porter波特五力模型详解doc.docx
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porter波特五力模型详解doc
porter波特五力模型详解
Porter'sFiveForces
AMODELFORINDUSTRYANALYSIS
Themodelofpurecompetitionimpliesthatrisk-adjustedratesofreturnshouldbeconstantacrossfirmsandindustries.However,numerouseconomicstudieshaveaffirmedthatdifferentindustriescansustaindifferentlevelsofprofitability;partofthisdifferenceisexplainedbyindustrystructure.
MichaelPorterprovidedaframeworkthatmodelsanindustryasbeinginfluencedbyfiveforces.Thestrategicbusinessmanagerseekingtodevelopanedgeoverrivalfirmscanusethismodeltobetterunderstandtheindustrycontextinwhichthefirmoperates.
DiagramofPorter's5Forces
SUPPLIERPOWER
Supplierconcentration
Importanceofvolumetosupplier
Differentiationofinputs
Impactofinputsoncostordifferentiation
Switchingcostsoffirmsintheindustry
Presenceofsubstituteinputs
Threatofforwardintegration
Costrelativetototalpurchasesinindustry
BARRIERS
TOENTRY
Absolutecostadvantages
Proprietarylearningcurve
Accesstoinputs
Governmentpolicy
Economiesofscale
Capitalrequirements
Brandidentity
Switchingcosts
Accesstodistribution
Expectedretaliation
Proprietaryproducts
THREATOF
SUBSTITUTES
-Switchingcosts
-Buyerinclinationto
substitute
-Price-performance
trade-offofsubstitutes
BUYERPOWER
Bargainingleverage
Buyervolume
Buyerinformation
Brandidentity
Pricesensitivity
Threatofbackwardintegration
Productdifferentiation
Buyerconcentrationvs.industry
Substitutesavailable
Buyers'incentives
DEGREEOFRIVALRY
-Exitbarriers
-Industryconcentration
-Fixedcosts/Valueadded
-Industrygrowth
-Intermittentovercapacity
-Productdifferences
-Switchingcosts
-Brandidentity
-Diversityofrivals
-Corporatestakes
I. Rivalry
Inthetraditionaleconomicmodel,competitionamongrivalfirmsdrivesprofitstozero.Butcompetitionisnotperfectandfirmsarenotunsophisticatedpassivepricetakers.Rather,firmsstriveforacompetitiveadvantageovertheirrivals.Theintensityofrivalryamongfirmsvariesacrossindustries,andstrategicanalystsareinterestedinthesedifferences.
Economistsmeasurerivalrybyindicatorsof industryconcentration.TheConcentrationRatio(CR)isonesuchmeasure.TheBureauofCensusperiodicallyreportstheCRformajorStandardIndustrialClassifications(SIC's).TheCRindicatesthepercentofmarketshareheldbythefourlargestfirms(CR'sforthelargest8,25,and50firmsinanindustryalsoareavailable).Ahighconcentrationratioindicatesthatahighconcentrationofmarketshareisheldbythelargestfirms-theindustryisconcentrated.Withonlyafewfirmsholdingalargemarketshare,thecompetitivelandscapeislesscompetitive(closertoamonopoly).Alowconcentrationratioindicatesthattheindustryischaracterizedbymanyrivals,noneofwhichhasasignificantmarketshare.Thesefragmentedmarketsaresaidtobecompetitive.Theconcentrationratioisnottheonlyavailablemeasure;thetrendistodefineindustriesintermsthatconveymoreinformationthandistributionofmarketshare.
Ifrivalryamongfirmsinanindustryislow,theindustryisconsideredtobedisciplined.Thisdisciplinemayresultfromtheindustry'shistoryofcompetition,theroleofaleadingfirm,orinformalcompliancewithagenerallyunderstoodcodeofconduct.Explicitcollusiongenerallyisillegalandnotanoption;inlow-rivalryindustriescompetitivemovesmustbeconstrainedinformally.However,amaverickfirmseekingacompetitiveadvantagecandisplacetheotherwisedisciplinedmarket.
Whenarivalactsinawaythatelicitsacounter-responsebyotherfirms,rivalryintensifies.Theintensityofrivalrycommonlyisreferredtoasbeingcutthroat,intense,moderate,orweak,basedonthefirms'aggressivenessinattemptingtogainanadvantage.
Inpursuinganadvantageoveritsrivals,afirmcanchoosefromseveralcompetitivemoves:
∙Changingprices-raisingorloweringpricestogainatemporaryadvantage.
∙Improvingproductdifferentiation-improvingfeatures,implementinginnovationsinthemanufacturingprocessandintheproductitself.
∙Creativelyusingchannelsofdistribution-usingverticalintegrationorusingadistributionchannelthatisnoveltotheindustry.Forexample,withhigh-endjewelrystoresreluctanttocarryitswatches,Timexmovedintodrugstoresandothernon-traditionaloutletsandcorneredthelowtomid-pricewatchmarket.
∙Exploitingrelationshipswithsuppliers-forexample,fromthe1950'stothe1970'sSears,RoebuckandCo.dominatedtheretailhouseholdappliancemarket.Searssethighqualitystandardsandrequiredsupplierstomeetitsdemandsforproductspecificationsandprice.
Theintensityofrivalryisinfluencedbythefollowingindustrycharacteristics:
1.Alargernumberoffirmsincreasesrivalrybecausemorefirmsmustcompeteforthesamecustomersandresources.Therivalryintensifiesifthefirmshavesimilarmarketshare,leadingtoastruggleformarketleadership.
2.Slowmarketgrowthcausesfirmstofightformarketshare.Inagrowingmarket,firmsareabletoimproverevenuessimplybecauseoftheexpandingmarket.
3.Highfixedcostsresultinaneconomyofscaleeffectthatincreasesrivalry.Whentotalcostsaremostlyfixedcosts,thefirmmustproducenearcapacitytoattainthelowestunitcosts.Sincethefirmmustsellthislargequantityofproduct,highlevelsofproductionleadtoafightformarketshareandresultsinincreasedrivalry.
4.Highstoragecostsorhighlyperishableproductscauseaproducertosellgoodsassoonaspossible.Ifotherproducersareattemptingtounloadatthesametime,competitionforcustomersintensifies.
5.Lowswitchingcostsincreasesrivalry.Whenacustomercanfreelyswitchfromoneproducttoanotherthereisagreaterstruggletocapturecustomers.
6.Lowlevelsofproductdifferentiationisassociatedwithhigherlevelsofrivalry.Brandidentification,ontheotherhand,tendstoconstrainrivalry.
7.Strategicstakesarehighwhenafirmislosingmarketpositionorhaspotentialforgreatgains.Thisintensifiesrivalry.
8.Highexitbarriersplaceahighcostonabandoningtheproduct.Thefirmmustcompete.Highexitbarrierscauseafirmtoremaininanindustry,evenwhentheventureisnotprofitable.Acommonexitbarrierisassetspecificity.Whentheplantandequipmentrequiredformanufacturingaproductishighlyspecialized,theseassetscannoteasilybesoldtootherbuyersinanotherindustry.LittonIndustries'acquisitionofIngallsShipbuildingfacilitiesillustratesthisconcept.Littonwassuccessfulinthe1960'swithitscontractstobuildNavyships.ButwhentheVietnamwarended,defensespendingdeclinedandLittonsawasuddendeclineinitsearnings.Asthefirmrestructured,divestingfromtheshipbuildingplantwasnotfeasiblesincesuchalargeandhighlyspecializedinvestmentcouldnotbesoldeasily,andLittonwasforcedtostayinadecliningshipbuildingmarket.
9.Adiversityofrivalswithdifferentcultures,histories,andphilosophiesmakeanindustryunstable.Thereisgreaterpossibilityformavericksandformisjudgingrival'smoves.Rivalryisvolatileandcanbeintense.Thehospitalindustry,forexample,ispopulatedbyhospitalsthathistoricallyarecommunityorcharitableinstitutions,byhospitalsthatareassociatedwithreligiousorganizationsoruniversities,andbyhospitalsthatarefor-profitenterprises.Thismixofphilosophiesaboutmissionhasleadoccasionallytofiercelocalstrugglesbyhospitalsoverwhowillgetexpensivediagnosticandtherapeuticservices.Atothertimes,localhospitalsarehighlycooperativewithoneanotheronissuessuchascommunitydisasterplanning.
10.IndustryShakeout. Agrowingmarketandthepotentialforhighprofitsinducesnewfirmstoenteramarketandincumbentfirmstoincreaseproduction.Apointisreachedwheretheindustrybecomescrowdedwithcompetitors,anddemandcannotsupportthenewentrantsandtheresultingincreasedsupply.Theindustrymaybecomecrowdedifitsgrowthrateslowsandthemarketbecomessaturated,creatingasituationofexcesscapacitywithtoomanygoodschasingtoofewbuyers.Ashakeoutensues,withintensecompetition,pricewars,andcompanyfailures.
BCGfounderBruceHendersongeneralizedthisobservationastheRuleofThreeandFour:
astablemarketwillnothavemorethanthreesignificantcompetitors,andthelargestcompetitorwillhavenomorethanfourtimesthemarketshareofthesmallest.Ifthisruleistrue,itimpliesthat:
oIfthereisalargernumberofcompetitors,ashakeoutisinevitable
oSurvivingrivalswillhavetogrowfasterthanthemarket
oEventualloserswillhaveanegativecashflowiftheyattempttogrow
oAllexceptthetwolargestrivalswillbelosers
oThedefinitionofwhatconstitutesthe"market"isstrategicallyimportant.
Whateverthemeritsofthisruleforstablemarkets,itisclearthatmarketstabilityandchangesinsupplyanddemandaffectrivalry.Cyclicaldemandtendstocreatecutthroatcompetition.Thisistrueinthedisposablediaperindustryinwhichdemandfluctuateswithbirthrates,andinthegreetingcardindustryinwhichtherearemorepredictablebusinesscycles.
II.ThreatOfSubstitutes
InPorter'smodel,substituteproductsrefertoproductsinotherindustries.Totheeconomist,athreatofsubstitutesexistswhenaproduct'sdemandisaffectedbythepricechangeofasubstituteproduct.Aproduct'spriceelasticityisaffectedbysubstituteproducts-asmoresubstitutesbecomeavailable,thedemandbecomesmoreelasticsincecustomershavemorealtern