Industry Analysis: Porter's Five Forces Model | Strategic Management | From A Business Professor
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- Опубліковано 14 лип 2024
- Hello, everyone. Welcome to Business School 101.An industry is a group of incumbent companies facing more or less the same set of suppliers and buyers. Firms competing in the same industry tend to offer similar products or services to meet specific customer needs.
Harvard Business School Professor, Michael Porter developed a highly influential five forces model to help managers understand the profit potential of different industries and how they can position their respective firms to gain and sustain competitive advantage.
Those forces are: Threat of entry. Power of suppliers. Power of buyers. Threat of substitutes. and Rivalry among existing competitors.
Great video! It's always fun to learn about competing firms and how they meet the customer's specific needs.
It was really interesting hearing porter's five forces being applied to real businesses.
This was not the first time that I had been introduced to Porter's Five Forces. Focusing more on the topic and going more in depth was super helpful and I'm sure I'll find it useful in my next classes.
Some of my other business courses have mentioned Porter’s Five Forces Model but none of them had as much information about it as this video did. I really enjoyed learning more bout it.
I had never heard about Porter's five Forces Model so it was really neat to learn about this for the first time!
I really liked seeing porter's five forces applied to real-life business. I always get a better understanding by seeing things in real-life situations.
The model eases the process of building your business marketing and operational strategies, as it helps you better understand how your industry's structured.
It was incredibly interesting to see the ideas I had learned in earlier economics studies broken down in more detail. It is incredibly helpful to see business examples of the various models, such as oligopoly and monopolistic competition, to put them into context.
I have covered Porter's Five Forces before in another business class but going over this video was very informative and will continue to help me throughout my career.
I enjoyed this video because I am sure that if I was not a business major I would have never learned about this. I enjoyed how the five forces were explained and some examples were given. I think that this was an amazing video with great information.
I found how Porter's Five Forces work in real world scenarios interesting, once I have started my career, it will be interesting to see it play out with my own eyes.
This was a fantastic video! Thank you for keeping this class interesting.
I always had a idea on what Porters 5 force model was but this video filled me in on key points and was very informative
Because I have completed other business courses that have covered this topic, I have familiarized myself with Porter's Five Model through reading about it in the past. Still, it was fascinating to see the definition originate from a new point of view. The five models are the same, but because to the definitions provided in the film, I was able to assess the situation in a more nuanced manner.
This video was very interesting to me regarding all of the different factors that affect a competitive rivalry. It was very informative as well.
I have heard about the Porter's five forces model from other people and in other classes but I feel as though this video gave me a better understanding about the concept.
In this video i learned that how the five forces model work. The threat of entry risks potential competitors. The power of suppliers can raise the production cost, the power of buyer is when customer can put producers margins demanding lower price or higher product quality, the threat of substitutes are consumers can purchase instead, rivalry among existing competitors is when companies within the same industry jockey for market.
I was really interested to learn about De Beers Group and how monopoly had an impact on them. I also really enjoyed learning about the porter's five forces model.
I have read up on Porter’s Five Model before because I have taken other business classes that have gone over this concept. However it was interesting to see the definition come from a different standpoint. THe five models are the same but with the definitions in the video I was able to analyze in a more complex way.
Very interesting. There is a lot to think about when running a business.
This video is very informative, found interesting what the five forces were and what it can help with in the real world. Also how the factors work as well.
I enjoyed learning this subject. I thought the examples were great.
Porter's five forces model seems especially important to me. It details the power held by both suppliers and buyers. It also detail rivalries and substitutes. Overall it sets a good foundation for strategic management.
good keep the nice work uo
Porters five forces can definitely be carried over into a business model. This information could give you insight on how to enter, run, and exit your company efficiently.
The Five Forces Analysis is crucial for businesses trying to analyze how they are doing within an industry and where threats may arise.
Thank you so much for your explanation.
I have a quick question: if the buyer's demand increases, in this case how the following forces will be
The threat of new entrants = ( Low or High or Medium)?
Threat of substitutes = ( Low or High or Medium)?
Rivalry among existing companies = ( Low or High or Medium)?
Bargaining power of buyers = ( Low or High or Medium)?
Bargaining power of suppliers = ( Low or High or Medium)?
By your explanation, I figured out that rivalry among existing will be (Lower). But what about the other forces?
it is a complicated question. One factor change, it may cause other factors change accordingly. Like a ripple effect. However, under different scenarios, or in different industries, those factors could change independently.
Porter's Five Forces is an important piece to learn by any business student. It can help categorize how each culture, environment, or business needs to run in order to be successful.
Oligopolies are an interesting phenomenon. When barriers to entry are high, firms can gatekeep thier particular industry.
It was really cool to see the concepts I’ve learned in my previous economics classes and break them down more in depth. Seeing company examples for the different models like oligopoly and monopolistic competition really helps to put them into real world examples
I am quite familiar with Porter's Five Forces Model from a previous course I took in management. It is very interesting to apply these forces to real-world industries.