Industry Analysis: Porter's Five Forces Model | Strategic Management | From A Business Professor

Hello, everyone. Welcome to Business School 101.An industry is a group of incumbent companies facing more or less the same set of suppliers and buyers. Firms competing in the same industry tend to offer similar products or services to meet specific customer needs.

Harvard Business School Professor, Michael Porter developed a highly influential five forces model to help managers understand the profit potential of different industries and how they can position their respective firms to gain and sustain competitive advantage.

Those forces are: Threat of entry. Power of suppliers. Power of buyers. Threat of substitutes. and Rivalry among existing competitors.

[carlosguerrero]

I discovered how the Five Forces model operates by watching this video. It can assist in classifying how each environment, culture, or company must function to succeed. Applying these forces to actual industries is fascinating.

[symonebeforesunset]

Learning about Porter's Five Forces in most if not all of the business courses that I have taken will always have my appreciation because this is the one module/topic/lesson that I will remember and apply to any business that I plan on starting for myself. I have learned so much with this particular topic and enough time to genuinely comprehend what I am learning, each and every time it is taught to me. Thank you Business Professor!

[theawesomeric]

Porter's Five Forces is something that has been hammered into my head over the course of my many business classes. Knowing what your firm has versus the outside forces in an industry, can mean all the differences in whether you're negotiating with suppliers, buyers, or worrying about new entrants or the threat of substitute products.

[deliacorona]

Interesting to see the definitions of the five forces like the threat of new entrants from a different perspective.

[HaydenShipley-lj]

I found how Porter's Five Forces work in real world scenarios interesting, once I have started my career, it will be interesting to see it play out with my own eyes.

[huntergwin]

Prior to watching this video, I had a vague understanding of what an industry and how Porters model changed business outlook. Now after I've watched this video I have a much greater understanding of how each of the 5 forces can change how a business can be successful in a specific industry beyond just surviving.

[Amelia_Strout]

In this video, I really loved learning the different factor of competitive that is business. The four competitive industry really helped me understand what type of business are in. When i think of famous business i know, i think of who their competitor is so it was fun to learn more in detail of it all in this video.

[Moneymanmac]

This video helped me understand and have more insight about the five forced model and its factors which are Perfect competition, monopolistic competition, oligopoly, monopoly. It helped me learn more about these.

[mindy_miller]

Some of my other business courses have mentioned Porter’s Five Forces Model but none of them had as much information about it as this video did. I really enjoyed learning more bout it.

[dennisonamara]

Well, thanks for this video because now I understand that Organizations can comprehend industry dynamics, spot opportunities, and dangers, and create plans to gain a competitive advantage by examining these forces. This model is frequently used to evaluate the attractiveness of a sector and guide strategic choices. Many thanks for this video.

[J-rod_G]

This was not the first time that I had been introduced to Porter's Five Forces. Focusing more on the topic and going more in depth was super helpful and I'm sure I'll find it useful in my next classes.

[laurynblackwell]

I had never heard about Porter's five Forces Model so it was really neat to learn about this for the first time!

[brandonnations]

I really liked seeing porter's five forces applied to real-life business. I always get a better understanding by seeing things in real-life situations.

[darianthai]

I have covered Porter's Five Forces before in another business class but going over this video was very informative and will continue to help me throughout my career.

[corinneshields]

It was really interesting hearing porter's five forces being applied to real businesses.

[pjcotto]

I always had a idea on what Porters 5 force model was but this video filled me in on key points and was very informative

[leahgriggs]

Great video! It's always fun to learn about competing firms and how they meet the customer's specific needs.

[brandonbryan]

Because I have completed other business courses that have covered this topic, I have familiarized myself with Porter's Five Model through reading about it in the past. Still, it was fascinating to see the definition originate from a new point of view. The five models are the same, but because to the definitions provided in the film, I was able to assess the situation in a more nuanced manner.

[jeleysemorquecho]

I enjoyed this video because I am sure that if I was not a business major I would have never learned about this. I enjoyed how the five forces were explained and some examples were given. I think that this was an amazing video with great information.

[katelynballard]

I have heard about the Porter's five forces model from other people and in other classes but I feel as though this video gave me a better understanding about the concept.