AprimerinEntrepreneurship

Prof.Dr.UlrichKaiser Institutefor Institute for Strategy and Business Economics BusinessEconomics Universityof Zurich

FallSemester2009

Whereweare:
Step1 Step2
DevelopingSuccessfulBusinessIdeas

2008PrenticeHall

Chapter5:IndustryandCompetitorAnalysis
TableofContents
I. II. III. IV. V. VI. IndustryAnalysis TheImportanceofIndustryVersusFirmSpecificFactors TheFiveCompetitiveForcesThatDetermineIndustryProfitability TheValueoftheFiveForcesModel IndustryTypesandtheOpportunitiesTheyOffer CompetitorAnalysis

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I.
1. 1 2. 3.

IndustryAnalysis
An industry is a group of firms producing a similar product or service service, such as music, fitness drinks, or electronic games. Industry analysis is business research that focuses on the potential of an industry. Why important? a. a Once it is determined that a new venture is feasible in regard to the industry and market in which it will compete, a more indepth analysis is needed to earn the insandouts of the industry the firm plans t enter. l to t This analysis helps a firm determine if the niche markets it identified during feasibility analysis are accessible and which ones represent g y y p the best point of entry for a new firm.

Definition

b.

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I.

IndustryAnalysis

Three Important Questions

Whenstudyinganindustry,anentrepreneurmustanswerthreequestions Wh t d i i d t t t th ti beforepursuingtheideaofstartingafirm:
Question1 Istheindustry Is the industry accessibleinother words,isitarealistic placeforanew place for a new venturetoenter? Question2 Doestheindustry Does the industry containmarketsthat areripeforinnovation orareunderserved? or are underserved? Question3 Aretherepositionsin Are there positions in the industrythatwill avoid someofthe negative attributes attributes oftheindustryasa whole?

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I.

IndustryAnalysis

Its All About The Position

It is useful for a new venture to think about its position at both the company level and the product or service level. At the company level, a firms position determines how the entire company is situated relative to its competitors.

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II.

TheImportanceofIndustryVersusFirm SpecificFactors

To illustrate the importance of the industry a firm chooses to enter, research has shown that both firmspecific and industryspecific factors contribute to a firms profitability: p y 1. 2. Firmlevel factors include a firms assets, products, culture, teamwork among its employees, reputation, and other resources. Industryspecific factors include the threat of new entrants, rivalry among existing firms, the bargaining power of suppliers, and other factors discussed in the chapter. In various studies, researchers have found that from eight to 30 percent of the variation in firm profitability is directly attributable to the industry in which a firm competes competes.

3.

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III.
1. 1 2. 3.

TheFiveCompetitiveForcesThat DetermineIndustryProfitability
The five competitive forces model is a framework for understanding the structure of an industry and was developed by Michael Porter. The framework is comprised of the forces that determine industry profitability. These forces the threat of substitutes, the entry of new competitors, rivalry among existing firms the bargaining power of suppliers and the firms, suppliers, bargaining power of buyers determine the average rate of return for the firms in an industry. Each of Porters f f h f five forces h an impact on the average rate of return f has h f for the firms in an industry by applying pressure on industry profitability. Wellmanaged companies try to position their firms in a way that avoids or diminishes these forces in an attempt to beat the average rate of return for the industry.
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4.

III.

TheFiveCompetitiveForcesThat DetermineIndustryProfitability

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Source:http://upload.wikimedia.org/wik kipedia/comm mons/6/66/Port ters_five_force es.PNG

Supplier Power
Supplier concentration Importance of volume to supplier Differentiation of inputs Impact of inputs on cost or differentation Switching costs of firms in the industry Presence of substitute inputs Threat of forwart intergration Cost relative to total purchases in industry

Barriers to entry
Absolute cost advantages g Proprietary learning curve Access to inputs Government policy Economies of scale Capital requirements Brand identity Switching costs Access to distribution Expected retaliation Proprietary products

Threat of substitutes
- Switching costs - Buyer inclination to substitute - Price performance tradeoff of substitutes

Rivalry

Buyer Power
Bargaining leverage Buyer volume Buyer information Brand identity Price sensitivity Threat of backward intergration Product differentiation Buyer concentration vs. industry Substitutes available Buyers Buyers incentives

Degree of Rivalry
Exit barriers Industry concentration Fixed costs/Value added Industry growth Intermittent overcapacity Product differences Switching costs Brand identity Diversity of rivals Corporate stakes
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Source: http://www.quickmba.com/strategy/ porter.shtml

Universityof Zurich ISU InstituteforStrategyandBusinessEconomics UlrichKaiser

III.
a. b. b c.

TheFiveCompetitiveForcesThat DetermineIndustryProfitability
The price that consumers are willing to pay for a product depends, in part, on the availability of substitute products. For example there are few if any substitutes for prescription medicines which example, medicines, is one of the reasons the pharmaceutical industry is so profitable. In contrast, when close substitutes for a product do exist, industry profitability is suppressed because consumers will opt not to buy when the price is too high. The extent to which substitutes suppress the profitability of an industry depends on th propensity f b d d the it for buyers t substitute b t to b tit t between alternatives. lt ti This is why firms in an industry often offer their customers amenities to reduce the likelihood that they will switch to a substitute product, even in light of a price increase.

1. ThreatofSubstitutes

d. e.

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III.
a. b. b c. d.

TheFiveCompetitiveForcesThat DetermineIndustryProfitability
Ifthefirmsinanindustryarehighlyprofitable,theindustrybecomesamagnetto newentrants. Unlesssomethingisdonetostopthis,thecompetitionintheindustrywillincrease, Unless something is done to stop this the competition in the industry will increase andaverageindustryprofitabilitywilldecline. Firmsinanindustrytrytokeepthenumberofnewentrantslowbyerectingbarriers toentry. to entry Abarriertoentryisaconditionthatcreatesadisincentiveforanewfirmtoenteran industry.

2. ThreatofNewEntrants

Rockefeller example p

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III.

TheFiveCompetitiveForcesThat DetermineIndustryProfitability
BarriertoEntry Economiesofscale Explanation
Industriesthatarecharacterizedbylargeeconomiesofscale Industries that are characterized by large economies of scale aredifficultfornewfirmstoenter,unlesstheyarewillingto acceptacostdisadvantage. Industriessuchasthesoftdrinkindustrythatare characterizedbyfirmswithstrongbrandsaredifficulttobreak intowithoutspendingheavilyonadvertising. into without spending heavily on advertising. Theneedtoinvestlargeamountsofmoneytogainentranceto anindustryisanotherbarriertoentry.Forexample,itnow takesabouttwoyearsand$4milliontodevelopanelectronic game.Manynewfirmsdonothavethecapitaltocompeteat thislevel.
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2. ThreatofNewEntrants

Productdifferentiation

Capital Capital requirements

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III.

TheFiveCompetitiveForcesThat DetermineIndustryProfitability
BarriertoEntry Costadvantages C d independentofsize Explanation
Entrenchedcompetitorsmayhavecostadvantagesnotrelated tosize.Forexample,theexistingcompetitorsinanindustry mayhavepurchasedpropertywhenitwasmuchless expensivethananewentrantwouldhavetopay. Distributionchannelsareoftenhardtocrack.Thisisparticularly trueincrowdedmarkets,suchastheconveniencestoremarket. Foranewsportsdrinktobeplacedontheshelf,ithasto displaceaproductthatisalreadythere. displace a product that is already there Inknowledgeintensiveindustries,suchasbiotechnologyand software,patents,trademarks,andcopyrightsformmajor software, patents, trademarks, and copyrights form major barrierstoentry.Otherindustries,suchasbroadcasting, requirethegrantingofalicensebyapublicauthority.

2. ThreatofNewEntrants

Accesstodistribution channels

Governmentand Government and legalbarriers

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III.

TheFiveCompetitiveForcesThat DetermineIndustryProfitability
Itisdifficultforstartupstoexecutebarrierstoentrythatare expensive,suchaseconomiesofscale,becausemoneyisusuallytight. i h i f l b i ll ti ht Startupshavetorelyonnontraditionalbarrierstoentrytodiscourage newentrants,suchasassemblingaworldclassmanagementteamthat g g wouldbedifficultforanothercompanytoreplicate.

2. ThreatofNewEntrants
NontraditionalBarrierstoEntry: a. b.

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III.

TheFiveCompetitiveForcesThat DetermineIndustryProfitability
BarriertoEntry Strengthof managementteam Explanation
Ifastartupputstogetheraworldclassmanagementteam,it If a startup puts together a worldclass management team it maygivepotentialrivalspauseintakingonthestartupinits chosenindustry. Ifastartuppioneersanindustryoranewconceptwithinan existingindustry,thenamerecognitionthatthestartup establishesmaycreateaformidablebarriertoentry. y y Iftheemployeesofastartuparehighlymotivatedbythe uniquecultureofastartup,andanticipatelargefinancial rewardsthroughstockoptions,thisisacombinationthat cannotbereplicatedbylargerfirms.Thinkoftheemployeesof abiotechfirmstryingtofindacureforadisease.
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2. ThreatofNewEntrants

Firstmoveradvantage

Passionofthe managementteam management team andemployees

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III.

TheFiveCompetitiveForcesThat DetermineIndustryProfitability
BarriertoEntry Uniquebusiness U i b i model Explanation
Ifastartupisabletoconstructauniquebusinessmodeland If a startup is able to construct a unique business model and establishanetworkofrelationshipsthatmakesthebusiness modelwork,thissetofadvantagescreatesabarriertoentry. SomeInternetdomainnamesaresospotoninregardtoa specificproductorservicethattheygiveastartupa meaningfullegupintermsofecommerceopportunities.

2. ThreatofNewEntrants

Internetdomain name Inventinganew approachtoanindustry pp y andexecutingtheidea inanexemplaryfashion

Ifastartupinventsanewapproachtoanindustryand executesitinanexemplaryfashion,thesefactorscreatea barriertoentryforpotentialimitators.

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III.
a.

TheFiveCompetitiveForcesThat DetermineIndustryProfitability
Inmostindustries,themajordeterminantofindustryprofitabilityisthe levelofcompetitionamongthefirmsalreadycompetinginthe industry. industry Someindustriesarefiercelycompetitivetothepointwherepricesare pushedbelowthelevelofcosts.Whenthishappens,industrywide lossesoccur. Therearefourprimaryfactorsthatdeterminethenatureandintensity o oftherivalryamongexistingfirmsinanindustry: e a ya o ge s g s a dus y i. ii. iii. iv. NumberandBalanceofCompetitors; DegreeofDifferenceBetweenProducts; GrowthRateofanIndustry; LevelofFixedCosts.
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3. RivalryAmongExistingFirms

b.

c.

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III.

TheFiveCompetitiveForcesThat DetermineIndustryProfitability

3. RivalryAmongExistingFirms
Factorsthatdeterminethenatureandintensityoftherivalryamongexisting firmsinanindustry
Numberand balanceof competitors
Themorecompetitorsthereare,themorelikelyitisthat oneormorewilltrytogaincustomersbycuttingitsprice. Pricecuttingoccursmoreoftenwhenallthecompetitors inanindustryareaboutthesamesizeandwhenthereis noclearmarketleader. Thedegreetowhichproductsdifferfromoneproduct The degree to which products differ from one product toanotheraffectsindustryrivalry.Forexample,the firmsincommodityindustries(suchaspaper p products)tendtocompeteonpricebecausethereis ) p p littledifferencebetweenonemanufacturersproducts andanothers.

Degreeof difference betweenproducts b d

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III.

TheFiveCompetitiveForcesThat DetermineIndustryProfitability

3. RivalryAmongExistingFirms
Factorsthatdeterminethenatureandintensityoftherivalryamongexisting firmsinanindustry
Thecompetitionamongfirmsinaslowgrowthindustryis strongerthanamongthoseinfastgrowthindustries.Slow growthindustryfirmsmustfightformarketshare,which maytemptthemtolowerpricestogainmarketshare.In t t th t l i t i k t h I fastgrowthindustries,thereareenoughcustomerstogo around,makingpricecuttinglesslikely. Firmsthathavehighfixedcostsmustsellahighervolume oftheirproducttoreachthebreakevenpointthanfirms withlowfixedcosts.Asaresult,firmswithhighfixedcosts with low fixed costs As a result firms with high fixed costs areanxioustofilltheircapacity,andthisanxietymaylead topricecutting.
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Growthrateofan industry

Leveloffixed costs

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III.
a.

TheFiveCompetitiveForcesThat DetermineIndustryProfitability
Insomecases,supplierscansuppresstheprofitabilityoftheindustries towhichtheysellbyraisingpricesorreducingthequalityofthe componentstheyprovide. components they provide Ifasupplierreducesthequalityofthecomponentsitsupplies,the qualityofthefinishedproductwillsuffer,andthemanufacturerwill eventuallyhavetoloweritsprice. ll h l Ifthesuppliersarepowerfulrelativetothefirmsintheindustryto whichtheysell,industryprofitabilitycansuffer. c ey se , dus y p o ab y ca su e

4. BargainingPowerofSuppliers

b.

c.

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III.

TheFiveCompetitiveForcesThat DetermineIndustryProfitability

5. BargainingPowerofBuyers
Factorsthathaveanimpactontheabilityofsupplierstoexertpressureonbuyers

Supplier concentration

Whenthereareonlyafewsuppliersthatsupplyacritical producttoalargenumberofbuyers,thesupplierhasan advantage. advantage

Switchingcosts

Switchingcostsarethefixedcoststhatbuyersencounter Switching costs are the fixed costs that buyers encounter whenswitchingorchangingfromonesuppliertoanother. Ifswitchingcostsarehigh,abuyerwillbelesslikelyto switchsuppliers.

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III.

TheFiveCompetitiveForcesThat DetermineIndustryProfitability

5. BargainingPowerofBuyers
Factorsthathaveanimpactontheabilityofsupplierstoexertpressureonbuyers
Supplierpowerisenhancediftherearenoattractive substitutesfortheproductorservicesthesupplieroffers. Forexample,thereislittlethecomputerindustrycando whenIntelorMicrosoftraisetheirprices,asthereare h I l Mi f i h i i h simplynopracticalsubstitutesfortheirproducts.

Attractivenessof substitutes

Threatofforward integration

Thepowerofasupplierisenhancedifthereisacredible possibilitythatthesuppliermightenterthebuyers industry.

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III.
a. b. b

TheFiveCompetitiveForcesThat DetermineIndustryProfitability
Buyerscansuppresstheprofitabilityoftheindustriesfromwhichthey purchasebydemandingpriceconcessionsorincreasesinquality. Forexample,theautomobileindustryisdominatedbyahandfulof For example the automobile industry is dominated by a handful of largeautomakersthatbuyproductsfromthousandsofsuppliersin differentindustries.Thisenablestheautomakerstosuppressthe profitabilityoftheindustriesfromwhichtheybuybydemandingprice f bl f h d f h h h b b d d reductions.

5. BargainingPowerofBuyers

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III.

TheFiveCompetitiveForcesThat DetermineIndustryProfitability

5. BargainingPowerofBuyers
Factorsthathaveanimpactontheabilityofsupplierstoexertpressureonbuyers
Ifthebuyersareconcentrated,meaningthatthereareonly afewlargebuyers,andtheybuyfromalargenumberof suppliers,theycanpressurethesupplierstolowercosts andthusaffecttheprofitabilityoftheindustriesfrom d h ff h fi bili f h i d i f whichtheybuy.

Buyergroup concentration

Buyerscosts

Thegreatertheimportanceofanitemistoabuyer,the moresensitivethebuyerwillbetothepricetheypay.For example,ifthecomponentsoldbythesupplierrepresents 50%ofthecostofthebuyersproduct,thebuyerwill 50% f th t f th b d t th b ill bargainhardtogetthebestpriceforthatcomponent.

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III.

TheFiveCompetitiveForcesThat DetermineIndustryProfitability

5. BargainingPowerofBuyers
Factorsthathaveanimpactontheabilityofsupplierstoexertpressureonbuyers
Thedegreetowhichasuppliersproductdiffersfromits The degree to which a suppliers product differs from its competitorsaffectsthebuyersbargainingpower.For example,abuyerwhoispurchasingastandardproduct, likethecornsyrupthatgoesintosoftdrinks,canplayone y p g p y supplieragainstanotheruntilitgetsthebestcombination ofpriceandservice.

Degreeof standardizationof supplier s suppliers products

Threatof backward integration

Thepowerofbuyersisenhancedifthereisacredible threatthatthebuyermightenterthesuppliersindustry.

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IV.

TheValueoftheFiveForcesModel

Alongwithhelpingafirmunderstandthedynamicsoftheindustryitplansto enter,thefiveforcesmodelcanbeusedintwowaystohelpafirmdetermine whetheritshouldenteraparticularindustryandwhetheritcancarveoutan attractivepositioninthatindustry: 1. 1 2. Industryattractiveness Industry attractiveness Potentialsuccess

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IV.
1.

TheValueoftheFiveForcesModel
Industryattractiveness

First,thefiveforcesmodelcanbeusedtoassesstheattractivenessofan industryoraspecificpositionwithinanindustrybydeterminingthelevelof threattoindustryprofitabilityforeachofthefiveforces(seefollowingslide).

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IV.
2.

TheValueoftheFiveForcesModel
Potentialsuccess

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V.

IndustryTypesandtheOpportunitiesThey Offer

Typesofindustries Types of industries

1. EmergingIndustries:industriesinwhichstandardoperatingprocedureshaveyet tobedeveloped. Opportunity:firstmoveradvantage. 2. FragmentedIndustries:industriesthatarecharacterizedbyalargenumberof firmsofapproximatelyequalsize. Opportunity:consolidation. O t it lid ti 3. MatureIndustries:industriesthatareexperiencingslowornoincreasein demand. Opportunities:Processinnovationandaftersaleserviceinnovation. Opportunities: Process innovation and after sale service innovation 4. DecliningIndustries:industriesthatareexperiencingareductionindemand. Opportunities:leadership,establishinganichemarket,andpursuingacost reductionstrategy. reduction strategy 5. GlobalIndustries:industriesthatareexperiencingsignificantinternationalsales. Opportunities:multidomesticandglobalstrategies.
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VI.
1.

CompetitorAnalysis
Afterafirmhasgainedanunderstandingoftheindustryandmarketsin whichitplanstocompete,thenextstepistocompleteacompetitor analysis. l i Acompetitoranalysisisadetailedanalysisafirmscompetition.Ithelps afirmunderstandthepositionsofitsmajorcompetitorsandthe p j p opportunitiesthatareavailabletoobtainacompetitiveadvantageinone ormoreareas. Acompetitiveanalysisgridisatoolfororganizingtheinformationafirm A titi l i id i t l f i i th i f ti fi collectsaboutitsprimarycompetitors.

2.

3. 3

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VI.
a.

CompetitorAnalysis
IdentifyingtheCompetition

TypesofCompetitorsNewVenturesFace Types of Competitors New Ventures Face

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VI.
b.
i. i ii. iii.

CompetitorAnalysis
SourcesofCompetitiveIntelligence
Tocompleteameaningfulcompetitiveanalysisgrid,afirmmustfirst To complete a meaningful competitive analysis grid a firm must first understandthestrategiesandbehaviorsofitscompetitors. Theinformationthatisgatheredbyafirmtolearnaboutits competitorsisreferredtoascompetitiveintelligence. Thefollowingareexamplesofwaysafirmcanethicallyobtain informationaboutitscompetitors: information about its competitors: (1) Attendconferencesandtradeshows;Fullbusinessplan (2) Read(study)industryrelatedbooks,magazines,andWebsites; (3) Talk to customers about why they bought your product rather Talktocustomersaboutwhytheyboughtyourproductrather thanyourcompetitors; (4) StudycompetitorsWebsites; (5) P h Purchasecompetitorsproductstostudytheirfeatures,benefits tit d t t t d th i f t b fit andshortcomings; (6) StudyWebsitesthatprovideinformationaboutcompanies.
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VI.
c.
i. i ii.

CompetitorAnalysis
CompletingaCompetitiveAnalysisGrid
Atoolfororganizingtheinformationafirmcollectsaboutits A tool for organizing the information a firm collects about its competitors. Acompetitiveanalysisgridcanhelpafirmseehowitstacksup againstitscompetitors,provideideasformarketstopursue,and identifyitsprimarysourcesofcompetitiveadvantage.

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VI.
c.

CompetitorAnalysis
CompletingaCompetitiveAnalysisGrid

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