolofindustryanalysisItisthefirststepinstrategicanalysisButtheindividualenterprise’sperformancedependsasmuchormoreonitsownparticularresourcesandcapabilities.Conclusions.26Porter’sFiveForcesIndustryAnalysis.Porter’sFiveForcesIndustry27IndustryanalysisTheprofitabilityofanyindustrydependsuponfiveenvironmentalfactorsThefiveforcesThethreatofentryThethreatofsubstitutionThepowerofthebuyersThepowerofthesuppliersCompetitiverivalrywithintheindustry.IndustryanalysisTheprofitabi28Porter’sFiveForcesofCompetitionFrameworkSUPPLIERSPOTENTIALENTRANTSSUBSTITUTESBUYERSINDUSTRYCOMPETITORSRivalryamongexistingfirmsBargainingpowerofsuppliersBargainingpowerofbuyersThreatofnewentrantsThreatofsubstitutes.Porter’sFiveForcesofCompet29ThethreatofentryThreatthatnewentrantswillstartup,increasecapacityandcompetitionanderodeprofitsDependsonthesizeoftheentrybarriersEgscaleeconomies,patents.ThethreatofentryThreatthat30ThethreatofsubstitutionThreatotherindustrieswilltakebusinessaway:egaluminiumindustryfacesthreatfromglass,plastics,steelThesesubstituteproductsplaceacapuponindustrypricesabovewhichbuyerswilldesert.ThethreatofsubstitutionThre31PowerofbuyersPowerofindustry’sbuyerstosecurediscountsornegotiateaddedvaluetoproductsDependsonbuyerconcentration,information,switchingcostsEgfragmentedhorticultureindustryfacesconcentrated,expertbuyerswithlowswitchingcosts.PowerofbuyersPowerofindust32PowerofsuppliersAbilityofsupplierstodictatethetermsandconditionsofsupplySupplyconcentrationanddifferentiationiskeyEgoperatingsystemcomponentofPCEgthetransmissionsysteminbicycles.PowerofsuppliersAbilityofs33CompetitiveRivalryThedegreeofcompetitionwithintheindustryformarketshareEspeciallythedegreeofpricecompetitionSomeindustriesareverypricecompetitiveEgairlinesOthersarenonpricecompetitiveandhighlydifferentiatedinproductsEgpharmaceuticals.CompetitiveRivalryThedegree34THREATOFENTRYCapitalrequirementsEconomiesofscaleAbsolutecostadvantageProductdifferentiationAccesstodistributionchannelsLegal/regulatorybarriersRetaliationSUBSTITUTECOMPETITIONBuyers’propensitytosubstituteRelativeprices&performanceofsubstitutesBUYERPOWERBuyers’pricesensitivity

RelativebargainingpowerINDUSTRYRIVALRYConcentrationDiversityofcompetitorsProductdifferentiationExcesscapacity&exitbarriersCostconditionsSUPPLIERPOWERBuyers’pricesensitivity

RelativebargainingpowerTheStructuralDeterminantsofCompetition.THREATOFENTRYSUBSTITUTEBUYER35ExamplesofindustryanalysisAirlinesPharmaceuticalsProfessionalfootballRoadRecoveryServices.ExamplesofindustryanalysisA36AirlinesThethreatofentryVeryhighbecauseDeregulatedLowstartupcostsModesteconomiesofscaleThethreatofsubstitutionHighinsomeshorthaulrouteslowerinlonghaulThepowerofthebuyersConsiderableLittlecustomerloyaltydespiteairmilesEasytoswitchbetweencarriers.Airlines.37AirlinesPowerofthesuppliersConsiderableAircraftmanufacturerslargeandverydifferentiated,highswitchingcostsUnionisedstaffCapacityshortagesinmanyairportsCompetitiveRivalryIntensepricecompetitionVeryhighfixedoperationalcostsandlowvariablecostsencouragesdiscountingtomaximiseutilisation.AirlinesPowerofthesuppliers38Airlines:conclusionAllfiveforcesareoperatingtotheindustry’sdisadvantageWouldexpecttheindustrytoexperiencepoorprofitperformance.Airlines:conclusionAllfivef39PharmaceuticalsThethreatofentryVerylowProductsprotectedbypatentsandcopyrightFormidableresearch,developmentandapprovalcostsofnewdrugsVerylargemedicalsalesforcerequiredThethreatofsubstitutionVerylowOftennoalternativetoadrugindealingwithanillness.PharmaceuticalsThethreatofe40PharmaceuticalsPowerofbuyersLimitedPurchasedecisionsmadebypowerfulmedicalprofessionabletoinfluencewhatthestateorinsuranceco.mustpayforPowerofsuppliersNegligibleDrugingredientsarelargelycommodities,widelyavailableCompetitiverivalryLimitedLittleornopricecompetition.PharmaceuticalsPowerofbuyers41ConclusiononPharmaceuticalsAllfiveforcesworkingtoindustry’sadvantageWouldexpecttheindustrytobehighlyprofitable.ConclusiononPharmaceuticalsA42ProfitabilityofUSIndustriesPharmaceuticals 26.8 Gas&ElectricUtilities 10.5Tobacco 22.0 FoodandDrugStores 10.3Household&PersonalProducts 20.5 MotorVehicles&Parts 9.8FoodConsumerProducts 20.3 HomeEquipment 9.5MedicalProducts&Equipment 18.8 Railroads 9.0Beverages 18.8 Hotels,Casinos,Resorts 8.0Scientific&PhotographicEquipt. 16.5 Insurance:LifeandHealth 7.6CommercialBanks 16.0 BuildingMaterials,Glass 7.0Publishing,Printing 14.3 Metals 6.0PetroleumRefining 14.3 Semiconductors&Apparel 14.3 ElectronicComponents 5.8ComputerSoftware 13.5 Insurance:Property&Casualty5.3Electronics,ElectricalEquipment 13.3 FoodProduction 5.3Furniture 13.3 Telecommunications 3.5Chemicals 12.8 ForestandPaperProducts 3.5Computers,OfficeEquipment 11.8 CommunicationsEquipment(4.0)HealthCare 11.5 Airlines (34.8)(Grant,2005)Medianreturnonequity(%),1999-2002.ProfitabilityofUSIndustries43SomecommentsonthemethodVerysimilartothestructure,conductperformancemodelOldwineinanewbottles?Porterstressesthatthefiveforcesaretheonlyfactors:thereneveranyothersExampleofgovernmentaspossible“6th”Butgovernmentshouldbeconsideredthroughimpactononeorotherofthe5forces.SomecommentsonthemethodVer44Comments5forcesdetermineoverallindustryprofitability,nottheindividualfirm’sInanyindustryprofitablefirmsworkalongsidemuchweakerfirmsInairlinestheenvironmentisveryunfavourablebutsomeairlinesstilldowell.Comments5forcesdetermineove45

Percentageofvarianceinfirms’returnonassetsexplainedby:

IndustryeffectsFirm-specificeffectsUnexplainedvarianceSchmalensee(1985)19.6%0.6%80.4%Rumelt(1991)4.0%44.2%44.8%McGahan&Porter1997)18.7%31.7%48.4%Hawawinietal(2003)8.1%35.8%52.0%Roquebertetal(1996)10.2%55%32.0%Misangyietal(2006)7.6%43.8%n.aDoesIndustryMatter?Source:Grant,6thEd.

Percentageofvarianceinfir46CommentsPorteronchange:Astaticapproach?ButPorteremphasisonthesearchforchangeinenvironment…thenewweaknesses…thenewsourcesofstrengthEg:changeinroadrecoveryser