On Competition
Some Key Points From
On Competition
by Michael E. Porter
On Competition
Five Competitive Forces That Shape Strategy
There are five underlying factors that affect an industry and firm's profitability::
- Threat of new entrants
- Bargaining power of suppliers
- Bargaining power of buyers
- Threat of substitute products or services
- Rivalry among existing competitors (For more information on topic click here.)
Providing the right information at the right time to the right people can provide a firm a significant competitive advantage in:
- Lowering costs
- Supporting differentiation strategies
- Extending scope or reach of the firm
- Fostering new businesses
Locale should play a key role in corporate strategy. Global companies are headquartered and often perform much of their work from headquarters. To compete globally, firms must:
- Find a unique competitive position
- Develop and maintain a long-term perspective. Developing and educating new market can take time
- Don't market the same way in all countries
- Innovate and perform core activities in your headquarters
- Perform non-noncore activities in other areas to extend your influence
Green
- A clean environment doesn't need to increase costs and reduce competitiveness
- Contamination generally points to sloppy design and poor production processes
- Improving productivity can reduce pollution, help you to become more efficient, and to better compete
- Regulations are necessary to motivate innovation
- The threat of malpractice lawsuits unnecessarily increase medical costs
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