Porter's five forces and the choice of position
There are four other clubs in your faculty and a student has one free evening a week. Whether you are good decides nothing about that evening. What you are different at decides it, and it has to fit in one sentence.
How much can be earned in an industry at all is set by five structural forces, and when all five are strong, working well saves nobody.
- Threat of new entrantsHow easy it is to get in.
- Supplier bargaining powerWhether they can push the price up.
- Buyer bargaining powerWhether they can force it down.
- Threat of substitutesWhether the same need can be met a completely different way.
- Rivalry among existing firmsHow fiercely the fight is fought.
At a board meeting collect everyone's answer in writing: what is our club different at, such that a student would choose us? One sentence, without "community", "opportunities" or "growth". Then name two activities this term that have nothing to do with it, and drop them deliberately.
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shared competencies: Strategy, Judgement
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The same work written at length: what it claims and what its evidence is worth.
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- The Institute for Strategy and Competitiveness — an overview of Porter's work
- Michael Porter's profile at Harvard Business School
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