This is a Chinese version of Competitive Strategy. You can find the original course in English from our course catalog. 此版本是Coursera首次尝试推出的中文翻译版。课程视频为英文原版附中文字幕，课程页面和测验已译成中文，帮助中心提供中文支持。 在本课程（共六个模块）中，你将了解企业在战略决策相互依存的情况下如何行事。例如，你的行动会如何影响竞争对手的利润，反之亦然。我们将会借助博弈论的基本工具分析企业如何选择策略以获得竞争优势。
市场吸引力 Market Attractiveness
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From the course by Ludwig-Maximilians-Universität München (LMU)
竞争策略（中文版）
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From the lesson
进入新市场 Entering a New Market
本模块与市场进入有关。我们首先看一下用于评估市场吸引力的不同工具，再讨论已被证明有助于进入新市场的策略。我们也会从其他角度分析这一现象，了解现有企业为了阻挡新竞争者进入市场需要采取的措施。
Meet the Instructors
Tobias KretschmerProfessor
Institute for Strategy, Technology and Organization
Welcome to this first lecture in Week 4. So in this first lecture, we're going to
look at the choice of market, and specifically at the attractiveness of a
market. How does this all fit in to the overall
process of entry? So planning entry starts with figuring
out if your firm can even start thinking about entering a market.
Do they have the resources? Do they have the financial resources?
Do they have the managerial resources? Are they in any way unhappy with the
current business? If that's the case, then thinking about
entering a new market might be a good idea.
In the second step, they have to choose which market they want to enter and we're
going to look at that in more detail. If they've decided which market they
enter, they have to choose an entry type, which we're going to get to later.
And finally, they have to choose an entry strategy but for now, let's focus on the
choice of market. The choice of a market means that we're
going to look at the attractiveness of a particular market and see well, does it
make sense for us to enter an industry, enter a geographical market that
we've just analyzed. Secondly, when we do think of entering,
are there any entry barriers that we have to think about,
and we have to take into consideration. When we think about market
attractiveness, the most commonly used tool is a framework called Porter's Five
Forces, named by Michael Porter who is a professor at Harvard Business School.
So Porter's Five Forces basically describes a set of five different
characteristics of a market that determine the attractiveness of this
particular market or industry. And the first, and probably the most
important one, is how intensive, how intense competition within the single
industry is. Right, so if you have harsh competition
between lots of players, then that may mean that each of these players
doesn't make a great deal of profits. And in that case, entering is not an
attractive proposition for you yourself. Suppliers play a big role.
And that may seem counter-intuitive, but for now suppliers exert bargaining power.
So as someone who has to buy inputs day in day out from a particular group of
suppliers or from one particular supplier, you're going to be concerned about the fact
that he may have bargaining power over you, okay, so that's something that you
need to worry about. The same with buyers.
So if buyers hold large bargaining power, maybe because they buy up a large share
of your output. So think of someone who sells mainly to
governments or to large institutions. Then here, every single contract, every
single sale, is going to make a big impact on your annual profits.
So therefore, the customer, a buyer who's very important to you, who represents a
large share of your overall revenue, is going to mean that he holds bargaining
power over you, which might depress your profits, might
lower your profits in the long run.
Potential new entrants, so this is an interesting one because on the one hand
a market becomes more attractive if it's hard for firms to come in.
Okay, so this is not going to erode profit margins if other players cannot
come in so if the entry barriers are significant.
On the other hand if you put yourself in the shoes of a potential entrant then
high entry barriers are of course a disadvantage that may be a problem in
that case. Finally, substitutes, the role of
substitutes is an important one. Because if you can replace whatever
you're currently selling, whatever is currently being sold in the market, by
something that's very close, something that's very similar,
then the industry itself might not be an attractive one.
Why is that? Well, if you try to raise prices,
if you try to increase your profit margin,
and most of your customers are going to go and buy a substitute,
then, you're unlikely to be making huge profits from that particular market.
So, the role of substitutes means that if there are close substitutes, that
increases the price elasticity, the price sensitivity of consumers,
which means that your consumers are going to start running away the moment
you start trying to increase your profits.
So all in all, we've got these five forces: competition within the industry,
suppliers, buyers, potential new entrants, and substitutes.
Finally, while not part of the formal five forces, we also have to consider
government regulation and taxation. So of course if you're in a market that's
highly regulated, then you might not be making the amount of profits that you
would otherwise expect to make. So government regulation is going to be
an important factor in some industries, all right?
Some industries are just highly regulated which makes it more difficult for firms
to act as they like which makes it more difficult to choose strategies basically
unrestricted by any other rules and guidances.
So, to sum up now, if we think about the process of entry, and if we think about
choosing a particular market, market attractiveness is determined by
Porter's Five Forces plus the role of the government.
So, the Porter's Five Forces are competition within the industry, the role
of suppliers, the role of buyers, the threat of entry and finally, the role
of substitutes, okay? So these five forces plus government are
going to determine how attractive a market is going to be.
So thanks very much and I'll see you in the next lecture.
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