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• Federal, state, local, and foreign governments are major regulators, deregulators, subsidizers, employers, and customers of organizations. → Political, governmental, and legal factors can represent key XXXXXXXXXXXX (e.g. Political unrest in the Middle East threatens to raise oil prices globally, which could cause inflation). opportunities or threats for organizations
• For industries and firms that depend heavily on government contracts or subsidies, political forecasts can be the most important part of an external audit. → XXXXXX can affect firms significantly (e.g. gun industry). Lobbying activities
• Many countries worldwide are restoring to XXXXXXX to safeguard their own industries. → However, the current rash of trade constraints may make it harder for global economic growth to recover from the global recession protectionism
• The Internet has changed the very nature of opportunities and threats by altering the life-cycles of products, increasing the speed of distribution, creating new products and services, erasing limitations of traditional geographic markets, and changing the historical trade-off between product standardization and flexibility The growing importance of IT
• Technological forces represent major opportunities and threats that must be considered in formulating strategies. → Technological advancements can create new markets, result in proliferation of new and improved products, change the relative competitive cost positions in an industry, and render existing products or services obsolete. → TXXXXXXX thus, technology management is one of the key responsibilities of strategists to take advantage of technological opportunities achieving sustainable, competitive advantage in the marketplace. The pace of technological change is     increasing
• is a widely used tool for systematically diagnosing the principal competitive pressures in a market. five-forces model of competition
• The competitive forces affecting industry profitability go XXXXXXX and include: pressures stemming from potential new entrants, substitute products, suppliers, and customers. beyond rivalry among competing sellers
• identifies the five most common “threats” faced by firms in their local competitive environments and the conditions under which these threats are more or less likely to be present. Five Forces Framework
• To a firm seeking competitive advantages, an XXXXXXXX is any individual, group, or organization outside of a firm that seeks to reduce the level of the firm’s performance. environmental threat
• refers to the intensity of competition among a firm’s “direct competitors”. . Rivalry
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• But when a firm deploys a strategy or makes a new strategic move that produces good results, its rivals typically respond with offensive or defensive XXXXXX of their own, producing a “continually evolving competitive landscape”. countermoves
• XXXXX varies from industry to industry and depends on a number of identifiable factors: (1) Rivalry is stronger in markets where buyer demand is growing slowly or declining, and it is weaker in fast- growing markets; (2) Rivalry increases as it becomes less costly for buyers to switch brands; (3) Rivalry increases as the products of rival sellers become more alike, and rivalry diminishes as the products of industry rivals become more strongly differentiated; The intensity of rivalry
• XXXX are firms that have either recently started operating in an industry or that threaten to begin operations in an industry soon. New entrants
• The extent to which new entry act as a threat to an incumbent firm’s performance depends on the cost of entry, and the cost of entry, in turn, depends on the existence and XXXXX "height” of barriers to entry
• XXXX are attributes of an industry’s structure that increase the cost of entry (When there are significant barriers to entry, potential entrants will not enter into an industry even if incumbent firms are earning competitive advantages). Barriers to entry
• XXXXXX exist in an industry when a firm’s costs fall as a function of its volume of production. Economies of Scale
• XXXXX means that incumbent firms pose brand identification and customer loyalty that potential entrants do not. Product Differentiation
• Incumbent firms may have a whole range of XXXXXXXX, independent of economies of scales, compared to new entrants: (1) Proprietary (i.e. secret or patented) technology; (2) Managerial know-how; (3) Favorable (e.g. low- cost) access to raw materials; and (4) Learning-curve cost advantages (In certain industries, such as airplane manufacturing, the cost of production falls with the cumulative volume of production). Cost Advantages
• Industry incumbents that are willing and able to launch XXXXXXX (e.g. price discounts, spending more on advertising, running frequent sales promotions, adding attractive new product features, providing additional services to customers) to maintain their proposition can make it hard for a new entrant to gain a sufficient market foothold to survive and eventually become profitable. strong defensive maneuvers
• XXXXX meet approximately the same customer needs, but do so in different ways (e.g. plastic container vs. glass, paperboard, and aluminum can; eyeglasses/contact lenses vs. laser eye surgery; sugar vs. sweet; radio vs. TV; music CD vs. digital music). Substitutes
• : (1) on the prices firms in an industry can charge; and (2) on the profits firms in an industry can earn. . Substitutes place a ceiling
• XXXX (raw materials, labor, other critical assets to firms) can threaten the performance of firms in an industry (1) by increasing the price of their supplies or (2) by reducing the quality of those supplies . Suppliers
• XXXXXXX Suppliers’ industry is dominated by small number of firms; (2) Suppliers sell unique or highly differentiated products (there are only a few good substitute raw materials); (3) Suppliers are not threatened by substitutes; Indicators of the threat of suppliers in an industry
• XXXX (when suppliers can credibly threaten to enter into and begin competing in a firm’s industry); Suppliers threaten forward vertical integration
• The number of steps in the value chain that a firm accomplishes within its boundaries (Firms that are more vertically integrated accomplish more stages of value chain within their boundaries). Level of Vertical Integration
• The set of activities that must be accomplished to bring a product or service from raw materials to the point that it can be sold to a final customer. Value Chain
• A firm incorporates more stages of the value chain within its boundaries and those stages bring it closer to the beginning of the value chain (i.e. closer to gaining access to raw materials). → Backward Vertical Integration
• A firm incorporates more stages of the value chain within its boundaries and those stages bring it closer to the end of the value chain (i.e. closer to interacting directly with final customers). Forward Vertical Integration
• An Industry’s XXXXX are those competitive factors that affect industry members’ ability to survive and prosper in the market place key success factors
• The presence of XXXXXX creates competitive pressure by placing a ceiling on the prices industry members can charge without giving customers an incentive to switch to substitutes and risking sales erosion. readily available substitutes
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• A wide range of “somewhat” vertically integrated options exist, including various types of XXXXXXX strategic alliances and joint ventures.
• Thus, in more and more industries, sellers are forgingXXXXXX in efforts to: (1) reduce inventory and logistics costs; (2) speed the availability of next-generation components; (3) enhance the quality of parts and strategic partnerships with suppliers
• Suppliers XXXXXXX can erode industry profitability by charging industry members higher prices, passing costs on them, and limiting their opportunities to find better deals (MS/Intel vs. PC makers). with strong bargaining power
• Whether it makes good economic sense for industry members tXXXXXXX and self-manufacture items they have been buying from suppliers. to integrate backward

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