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1、Ch2-1Chapter 2Chapter 2 The External Environment:The External Environment:Opportunities, Threats, Industry Opportunities, Threats, Industry Competition, and Competitor AnalysisCompetition, and Competitor AnalysisCh2-3Stakeholders:Groups who are affected by a firms Groups who are affected by a firms
2、performance and who have claims on its performance and who have claims on its wealthwealthThe firm must maintain The firm must maintain performance at an adequate level in performance at an adequate level in order to maintain the participation order to maintain the participation of key stakeholderso
3、f key stakeholdersOrganizationalOrganizationalOrganizationalEmployeesEmployeesEmployeesManagersManagersManagersNon-ManagersNon-ManagersNon-ManagersFirmFirmCapital MarketCapital MarketCapital MarketStock market/InvestorsStock market/InvestorsStock market/InvestorsDebt suppliers/BanksDebt suppliers/Ba
4、nksDebt suppliers/BanksProduct MarketProduct MarketProduct MarketPrimary Customers Primary Customers Primary Customers SuppliersSuppliersSuppliersCh2-5Political/Political/LegalLegalEconomicEconomicTechnologicalTechnologicalGlobalGlobalDemographicDemographicSocioculturalSocioculturalCompetitiveCompet
5、itiveEnvironmentEnvironmentIndustry Industry EnvironmentEnvironmentComponents of the General EnvironmentComponents of the General EnvironmentCh2-12Components of the General EnvironmentComponents of the General EnvironmentCh2-13External Environmental AnalysisExternal Environmental AnalysisThe externa
6、l environmental analysis process should be The external environmental analysis process should be conducted on a continuous basis. This process includes conducted on a continuous basis. This process includes four activities:four activities:ScanningScanningMonitoringMonitoringForecastingForecastingAss
7、essingAssessingIdentifying early signals of environmental Identifying early signals of environmental changes and trendschanges and trendsDetecting meaning through ongoing observations Detecting meaning through ongoing observations of environmental changes and trendsof environmental changes and trend
8、sDeveloping projections of anticipated outcomes Developing projections of anticipated outcomes based on monitored changes and trendsbased on monitored changes and trendsDetermining the timing and importance of Determining the timing and importance of environmental changes and trends for firms enviro
9、nmental changes and trends for firms strategies and their managementstrategies and their managementCh2-15Threat of Threat of New New EntrantsEntrantsThreat of Threat of New New EntrantsEntrantsPorters Five Forces Porters Five Forces Model of CompetitionModel of CompetitionCh2-16Threat of New Entrant
10、sThreat of New EntrantsBarriers to Barriers to EntryEntryExpected RetaliationExpected RetaliationGovernment PolicyGovernment PolicyEconomies of ScaleEconomies of ScaleProduct DifferentiationProduct DifferentiationCapital RequirementsCapital RequirementsSwitching CostsSwitching CostsAccess to Distrib
11、ution ChannelsAccess to Distribution ChannelsCost Disadvantages Independent Cost Disadvantages Independent of Scaleof ScaleCh2-17Bargaining Bargaining Power of Power of SuppliersSuppliersThreat of New EntrantsThreat of Threat of New New EntrantsEntrantsPorters Five Forces Porters Five Forces Model o
12、f CompetitionModel of CompetitionCh2-18Bargaining Power of SuppliersBargaining Power of SuppliersSuppliers exert power Suppliers exert power in the industry by:in the industry by:* * Threatening to raiseThreatening to raiseprices or to reduce qualityprices or to reduce qualityPowerful suppliers Powe
13、rful suppliers can squeeze industry can squeeze industry profitability if firms profitability if firms are unable to recover are unable to recover cost increasescost increasesSuppliers are likely to be powerful if:Suppliers are likely to be powerful if:Supplier industry is dominated by a Supplier in
14、dustry is dominated by a few firmsfew firmsSuppliers products have few substitutesSuppliers products have few substitutesBuyer is not an important customer to Buyer is not an important customer to suppliersupplierSuppliers product is an important Suppliers product is an important input to buyers pro
15、ductinput to buyers productSuppliers products are differentiatedSuppliers products are differentiatedSuppliers products have high Suppliers products have high switching costsswitching costsSupplier poses credible threat of Supplier poses credible threat of forward integrationforward integrationCh2-1
16、9Steel Dynamics vs. GM (2004)Compare stock prices over the last twelve monthsCh2-20Bargaining Bargaining Power of Power of BuyersBuyersThreat of New EntrantsThreat of Threat of New New EntrantsEntrantsBargaining Bargaining Power of Power of SuppliersSuppliersPorters Five Forces Porters Five Forces M
17、odel of CompetitionModel of CompetitionCh2-21Bargaining Power of BuyersBargaining Power of BuyersBuyers compete Buyers compete with the supplying with the supplying industry by:industry by:* * Bargaining down pricesBargaining down prices* Forcing higher quality* Forcing higher quality* Playing firms
18、 off of* Playing firms off ofeach othereach otherBuyer groups are likely to be powerful if:Buyer groups are likely to be powerful if:Buyers are concentrated or purchases Buyers are concentrated or purchases are large relative to sellers salesare large relative to sellers salesPurchase accounts for a
19、 significant Purchase accounts for a significant fraction of suppliers salesfraction of suppliers salesProducts are undifferentiatedProducts are undifferentiatedBuyers face few switching costsBuyers face few switching costsBuyers industry earns low profitsBuyers industry earns low profitsBuyer prese
20、nts a credible threat of Buyer presents a credible threat of backward integrationbackward integrationProduct unimportant to qualityProduct unimportant to qualityBuyer has full informationBuyer has full informationCh2-22Threat of Threat of Substitute Substitute ProductsProductsThreat of New EntrantsT
21、hreat of Threat of New New EntrantsEntrantsBargaining Bargaining Power of Power of BuyersBuyersBargaining Bargaining Power of Power of SuppliersSuppliersPorters Five Forces Porters Five Forces Model of CompetitionModel of CompetitionCh2-23Threat of Substitute ProductsThreat of Substitute ProductsPro
22、ducts Products with similar with similar functionfunction limit the limit the prices firms prices firms can chargecan chargeKeys to evaluate substitute products:Keys to evaluate substitute products:Products with improving Products with improving price/performance tradeoffs price/performance tradeoff
23、s relative to present industry relative to present industry productsproductsExample:Example:Electronic security systems in Electronic security systems in place of security guardsplace of security guardsFax machines in place of Fax machines in place of overnight mail deliveryovernight mail deliveryCh
24、2-24Threat of Threat of Substitute Substitute ProductsProductsThreat of New EntrantsThreat of Threat of New New EntrantsEntrantsRivalry Among Rivalry Among Competing Firms Competing Firms in Industryin IndustryBargaining Bargaining Power of Power of BuyersBuyersBargaining Bargaining Power of Power o
25、f SuppliersSuppliersPorters Five Forces Porters Five Forces Model of CompetitionModel of CompetitionCh2-25Rivalry Among Existing CompetitorsRivalry Among Existing CompetitorsIntense rivalry often plays out in the following ways:Intense rivalry often plays out in the following ways:Jockeying for stra
26、tegic positionJockeying for strategic positionUsing price competitionUsing price competitionStaging advertising battlesStaging advertising battlesMaking new product introductionsMaking new product introductionsIncreasing consumer warranties or serviceIncreasing consumer warranties or serviceOccurs w
27、hen a firm is pressured or sees an opportunityOccurs when a firm is pressured or sees an opportunityPrice competition often leaves the entire industry worse offPrice competition often leaves the entire industry worse offAdvertising battles may increase total industry demand, but Advertising battles
28、may increase total industry demand, but may be costly to smaller competitorsmay be costly to smaller competitorsCh2-26CutthroatCutthroat competitioncompetition is more likely to occur when: is more likely to occur when:Rivalry Among Existing CompetitorsRivalry Among Existing CompetitorsNumerous or e
29、qually balanced competitorsNumerous or equally balanced competitorsSlow growth industrySlow growth industryHigh fixed costsHigh fixed costsLack of differentiation or switching costsLack of differentiation or switching costsHigh storage costsHigh storage costsCapacity added in large incrementsCapacit
30、y added in large incrementsHigh strategic stakesHigh strategic stakesHigh exit barriersHigh exit barriersDiverse competitorsDiverse competitorsCh2-27High exit barriersHigh exit barriers are economic, strategic and are economic, strategic and emotional factors which cause companies to remain emotiona
31、l factors which cause companies to remain in an industry even when future profitability is in an industry even when future profitability is questionable.questionable.Specialized assetsSpecialized assetsFixed cost of exit (e.g., labor agreements)Fixed cost of exit (e.g., labor agreements)Emotional ba
32、rriersEmotional barriersGovernment and social restrictionsGovernment and social restrictionsStrategic interrelationshipsStrategic interrelationshipsRivalry Among Existing CompetitorsRivalry Among Existing CompetitorsCh2-32High, Risky High, Risky ReturnsReturnsEntry BarriersExit BarriersHighLowHighLo
33、wLow, Stable Low, Stable ReturnsReturnsHigh, Stable High, Stable ReturnsReturnsLow, Risky Low, Risky ReturnsReturnsEffects of Entry Barriers and Exit Effects of Entry Barriers and Exit Barriers on Industry ProfitsBarriers on Industry ProfitsCh2-33Competitor AnalysisCompetitor AnalysisThe follow-up t
34、o Industry Analysis is The follow-up to Industry Analysis is effective analysis of a firms effective analysis of a firms CompetitorsCompetitorsCompetitiveCompetitiveEnvironmentEnvironmentIndustry Industry EnvironmentEnvironmentCh2-34Competitor AnalysisCompetitor AnalysisAssumptionsAssumptionsWhat as
35、sumptions do our competitors hold about the future of industry and themselves?Current StrategyCurrent StrategyDoes our current strategy support changes in the competitive environment?Future ObjectivesFuture ObjectivesHow do our goals compare to our competitors goals?CapabilitiesCapabilitiesHow do ou
36、r capabilities compare to our competitors?ResponseResponseWhat will our What will our competitors do in the competitors do in the future?future?Where do we have a Where do we have a competitive competitive advantage?advantage?How will this change How will this change our relationship with our relati
37、onship with our competition?our competition?Ch2-35Future ObjectivesFuture ObjectivesHow do our goals compare How do our goals compare to our competitors goals?to our competitors goals?Where will emphasis be Where will emphasis be placed in the future?placed in the future?What is the attitude What is
38、 the attitude toward risk?toward risk?What Drives the competitor?Competitor AnalysisCompetitor AnalysisCh2-36What is the competitor doing?What can the competitor do?Future ObjectivesFuture ObjectivesHow do our goals compare How do our goals compare to our competitors goals?to our competitors goals?W
39、here will emphasis be Where will emphasis be placed in the future?placed in the future?What is the attitude What is the attitude toward risk?toward risk?Current StrategyCurrent StrategyHow are we currently How are we currently competing?competing?Does this strategy Does this strategy support changes
40、 in the support changes in the competitive structure?competitive structure?Competitor AnalysisCompetitor AnalysisCh2-37What does the competitor believe about itself and the industry?Future ObjectivesFuture ObjectivesHow do our goals compare How do our goals compare to our competitors goals?to our co
41、mpetitors goals?Where will emphasis be Where will emphasis be placed in the future?placed in the future?What is the attitude What is the attitude toward risk?toward risk?Current StrategyCurrent StrategyHow are we currently How are we currently competing?competing?Does this strategy Does this strateg
42、y support changes in the support changes in the competition structure?competition structure?Do we assume the future Do we assume the future will be volatile?will be volatile?Are we assuming stable Are we assuming stable competitive conditions?competitive conditions?What assumptions do our What assum
43、ptions do our competitors hold about the competitors hold about the industry and themselves?industry and themselves?AssumptionsAssumptionsCompetitor AnalysisCompetitor AnalysisCh2-38What are the competitors capabilities?Future ObjectivesFuture ObjectivesHow do our goals compare How do our goals comp
44、are to our competitors goals?to our competitors goals?Where will emphasis be Where will emphasis be placed in the future?placed in the future?What is the attitude What is the attitude toward risk?toward risk?Current StrategyCurrent StrategyHow are we currently How are we currently competing?competin
45、g?Does this strategy Does this strategy support changes in the support changes in the competition structure?competition structure?Do we assume the future Do we assume the future will be volatile?will be volatile?Are we operating under Are we operating under a status quo?a status quo?What assumptions
46、 do our What assumptions do our competitors hold about the competitors hold about the industry and themselves?industry and themselves?AssumptionsAssumptionsWhat are my competitors What are my competitors strengths and weaknesses?strengths and weaknesses?How do our capabilities How do our capabilitie
47、s compare to our compare to our competitors?competitors?CapabilitiesCapabilitiesCompetitor AnalysisCompetitor AnalysisCh2-39Future ObjectivesFuture ObjectivesHow do our goals compare How do our goals compare to our competitors goals?to our competitors goals?Where will emphasis be Where will emphasis
48、 be placed in the future?placed in the future?What is the attitude What is the attitude toward risk?toward risk?Current StrategyCurrent StrategyHow are we currently How are we currently competing?competing?Does this strategy Does this strategy support changes in the support changes in the competitio
49、n structure?competition structure?Do we assume the future Do we assume the future will be volatile?will be volatile?Are we operating under Are we operating under a status quo?a status quo?What assumptions do our What assumptions do our competitors hold about the competitors hold about the industry a
50、nd themselves?industry and themselves?AssumptionsAssumptionsResponseResponseWhat will our competitors What will our competitors do in the future?do in the future?Where do we have a Where do we have a competitive advantage?competitive advantage?How will this change our How will this change our relati
51、onship with our relationship with our competition?competition?CapabilitiesCapabilitiesWhat are my competitors What are my competitors strengths and weaknesses?strengths and weaknesses?How do our capabilities How do our capabilities compare to our compare to our competitors?competitors?Competitor Ana
52、lysisCompetitor AnalysisCh2-40Winning competitive battles through deciding Winning competitive battles through deciding how to leverage internal resources, capabilities, how to leverage internal resources, capabilities, and core competencies. and core competencies. Strategic IntentAn application of strategic intent in terms of An application of strategic intent in terms of products to be offered and markets to be served.products to be offered and markets to be served.Strategic Mission
