CH2-2: 기업의 외부환경
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Five-Forces Model of
Environmental Threats
1. The Threats of Entry
1) Economies of Scale: Scale economies in
production, research, marketing, and service.
2) Product Differentiation: Brand
identification creates a barrier by forcing
entrants to spend heavily to overcome
customer loyalty.
3) Cost Advantages Independent of Scale:
Proprietary Technology, Know-how,
Favorable Access to Raw Materials,
Favorable Geographic Locations, Learningcurve Cost Advantages.
4) Contrived Deterrence
5) Government Policy
6) Other Barriers to Entry: Capital
Requirement of entry, Customer-Switching
Costs, Access to Distribution Channels
2. Threat of Rivalry
3. Threat of Substitutes
4. Threat of Suppliers
5. Threat of Buyers
First-Mover Advantages
First-mover advantages could be defined in
terms of the ability of pioneering firms to
earn positive economic profits.
This first-mover opportunity may occur
because the firm possesses some unique
resources or simply because of luck.
Mechanisms Leading to FirstMover Advantages
1.
Technological Leadership
2.
Preemption of Assets
3.
Buyer Switching Costs
I. Technological Leadership
1.
Learning Curve: In the standard
learning-curve model, unit production
costs fall with cumulative output.
This generates a sustainable cost
advantage for the early entrant if learning
can be kept proprietary and the firm can
maintain leadership in market share.
I. Technological Leadership
2. R&D and Patents: When technological
advantage is largely a function of R&D
expenditures, pioneers can gain advantage if
technology can be patented or maintained as
trade secrets.
II. Preemption of Scarce
Assets
1.
Preemption of Input Factors: If the firstmover firm has superior information, it
may be able to purchase assets at market
prices below those that will prevail later in
the evolution of the market.
ex) Natural resources deposits, retailing or
manufacturing locations
II. Preemption of Scarce
Assets
2. Preemption of Locations in Geographic
and Product Characteristics Space: The
first-mover can often select the most
attractive niches and may be able to take
strategic actions that limit the amount of
space available for subsequent entrants.
II. Preemption of Scarce
Assets
3.Preemption Investment in Plant and
Equipment: The enlarged capacity of the
incumbent serves as a commitment to
maintain greater output following entry,
with price cuts threatened to make entrants
unprofitable.
III. Switching Costs and Buyer
Choice under Uncertainty
1.
Switching Costs: With switching costs,
late entrants must invest extra resources to
attract customers away from the firstmover firm.
Cost from
initial investments
Supplier specific learning
Contractual switching costs
III. Switching Costs and Buyer
Choice under Uncertainty
2. Buyer Choice under Uncertainty: Earlymover firms may be able to establish a
reputation for quality that can be transferred
to additional products through umbrella
branding and other tactics.
First-Mover Disadvantages
1. Free-Rider Effects: Late-movers may able
to ‘free-ride’ on a pioneering firm’s
investment in a number of areas including
R&D, buyer education, and infrastructure
development.
First-Mover Disadvantages
2. Resolution of Technological or Market
Uncertainty: Late-movers can gain an edge
through resolution of market uncertainty.
Late-movers may be able to take advantage
of the first-mover’s mistakes
ex) Toyota
First-Mover Disadvantages
3. Shifts in Technology or Customer Needs:
Technological process is a process of
‘creative destruction’ in which existing
products are superseded by the innovations
of new firms.
Customer needs are also dynamic, creating
opportunities for later entrants unless the
first-mover is alert and able to respond.
First-Mover Disadvantages
4. Incumbent Inertia: Vulnerability of the firstmover is often enhanced by incumbent inertia.
The firm may be locked into a specific fixed assets.
The firm may be reluctant to cannibalize existing
product lines.
The firm may become organizationally inflexible.