Analisis Del Entorno y La Industria

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Analyzing the Industry
Environm.ent
The reinsurance business has the defect of being too attractive-looking to new entrants for its own good and will therefore always tend to be the opposite of, say, the old business of gathering and rendering dead horses that always tended to containfew and prosperous participants. -Charles T. Munger, Chairman, Wesco Financial Corp. (extract from the 1986 Annual Report) OUTLINE
• • • • INTRODUCTION AND OBJECTIVES FROM ENVIRONMENTAL ANALYSIS TO INDUSTRY ANALYSIS THE DETERMINANTS OF INDUSTRY PROFIT: DEMAND AND COMPETITION ANALYZING I~DUSTRY ATTRACTIVENESS Porter's Five Forces of Competition Framework Competition from Substitutes Threat ofEntry Rivalry Between Established Competitors Bargaining Power of Buyers Bargaining Power of Suppliers • ApPLYING INDUSTRY ANALYSIS Forecasting Industry Profitability Strategies to Alter Industry Structure • DEFINING INDUSTRIES: IDENTIFYING THE RELEVANT MARKET • BEYOND THE FIVE FORCES MODEL: DYNAMICS, GAME THEORY, AND COOPERATION
Schumpeterian Competition
Hypercompetition
The Contribution ofGame Theory
• OPPORTUNITIES FOR COMPETITIVE AnvANTAGE: IDENTIFYING KEy SUCCESS FACTORS • SUMMARY

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~I INTRODUCTION AND OBJECTIVES

ANALYZI~G THE INDUSTRY ENVIRONMENT

In this chapter and the next we turn our attention to analyzing the external environ­ ment of the firm. In Chapter 1 weobserved that profound understanding of the competitive environment is a critical ingredient of a successful strategy. We further noted that for business enterprises, strategy is essentially a quest for profit. Our pri­ mary task in this chapter is to identifY the sources of profit in the business environ­ ment. The distinction between corporate-level and business-level strategy is relevant here.Corporate strategy is concerned with deciding which industries the firm should be engaged in and with the allocation of corporate resonrces among them. To make such decisions, it is vital that the firm evaluate the attractiveness of different industries in terms of their potential to yield profit in the future. The primary objec­ tive of this chapter is to analyze how competition determinesindustry profitability. Once the determinants of industry profitability are understood, it is possible to fore­ cast the future profit potential of an industry. Business strategy is concerned with establishing competitive advantage. Identi ­ fYing the basis of and opportunities for competitive advantage requires an understand­ ing of competition within the industry. It also requires that we understandcustomers, their needs and motivations, and the means by which these needs are satisfied. By the time you have completed this chapter you will be able to: • IdentifY the main structural features of an industry that influence competi ­ tion and profitability. • Apply this analysis and explain why some industries are more profitable than others. • Use evidence on structural trends withinindustries to forecast changes in industry profitability in the future. • IdentifY the opportunities available to influence industry structure in order to alleviate the pressures of competition and improve industry profitability. • Appreciate the roles of both competitive and cooperative behavior in seeking profit within an industry. • Analyze competition and customer requirements in order to identifYoppor ­ tunities for competitive advantage within an industry.

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FROM E1\TVIRONMENTAL ANALYSIS TO INDUSTRY ANALYSIS
The business environment of the firm consists of all the external influences that impact a firm's decisions and performance. The problem here is that, given the vast number and range of external influences, how can managers hope to monitor, let alone analyze, environmental...