쉐도잉 연습: The Five Forces Analysis explained - 영상으로 영어 말하기 배우기
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The Five Forces Analysis
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Michael Porter of Harvard Business School developed the Five Forces model as a tool to analyze the competitive environment in industries.
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He argued that some industries are consistently more profitable than others, and that by analyzing the competitive environment,
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you can see which industries are attractive for companies to compete in.
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For example, he found that airlines tend to be unprofitable, whereas soft drink companies are highly profitable.
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And the Five Forces model can be used to explain why this is the case.
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The framework considers five factors that drive competition in an industry.
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Let's discuss each one in turn and illustrate with an analysis of the coffee shop industry in a typical city.
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The first force is the level of rivalry.
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Having lots of strong competitors in an industry who are all fighting for customers will make life difficult.
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Many cities now have lots of coffee shops, making the level of rivalry high.
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This by itself makes the industry not very attractive.
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In the Five Forces model, it is recognized that you are not only competing for profit with your direct rivals,
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but also with customers, suppliers, substitutes, and potential entrants.
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If customers tend to be large and they can easily switch between suppliers, they are in a strong position to negotiate lower prices,
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which will limit industry profitability.
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In the coffee shop industry, customers tend to be individuals who cannot negotiate the price of the product.
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However, the fact that they can easily switch from one supplier to another, as well as their ability to leave reviews on social media, increases their power.
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Similarly, if suppliers are strong and offer unique products that companies in the industry cannot go without, the industry will be less attractive.
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For coffee shops, suppliers of coffee beans, milk and sugar are not powerful since there is a lot of choice and switching from one supplier to another is easy.
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The fourth force in the model is the power of substitutes.
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Coffee shops don't only compete against each other, but also against products in other industries that satisfy a similar need.
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For example, if you do not get your drink from a coffee shop, you might make it at home or get it from a machine.
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If these products are seen as good substitutes for coffee shops, then this limits profitability in the industry.
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In reality, many people see coffee shops as a place to meet friends or take a short break out of the house, and there are not many good alternatives that meet these needs.
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Finally, the threat of new entrants can make an industry less attractive.
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Entry barriers in the coffee shop industry are low and it is quite easy to enter the business.
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This means that a coffee shop owner does not only compete against existing rivals, but also against other potential competitors who may enter the industry at any time.
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Other industries, such as car manufacturing, are more difficult to enter and companies know they will not suddenly face lots of new competitors.
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By considering each of the five forces and then looking at the total picture, it is possible to make conclusions about how attractive an industry is.
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Screeing out a five forces analysis also helps to identify the barriers to profitability in an industry
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and enables companies to design strategies that deal with these barriers.
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For example, if customers find it easy to switch between different coffee shops, then a company can introduce loyalty cards to encourage customers to keep coming back.
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Similarly, if the level of rivalry is strong, companies can try to differentiate in order to provide unique value to customers and make the competition less of a threat.
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If you do a five forces analysis, the best is to take a step-by-step approach as follows.
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1. Define the industry that you are analyzing.
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2. For each force, identify the current situation.
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Who are the most important competitors, customers, and suppliers?
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What are the substitutes and entry barriers?
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3. Analyze the attractiveness of the industry for each of the five forces.
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For each force, are there factors that make the industry easy or difficult for companies?
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Finally, look at the overall picture
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and consider what your analysis as a whole says about the attractiveness of the industry
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and about how to successfully compete in it.
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Remember that even if your analysis shows that an industry looks unattractive, it is still possible to be profitable with an innovative and original strategy.
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There are lots of examples of successful companies in difficult industries.
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That concludes the 5 Forces Analysis.
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Check our other videos for more insights.
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Brought to you by Sim Institute.
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