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№1 слайд![How Competition Shapes the](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img0.jpg)
Содержание слайда: How Competition Shapes the Creation and Distribution
of Economic Value
№2 слайд![Ideally, firms in an industry](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img1.jpg)
Содержание слайда: Ideally, firms in an industry would like to capture most or all of the economic value that they create.
Ideally, firms in an industry would like to capture most or all of the economic value that they create.
However, competitive forces operate to push that value “forward” to customers (in the form of lower prices), or in some cases, “backward” to suppliers.
№3 слайд![Michael Porter developed his](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img2.jpg)
Содержание слайда: Michael Porter developed his Five Forces concept from basic ideas in the field of industrial economics. In this set of lectures, we will see how these economic forces operate.
Michael Porter developed his Five Forces concept from basic ideas in the field of industrial economics. In this set of lectures, we will see how these economic forces operate.
№4 слайд![](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img3.jpg)
№5 слайд![The previous lecture](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img4.jpg)
Содержание слайда: The previous lecture illustrated the impact of two of Porter’s “Five Forces of Competition”:
The previous lecture illustrated the impact of two of Porter’s “Five Forces of Competition”:
Bargaining Power of Buyers
Rivalry Between Established Competitors.
In this lecture we will consider how all of Porter’s “Five Forces” operate.
№6 слайд![Let s begin with the two](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img5.jpg)
Содержание слайда: Let’s begin with the two forces implicit in the examples from last time.
Let’s begin with the two forces implicit in the examples from last time.
According to Porter (1980), the bargaining power of buyers depends on buyer concentration, information, and other factors.
Consider Examples 1.1 and 1.2 from the last lecture.
№7 слайд![](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img6.jpg)
№8 слайд![](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img7.jpg)
№9 слайд![](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img8.jpg)
№10 слайд![Buyer power greater when](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img9.jpg)
Содержание слайда: Buyer power greater when:
Buyers are more concentrated
Buyers are better informed
№11 слайд![We also saw that an increase](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img10.jpg)
Содержание слайда: We also saw that an increase in producer rivalry makes the industry less attractive.
We also saw that an increase in producer rivalry makes the industry less attractive.
Consider examples 1.5 and 1.6.
№12 слайд![](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img11.jpg)
№13 слайд![](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img12.jpg)
№14 слайд![](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img13.jpg)
№15 слайд![](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img14.jpg)
№16 слайд![Implications More direct](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img15.jpg)
Содержание слайда: Implications
More direct competitors
Industry excess capacity
Exit barriers
№17 слайд![Now let s consider the threat](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img16.jpg)
Содержание слайда: Now let’s consider the threat of entry.
Now let’s consider the threat of entry.
№18 слайд![](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img17.jpg)
№19 слайд![](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img18.jpg)
№20 слайд![](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img19.jpg)
№21 слайд![](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img20.jpg)
№22 слайд![Potential Entrants Almost](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img21.jpg)
Содержание слайда: Potential Entrants
Almost like rival producers (when entry is fast)
Impeded by “entry barriers” (costs of entry)
Incumbents can take actions to deter entry
№23 слайд![Now let s consider the impact](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img22.jpg)
Содержание слайда: Now let’s consider the impact of “supplier power.”
Now let’s consider the impact of “supplier power.”
We will add supplier(s) as an additional level of potential value creation, beyond the firm-buyer interactions we have been considering so far. Adding suppliers as a second stage creates a simple “value chain”.
№24 слайд![](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img23.jpg)
№25 слайд![](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img24.jpg)
№26 слайд![](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img25.jpg)
№27 слайд![Implications Suppliers can](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img26.jpg)
Содержание слайда: Implications
Suppliers can siphon value from producers
Power increases with supplier concentration
Analysis similar to buyer power
Important issue: At what stage(s) are profits captured within the industry “value chain”?
№28 слайд![Application](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img27.jpg)
Содержание слайда: Application
№29 слайд![As we will see, substitutes](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img28.jpg)
Содержание слайда: As we will see, substitutes act to reduce the economic value that firms in the focal industry can create. In general, the incremental value created by a given product will diminish as the substitute product becomes cheaper or better in quality.
As we will see, substitutes act to reduce the economic value that firms in the focal industry can create. In general, the incremental value created by a given product will diminish as the substitute product becomes cheaper or better in quality.
№30 слайд![As we will see, substitutes](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img29.jpg)
Содержание слайда: As we will see, substitutes act to reduce the economic value that firms in the focal industry can create. In general, the incremental value created by a given product will diminish as the substitute product becomes cheaper or better in quality.
As we will see, substitutes act to reduce the economic value that firms in the focal industry can create. In general, the incremental value created by a given product will diminish as the substitute product becomes cheaper or better in quality.
Let’s start by elaborating the case we saw in the first lecture, in Example 1.1.
If you find it helpful to think in terms of specific examples, imagine that the “product” in this example is Apple’s iPod, which we will assume exists in a unique industry by itself. The iPod faces a “substitute” industry, which consists of the set of competing MP3 players. We will start with a base case where the iPod has the entire field to itself without any substitutes. Then, we will introduce MP3 substitutes of poor quality compared to the iPod. Finally, we will see what happens when we improve the substitute’s quality and/or reduce its price.
№31 слайд![](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img30.jpg)
№32 слайд![](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img31.jpg)
№33 слайд![](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img32.jpg)
№34 слайд![](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img33.jpg)
№35 слайд![Competition from Substitutes](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img34.jpg)
Содержание слайда: Competition from Substitutes
Reduces buyers’ WTP for the industry’s product.
Strengthens bargaining position of single buyer.
Given many buyers with varied WTP, lowers the demand curve for the industry’s product.
If substitute price falls or quality improves, buyer’s WTP for the focal industry’s product falls.
№36 слайд![Impact of Complements](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img35.jpg)
Содержание слайда: Impact of Complements
Sometimes called the “sixth industry force.”
Can be viewed as opposite of substitutes.
Increases buyer’s WTP for the industry’s product.
Raises the demand curve for the industry’s product.
If complement price falls or quality improves, buyer’s WTP for the industry’s product rises.
№37 слайд![Conclusions Bargaining Power](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img36.jpg)
Содержание слайда: Conclusions
Bargaining Power of Buyers
Rivalry Between Established Competitors
Threat of Entry
Bargaining Power of Suppliers
Competition from Substitutes
№38 слайд![Conclusions](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img37.jpg)
Содержание слайда: Conclusions
№39 слайд![](/documents_6/f232f5ede4c9acfbc4430aaef4981988/img38.jpg)