How to Conduct an Industry Analysis | Porter's Five Forces Explained | Digital Transformation

How to Conduct an Industry Analysis | Porter's Five Forces Explained | Digital Transformation

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Welcome to this ProfileTree video!
In this video, we will explain the importance of conducting an industry analysis is important for your business as well as explain Porter's Five Forces and how you can use them for your business's digital transformation.

Porter's Five Forces is a strategic analysis framework developed by Harvard Business School professor Michael E. Porter in 1979. It helps businesses understand the competitive forces within their industry and evaluate the attractiveness of a specific market. The five forces are:

Competitive rivalry: This force examines the intensity of competition among existing firms in an industry. High levels of rivalry can lead to price wars, reduced profitability, and limited growth opportunities. Factors influencing competitive rivalry include the number of competitors, industry growth rate, product differentiation, and switching costs.

Threat of new entrants: This force assesses the ease with which new competitors can enter the market. High entry barriers protect existing firms from new competition, while low barriers increase the threat of new entrants. Entry barriers may include capital requirements, economies of scale, access to distribution channels, and government regulations.

Threat of substitute products or services: This force analyzes the likelihood that customers will switch to alternative products or services. The threat of substitutes is high when there are many similar products available, or when switching costs are low. Substitutes can put pressure on prices, demand, and overall profitability.

Bargaining power of suppliers: This force examines the influence suppliers have on the industry. When suppliers have more power, they can demand higher prices, impose unfavorable terms, or limit the quality and availability of products. Factors affecting supplier power include the number of suppliers, uniqueness of their products or services, and the cost of switching to alternative suppliers.

Bargaining power of buyers: This force evaluates the influence customers have on the industry. When buyers have more power, they can demand lower prices, better quality, or improved services. Factors affecting buyer power include the number of buyers, the importance of each buyer to a business, and the cost of switching to alternative products or services.

By assessing these five forces, businesses can identify the competitive pressures within their industry, develop strategies to mitigate them, and make better-informed decisions about market entry or expansion.

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Other Resources:

Managing Resistance to Change - https://www.youtube.com/watch?v=hCSfKWLinsM&t=168s

EAS3EL Conceptual Model (Digital Transformation Strategic Framework) - https://www.youtube.com/watch?v=X5BvBABIMcQ&t=386s

How to conduct a SWOT Analysis - https://www.youtube.com/watch?v=IlxF12ePISY&t=1s

What is a CRM system: https://www.youtube.com/watch?v=7abgl_UPHFI&t=11s

Overview of Internet of Things IoT and Cloud Computing - https://www.youtube.com/watch?v=1z1RSNITE9E&t=19sm

How to conduct a scenario planning analysis - https://www.youtube.com/watch?v=t3TNqW1aMe8&t=48s

5 real life business examples of digital transformation - https://www.youtube.com/watch?v=BAx1Hf1PdtE&t=20s

5 steps to selecting a technology software system - https://www.youtube.com/watch?v=47IYppYfLGI&t=7s

What is Digital Transformation? https://www.youtube.com/watch?v=pyq2FMYd7WI&t=13s

How to avoid failure in digital transformation - https://www.youtube.com/watch?v=FwlrG-i-9og&t=555s

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