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Chapter 4 - Further topics in industry and competitive analysis. This chapter presents the following content: Extending 5-forces analysis, game theory, competitor analysis, segmentation, strategic groups. | Further Topics in Industry and Competitive Analysis Extending 5-forces analysis Does industry matter? Complements Dynamic competition Game Theory Competitor Analysis Segmentation Strategic Groups OUTLINE 30 Does Industry Matter? Percentage of variance in firms’ return on assets explained by: Industry effects Firm-specific effects Unexplained variance Schmalensee (1985) 19.6% 0.6% 80.4% Rumelt (1991) 4.0% 44.2% 44.8% McGahan & Porter 1997) 18.7% 31.7% 48.4% Hawawini et al (2003) 8.1% 35.8% 52.0% 30 The Value Net COMPANY CUSTOMERS SUPPLIERS COMPLEMENTORS COMPETITORS 16 5 SUPPLIERS POTENTIAL ENTRANTS SUBSTITUTES BUYERS INDUSTRY COMPETITORS Rivalry among existing firms Bargaining power of suppliers Bargaining power of buyers Threat of new entrants Threat of substitutes COMPLEMENTS The suppliers of complements create value for the industry and can exercise bargaining power Five Forces or Six? Introducing Complements 7 Dynamic Competition Porter framework assumes: industry structure drives competitive behavior Industry structure is (fairly) stable. But, competition also changes industry structure: Schumpeterian Competition: A “perennial gale of creative destruction” where firm strategies continually transforms industry structure innovation overthrows established market leaders Hypercompetition: “intense and rapid competitive moves .creating disequilibrium through continuously creating new competitive advantages and destroying, obsolescing or neutralizing opponents’ competitive advantages Implication: Under dynamic competition, 5-forces framework is less useful—Competitive behavior and industry structure jointly determined by underlying conditions of technology, demand & costs 14 The Contribution of Game Theory to Competitive Analysis Main value: Framing strategic decisions as interactions between competitors Predicting outcomes of competitive situations involving a few, evenly-matched players Some key concepts: Competition and Cooperation—Game theory can show . | Further Topics in Industry and Competitive Analysis Extending 5-forces analysis Does industry matter? Complements Dynamic competition Game Theory Competitor Analysis Segmentation Strategic Groups OUTLINE 30 Does Industry Matter? Percentage of variance in firms’ return on assets explained by: Industry effects Firm-specific effects Unexplained variance Schmalensee (1985) 19.6% 0.6% 80.4% Rumelt (1991) 4.0% 44.2% 44.8% McGahan & Porter 1997) 18.7% 31.7% 48.4% Hawawini et al (2003) 8.1% 35.8% 52.0% 30 The Value Net COMPANY CUSTOMERS SUPPLIERS COMPLEMENTORS COMPETITORS 16 5 SUPPLIERS POTENTIAL ENTRANTS SUBSTITUTES BUYERS INDUSTRY COMPETITORS Rivalry among existing firms Bargaining power of suppliers Bargaining power of buyers Threat of new entrants Threat of substitutes COMPLEMENTS The suppliers of complements create value for the industry and can exercise bargaining power Five Forces or Six? Introducing Complements 7 Dynamic Competition Porter framework assumes: industry structure .
