Porter, 2008 - Analysing the Industry - Changes
3 important questions on Porter, 2008 - Analysing the Industry - Changes
What is important when it comes to changes in the market in relation to the strategy that one has?
Industry participants should anticipate changes and adjust their strategy accordingly.
What is an example of a change that could take place and what are the required steps to anticipate?
Shifting threat of new entry. E.g. Expiration of a pharmaceutical patents, generic drug producers enter the market at a fraction of the cost.
There are 2 ways in which an industry participant can respond to changes, which 2 are these?
- Stay in the market: re-emphasize brand name (some dependant customers are loyal) or provide additional services (customer intimacy);
- Move on? Sell off assets, and depend on new drug development
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