porter波特五力模型详解.docx

porter波特五力模型详解.docx

《porter波特五力模型详解.docx》由会员分享，可在线阅读，更多相关《porter波特五力模型详解.docx（11页珍藏版）》请在冰豆网上搜索。

porter波特五力模型详解

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

1.

2.

3.soldeasily,andLittonwasforcedtostayinadecliningshipbuildingmarket.

4.Adiversityofrivalswithdifferentcultures,histories,andphilosophiesmakeanindustryunstable.Thereisgreaterpossibilityformavericksandformisjudgingrival'smoves.Rivalryisvolatileandcanbeintense.Thehospitalindustry,forexample,ispopulatedbyhospitalsthathistoricallyarecommunityorcharitableinstitutions,byhospitalsthatareassociatedwithreligiousorganizationsoruniversities,andbyhospitalsthatarefor-profitenterprises.Thismixofphilosophiesaboutmissionhasleadoccasionallytofiercelocalstrugglesbyhospitalsoverwhowillgetexpensivediagnosticandtherapeuticservices.Atothertimes,localhospitalsarehighlycooperativewithoneanotheronissuessuchascommunitydisasterplanning.

5.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,thedemandbecomesmoreelasticsincecustomershavemorealternatives.Aclosesubstituteproductconstrainstheabilityoffirmsinanindustrytoraiseprices.

ThecompetitionengenderedbyaThreatofSubstitutecomesfromproductsoutsidetheindustry.Thepriceofaluminumbeveragecansisconstrainedbythepriceofglassbottles,steelcans,andplasticcontainers.Thesecontainersaresubstitutes,yettheyarenotrivalsinthealuminumcanindustry.Tothemanufacturerofautomobiletires,tireretreadsareasubstitute.Today,newtiresarenotsoexpensivethatcarownersgivemuchconsiderationtoretreadingoldtires.Butinthetruckingindustrynewtiresareexpensiveandtiresmustbereplacedoften.Inthetrucktiremarket,retreadingremainsaviablesubstituteindustry.Inthedisposablediaperindustry,clothdiapersareasubstituteandtheirpricesconstrainthepriceofdisposables.

Whilethetreatofsubstitutestypicallyimpactsanindustrythroughpricecompetition,therecanbeotherconcernsinassessingthethreatofsubstitutes.ConsiderthesubstitutabilityofdifferenttypesofTVtransmission:

localstationtransmissiontohomeTVantennasviatheairwaysversustransmissionviacable,satellite,andtelephonelines.Thenewtechnologiesavailableandthechangingstructureoftheentertainmentmediaarecontributingtocompetitionamongthesesubstitutemeansofconnectingthehometoentertainment.ExceptinremoteareasitisunlikelythatcableTVcouldcompetewithfreeTVfromanaerialwithoutthegreaterdiversityofentertainmentthatitaffordsthecustomer.

III.BuyerPower

Thepowerofbuyersistheimpactthatcustomershaveonaproducingindustry.Ingeneral,whenbuyerpowerisstrong,therelationshiptotheproducingindustryisneartowhataneconomisttermsamonopsony-amarketinwhichtherearemanysuppliersandonebuyer.Undersuchmarketconditions,thebuyersetstheprice.Inrealityfewpuremonopsoniesexist,butfrequentlythereissomeasymmetrybetweenaproducingindustryandbuyers.Thefollowingtablesoutlinesomefactorsthatdeterminebuyerpower.

BuyersarePowerfulif:

Example

Buyersareconcentrated-thereareafewbuyerswithsignificantmarketshare

DODpurchasesfromdefensecontractors

Buyerspurchaseasignificantproportionofoutput-distributionofpurchasesoriftheproductisstandardized

CircuitCityandSears'largeretailmarketprovidespoweroverappliancemanufacturers

Buyerspossessacrediblebackwardintegrationthreat-canthreatentobuyproducingfirmorrival

Largeautomanufacturers'purchasesoftires

BuyersareWeakif:

Example

Producersthreatenforwardintegration-producercantakeoverowndistribution/retailing

Movie-producingcompanieshaveintegratedforwardtoacquiretheaters

Significantbuyerswitchingcosts-productsnotstandardizedandbuyercannoteasilyswitchtoanotherproduct

IBM's360systemstrategyinthe1960's

Buyersarefragmented（many,different）-nobuyerhasanyparticularinfluenceonproductorprice

Mostconsumerproducts

Producerssupplycriticalportionsofbuyers'input-distributionofpurchases

Intel'srelationshipwithPCmanufacturers

IV.SupplierPower

Aproducingindustryrequiresrawmaterials-labor,components,andothersupplies.Thisrequirementleadstobuyer-supplierrelationshipsbetweentheindustryandthefirmsthatprovideittherawmaterialsusedtocreateproducts.Suppliers,ifpowerful,canexertaninfluenceontheproducingindustry,suchassellingrawmaterialsatahighpricetocapturesomeoftheindustry'sprofits.Thefollowingtablesoutlinesomefactorsthatdeterminesupplierpower.

SuppliersarePowerfulif:

Example

Credibleforwardintegrationthreatbysuppliers

BaxterInternational,manufacturerofhospitalsupplies,acquiredAmericanHospitalSupply,adistributor

Suppliersconcentrated

Drugindustry'srelationshiptohospitals

Significantcosttoswitchsuppliers

Microsoft'srelationshipwithPCmanufacturers

CustomersPowerful 

Boycottofgrocerystoressellingnon-unionpickedgrapes

SuppliersareWeakif:

Example

Manycompetitivesuppliers-productisstandardized

Tireindustryrelationshiptoautomobilemanufacturers

Purchasecommodityproducts

Grocerystorebrandlabelproducts

Crediblebackwardintegrationthreatbypurchasers

Timberproducersrelationshiptopapercompanies

Concentratedpurchasers

Garmentindustryrelationshiptomajordepartmentstores

CustomersWeak

Travelagents'relationshiptoairlines

V.BarrierstoEntry/ThreatofEntry

Itisnotonlyincumbentrivalsthatposeathreattofirmsinanindustry;thepossibilitythatnewfirmsmayentertheindustryalsoaffectscompetition.Intheory,anyfirmshouldbeabletoenterandexitamarket,andiffreeentryandexitexists,thenprofitsalwaysshouldbenominal.Inreality,however,industriespossesscharacteristicsthatprotectthehighprofitlevelsoffirmsinthemarketandinhibitadditionalrivalsfromenteringthemarket.Thesearebarrierstoentry.

Barrierstoentryaremorethanthenormalequilibriumadjustmentsthatmarketstypicallymake.Forexample,whenindustryprofitsincrease,wewouldexpectadditionalfirmstoenterthemarkettotakeadvantageofthehighprofitlevels,overtimedrivingdownprofitsforallfirmsintheindustry.Whenprofitsdecrease,wewouldexpectsomefirmstoexitthemarketthusrestoringamarketequilibrium.Fallingprices,ortheexpectationthatfuturepriceswillfall,detersrivalsfromenteringamarket.Firmsalsomaybereluctanttoentermarketsthatareextremelyuncertain,especiallyifenteringinvolvesexpensivestart-upcosts.Thesearenormalacc