Michael Porter's "The Five Forces that Shape Competitive Strategy" was an interesting read. I also watched his video on Youtube about his article to better understand his message and how he wanted to convey that through his article.
1. The part that surprised me the most was learning that
there are more than just the competition out there that strategists face. The five
powers, which are: bargaining power of customers, bargaining power of
suppliers, threat of new entrants, threat of substitutes and rivalry among
competitors seems to break it down into clean sectors of the whole issue.
2. What confused me was how he said the framework of the
five powers can help a strategist, or an entrepreneur, keep from getting
trapped in a trend, or keep from losing a lot of profit, but can the framework
really help you plan for that? I just think the market is always changing, so can
you really plan for it?
3. How did you decide on the powers? How would you apply the
framework of the business of journalism?
4. I don’t know if he’s right about competition always being
the biggest barrier to making a profit or running a successful business. I’m
not sure Mr. Porter can identify that in every field, because in the field of
newspapers, the biggest barrier is the customer. How do we get them to buy the
paper and fund storytelling? Unless of course, we look at the internet as being
the biggest competitor…
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