International Webinar - Industrial Analytics Driving Digital Information - 2
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  • 23 Juni 2023
    Author : priyadi s. kom, m. kom 237 Views

    Strengths of Porter's Five Forces analysis in industry analysis include:
    1.    Comprehensive analysis: Porter's Five Forces analysis provides a comprehensive framework for analyzing the competitive dynamics of an industry. It takes into account five key factors that determine the competitive intensity and attractiveness of an industry, including the threat of new entrants, the bargaining power of suppliers and buyers, the threat of substitute products or services, and the intensity of rivalry among existing competitors.
    2.    Easy to use: Porter's Five Forces analysis is a simple and easy-to-use tool that can be applied to any industry or market segment. It does not require extensive knowledge of economics or business strategy, making it accessible to small business owners and entrepreneurs.
    3.    Identifies critical factors: Porter's Five Forces analysis helps businesses identify critical factors that determine their success within the industry. By understanding the competitive dynamics of the industry, businesses can develop effective strategies that take advantage of their strengths and mitigate their weaknesses.
    4.    Widely recognized: Porter's Five Forces analysis is widely recognized and used by businesses, analysts, and academics. Its popularity and widespread use make it a valuable tool for benchmarking and comparing industries.
    In summary, Porter's Five Forces analysis is a comprehensive, easy-to-use tool that identifies critical factors and is widely recognized in industry analysis.

    On other hand, Some criticisms of Porter's Five Forces model include:
    1.    Historical context: One of the main criticisms of Porter's Five Forces model is that it was developed in the 1980s and may not be relevant to today's modern business environment. The model assumes a classic perfect market, which may not be applicable to all industries.
    2.    Lack of flexibility: Critics argue that Porter's Five Forces model is too rigid and analytical. It may not capture the nuances of different industries and may not be flexible enough to adapt to changing market conditions.
    3.    Overemphasis on competition: The model focuses heavily on competition and may not take into account other important factors that affect an industry, such as government regulations, social trends, and technological advances.
    4.    Limited scope: Porter's Five Forces model only considers five factors that determine the competitive intensity and attractiveness of an industry. Critics argue that this is a limited scope and may not provide a complete picture of the industry.
    5.    Misuse: Another criticism of Porter's Five Forces model is that it is often misused by organizations as a way of assessing internal strengths, rather than external market forces.
    In summary, criticisms of Porter's Five Forces model include its historical context, lack of flexibility, overemphasis on competition, limited scope, and misuse by organizations.

    The above material was delivered by a presenter from Indonesia in an international webinar held by STEKOM University in collaboration with Kuala Lumpur University from Malaysia. The name of the presenter is Wibi Ardi Alvianto, M.Pd. He is a Lecturer at STEKOM University in the Visual Communication Design Study program. The international webinar was held on May 23 2023 which was hosted by Ms. Novita. The media used in the international seminar is zoom and broadcast directly to Youtube. The event went very well and was quite lively, marked by the many participants who took part and the number of questions asked after the presenters finished delivering their presentations.

    This international webinar activity is part of the implementation of STEKOM University's commitment to increase various international activities. This was done in order to realize the vision to become an international-class university. Various international activities carried out by STEKOM University continue from year to year. There are international activities that are sustainable and there are also some international activities that are not sustainable. All types of activities are accommodated internationally and regulated by the International department of STEKOM University.



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