Kap5primerentrepreneuruka

Kap5primerentrepreneuruka - Prof.Dr.UlrichKaiser...

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1 A primer in Entrepreneurship Prof. Dr. Ulrich Kaiser Institute for Strategy and Business Economics University of Zurich Spring semester 2008 Chapter 5: Industry and Competitor Analysis I. Industry Analysis Table of Contents II. The Importance of Industry Versus Firm Specific Factors III. The Five Competitive Forces That Determine Industry Profitability IV. The Value of the Five Forces Model V Industry Types and the Opportunities They Offer University of Zurich ISU – Institute for Strategy and Business Economics Ulrich Kaiser A primer in Entrepreneurship Spring semester 2008 2 V. VI. Competitor Analysis
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2 I. Industry Analysis An industry is a group of firms producing a similar product or service, such as music, fitness drinks, or electronic games. Industry analysis is business research that focuses on the potential of an industry. Why important? Once it is determined that a new venture is feasible in regard to the industry and market in which it will compete, a more in depth analysis is needed to earn the ins and outs of the industry the firm plans to enter. This analysis helps a firm determine if the niche markets it identified during feasibility analysis are accessible and which ones represent the University of Zurich ISU – Institute for Strategy and Business Economics Ulrich Kaiser A primer in Entrepreneurship Spring semester 2008 3 best point of entry for a new firm. When studying an industry, an entrepreneur must answer three questions before pursuing the idea of starting a firm: I. Industry Analysis Question 1 Question 3 Question 2 Is the industry accessible—in other words, is it a realistic place for a new venture to enter? Are there positions in the industry that will avoid some of the negative attributes of the industry as a whole? Does the industry contain markets that are ripe for innovation or are underserved? University of Zurich ISU – Institute for Strategy and Business Economics Ulrich Kaiser A primer in Entrepreneurship Spring semester 2008 4
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3 It is useful for a new venture to think about its position at both the company level and the product or service level. At the company level, a firm’s position determines how the entire company is situated relative to its competitors. I. Industry Analysis University of Zurich ISU – Institute for Strategy and Business Economics Ulrich Kaiser A primer in Entrepreneurship Spring semester 2008 5 II. The Importance of Industry Versus Firm Specific Factors To illustrate the importance of the industry a firm chooses to enter, research has shown that both firm and industry specific factors contribute to a firm’s profitability: Firm level factors include a firm’s assets, products, culture, teamwork among its employees, reputation, and other resources.
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