Porter, 2008 - Analysing the Industry - Implications for Strategy
4 important questions on Porter, 2008 - Analysing the Industry - Implications for Strategy
What is the starting point for developing a strategy?
What will the forces reveal which is helpful for the strategy? List the 2 things
- They reveal the most significant aspects of the competitive environment
- Provide a baseline for sizing up a company's strengths and weaknesses
What are the 2 most important implications for strategy?
- Strategy as shaping the industry structure
- Redividing profitability towards incumbents aims to increase the share of profits to industry competitors ( not suppliers, buyers, substitutes or new entrants)
- Expanding the profit pool
- Increasing the overall pool of economic value generated by the industry in which rivals, buyers and suppliers can all share.
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What are 2 examples of expanding the profit pool, where the focus is to lower costs or increase revenues?
- Lowering collective costs through coordination with suppliers
- Increasing quality by setting industry standards, increasing price
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