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  • >> THOMAS STEWART: I am Tom Stewart, Editor and Managing Director of the Harvard Business

  • Review. Our guest today is Michael Porter, Professor at Harvard University and Head of

  • the Institute for Strategy and Competitiveness. He is the author of the forthcoming HBR article,

  • The Five Competitive Forces That Shape Strategy”. A reaffirmation, update, and

  • extension of his groundbreaking 1979 article "How Competitive Forces Shape Strategy".

  • Mike, thanks for joining the program. To start, let us remind our viewers of what the five

  • competitive forces are.

  • >> MICHAEL PORTER: Well Tom, the basic idea of the competitive forces starts with the

  • notion that competition is often looked at too narrowly by managers, and the five forces

  • say that, yes you are competing with your direct competitors, but you are also in a

  • fight for profits with a broader extended set of competitors, customers who have bargaining

  • powers, suppliers who can have bargaining power, new entrants who might come in and

  • kind of grab a piece of the action, and substitute products or services that essentially place

  • a constraint or a cap on your profitability and growth.

  • So the five forces is kind of a holistic way of looking at any industry and understanding

  • the structural underlying drivers of profitability and competence.

  • >> STEWART: So I use this to think about my rival makes it difficult for me. The threat

  • of substitutes means I cannot overcharge. The threat of new entrantsmeans I cannot

  • overcharge.

  • >> PORTER: Right.

  • >> STEWART: The same thing with the buyers and suppliers.

  • >> PORTER: The buyers and suppliers, and there is underlying drivers of each of those forces

  • that the model really sort of unveils and then you can actually apply this. Every industry

  • is different. Every industry will have a different set of economic fundamentals, but the five

  • forces help you hone in on, first of all, what is really causing profitability in the

  • industry. What are the trends that are most likely to be significant in changing the game

  • in the industry? Where are the constraints, which if you can relax, it might allow you

  • to find a really strong competitive position?

  • >> STEWART: So how would you apply this analysis to an industry? Airlines for example.

  • >> PORTER: Airlines is a great industry. Actually you will see in the article or you have seen

  • in the article that there is a chart that compares profitability of industries, and

  • airlines, I think has been on the bottom of that list for decades. It is among the least

  • profitable industries known to man, and the five forces really allow you very quickly

  • to understand why. I mean, let us just go around the chart. The nature of rivalry is

  • incredibly intense and it is almost exclusively unpriced. It has been very hard to differentiate,

  • get the customer to wait even an extra two or three minutes for another flight if they

  • can get on the flight with a cheaper price. So there has been a very intense price competition,

  • low barriers to entry. Constant stream of new airlines coming into the industry despite

  • the fact that probability is low. It always puzzles me.

  • >> STEWART: Low barriers to entry because you can rent a plane, you do not have to buy

  • them.

  • >> PORTER: You can rent a plane. You can lease a gate. It is all generic technology. You

  • can start with one flight between two city pairs. There is no real need to have a whole

  • network in the beginning, and yet, people keep coming in. I think it is just one of

  • those "sexy" industries. It is a great example of how sexiness or coolness or hotness or

  • cheapness has nothing to do with industry profitability. The underlying structure is

  • what drives profitability. Yeah, the customer is very fickle and price sensitive. Suppliers

  • of aircraft and aircraft engines and even aircraft gates at airports now have a lot

  • of clout. They can bargain away most of the profits. GE, and Rolls-Royce, and Airbus,

  • and Boeing make a lot more money than Airlines. They get most of the profit. And then of course,

  • there is always the substitute of getting on the train or driving your car or shipping

  • your goods by air and that sets kind of kept the consumer.

  • >> STEWART: You have powerful suppliers of labor too. That is another powerful supplier.

  • >> PORTER: Right, exactly. There is a great case where you have unionized labor. Unlike

  • other industries, in this industry particularly with the pilots, the labor can literally shut

  • you down, and there is no way around them. So, it is an industry where there are spurts

  • of what you might call mediocre profitability punctuated by long periods of terrible profitability.

  • >> STEWART: So everyone of the five forces is very strong in that industry and you could

  • take another industry where the five forces are relatively benign.

  • >> PORTER: Right, like soft drinks. I mean, soft drinks have been a license to mint money

  • and again, it is the opposite kind of analysis. When I talk with students, we kind of joke

  • around, there are five-star industries where all the forces are attractive like soft drinks.

  • There are zero-star industries where all the forces are unfavorable like airlines and we

  • are always trying to understand, okay, what is the configuration of underlying economic

  • drivers that is going to really shape the profit potential of this industry and then

  • armed with that insight, what do I do about it? How do I try to relax the constraint that

  • is holding back industry profitability? How can I position myself to kind of insulate

  • from some of the gales, gale winds of those forces? Those implications of the five forces

  • are something that this new article has developed in much more detail.

  • >> STEWART: You conceived this framework nearly three decades ago and it has been the most

  • extensively used both in management scholarship and management practice of any strategy framework,

  • and it changed the definition of strategy in a lot of ways. In these three decades,

  • what have you learned? What have you learned about the application of these ideas in the

  • real world of business?

  • >> PORTER: Well, the wonderful thing of course we learned is that these concepts can be applied

  • to literally any, any industry, to product, to service, high-tech, low-tech, emerging

  • economies, developed economies. Indeed, what one of the powers of the framework is it helps

  • you get avoid getting trapped or tricked by the latest trend or the latest technological

  • sensation, and really allows you to focus on the underlying fundamentals. The internet

  • is a good example. We got very, very confused by the internet because people saw the internet

  • as a force as supposed to really enabling technology that might or might not impact

  • the underlying structure of the industry.

  • So I think one thing I have learned is the framework is very, very robust, but I have

  • also learned that there is a lot of confusion and complexity in actually applying the framework

  • in actual practice and we tried to clear as many of those areas up as we could in this

  • new article. For example, how to think about rivalry? How do we understand when rivalry

  • is really positive-sum, which allows many companies to do well? When does rivalry become

  • really zero-sum, where everybody is kind of dragged down into a destructive battle that

  • you cannot win.

  • >> STEWART: Well, I can understand zero-sum. I mean, if we get in a price war, the only

  • one who wins is the consumer, which is nice if you are a consumer.

  • >> PORTER: Yeah.

  • >> STEWART: But what do you mean by positive-sum competition?

  • >> PORTER: Well, the trouble with the zero-sum competition is then the consumer gets a little

  • price, but they really got no choice, and a positive-sum competition is where companies

  • can compete on different attributes, services, features, customer support, that is actually

  • relevant to particular groups of customers. The most really positive-sum competition is

  • where companies are really competing on different things in order to meet the needs of different

  • segment.

  • >> STEWART: So we are growing the pie and there is a piece for each of us.

  • >> PORTER: There is a piece for each of us. In fact, one of the things we talked about

  • in the new article, one of the things I did in the new article that we really probably

  • did not have the experience to do so many years ago was really talk a lot about the

  • implications. If this is the way competition works, what do you do about it? One of them

  • is might be in some industries rather than go for market share against your rivals, you

  • might be much better off just really expanding the pie, expanding the whole profit pool of

  • the industry. That may be the best way for a market leader to actually improve their

  • circumstances rather than to trigger a destructive battle with their head-to-head rival.

  • >> STEWART: How should a company get started using the five forces framework? You are working

  • your strategy and you decide, "This really works for me." How do you begin?

  • >> PORTER: Well, I think industry analysis and looking at the competitive environment

  • is of course, probably the starting basic discipline of any strategy formulation process.

  • If you do not know what your industry looks like, if you do not know how it is changing,

  • if you do not know what the drivers or competition are, strategy is going to be marginally useful,

  • if not destructive. So we got to start with industry analysis figuring out what your industry

  • is and drawing the right boundaries.

  • >> STEWART: That is not always easy.

  • >> PORTER: It is not always easy. We have added a box in this new article, which really

  • addresses that question because I encountered so many companies that struggled with industry

  • definition, identifying really what the industry structure is in your particular industry.

  • And then there is another thing that a lot of managers do. They kind of go through the

  • industry analysis and they say, "Okay. This is good, this is bad. This is good, this is

  • bad." So this is an attractive industry or unattractive industry, but of course the real

  • question is how is that industry changing?

  • Some have believed and taken the five forces as really a static snapshot, but of course

  • the five forces give you the tools for understanding the dynamics and where is that industry structure

  • changing? How are buyers and suppliers and substitutes and potential entry evolving?

  • And then what implications does that hold for your strategy? How do you position yourself

  • to find that spot within the industry where you can command a really good profit given

  • the five forces? How can you maybe reshape the nature of the industry structure? We have

  • got some great new examples that are very, very contemporary in this article that I think

  • will help the manager community and the investor community really understand the application

  • of this.

  • >> STEWART: Sometimes when people think about strategy, they think about a group of people,

  • maybe from a management consulting firm or maybe on the 33rd floor of the building, whatever

  • it is, but it is sort of elite strategy priesthood that goes in and does this. They are almost

  • divorced from the rest of the management of the company, the 99% of the other people working

  • in the company. How can a strategy become part of the day-to-day life of a working stiff

  • manager in a company? How do you apply this framework, this thinking? How do you use it?

  • >> PORTER: Well, we think that this way of looking at an industry needs to be very, very

  • broadly understood in the organization. The thing about it is that managers, even rank

  • and file employees, it is intuitive. People understand. We have these customers, we have

  • these suppliers, we are struggling with them everyday. They are trying to get a better

  • deal, we are trying to get a better deal.

  • So intuitively, I think this is a way of helping people sort of step back from all the excruciating

  • little details that characterize any business and say, “What is really important here?”

  • And then of course we have learned that strategy is completely useless, again, unless the results

  • of the strategy process, the position that you choose to occupy, the way you are going

  • to drive your company is well understood quite broadly because the number one purpose of

  • strategy is alignment. It is really to get all the people in the organization, making

  • good choices, reinforcing each other's choices because everybody is pursuing a common value

  • proposition or common way of gaining competitive advantage.

  • I remember when I wrote this article, there were many people who believed that strategy

  • documents should be locked in the safe at night and should not be made available to

  • the rank and file. There was a concern that some competitor would find some secret. Well,

  • we have actually learned now that it is the opposite. Your employees got to know your

  • strategy, your channels have to know your strategy, your suppliers have to know your

  • strategy.

  • >> STEWART: Your competitors probably knew it already.

  • >> PORTER: Well, and frankly, again the competition is not zero-sum. If every company finds a

  • unique need that it can set out to meet, if it tries to deliver something different than

  • its rivals, multiple rivals can be successful. If your competitors can understand what you

  • stand for and what you are committed to, maybe they will make a different choice, rather

  • than get dragged into this kind of mindless price wars that we see in so many industries.

  • >> STEWART: The five forces that shape strategy have been around for 30 years, they are going

  • to be around for, well, they have been around long before you wrote about it.

  • >> PORTER: That is right.

  • >> STEWART: They have been around as long as business has been around. They are going

  • to be around as long as business is around. The new article is just fabulous. Thank you

  • so much.

  • >> PORTER: Thank you. Well, I am looking forward to kind of getting another surge of feedback

  • from the practitioners and we will keep learning.

  • >> STEWART: Thanks.

  • >> PORTER: Thanks Tom.

>> THOMAS STEWART: I am Tom Stewart, Editor and Managing Director of the Harvard Business

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戦略を形作る5つの競争力 (The Five Competitive Forces That Shape Strategy)

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    Yan Zhang に公開 2021 年 01 月 14 日
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