Five Forces Narrative
You can find this storyboard in the following articles and resources:
What are Porter’s Five Forces of Competition?
by Nathanael Okhuysen
Industrial organization is a field of study that examines the differences between the “perfect” competition among companies found in economics textbooks, and the “imperfect” competition found in the real world. One tool derived from the field is Michael Porter’s “five forces” analysis, from the very beginning of his seminal book, Competitive Strategy. Porter developed the five forces analysis as a more rigorous variation of the widely used SWOT analysis. The framework focuses on the level of competition within an industry to evaluate a company’s strategic position. In contrast to the SWOT analysis, the five forces survey the business environment, rather than examining a particular firm itself. Along with the PEST analysis, it digs deeper into the Opportunities and Threats of the SWOT.
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Storyboard Description
A quick narrative to illustrate an analysis using Porter's Five Forces framework.
Storyboard Text
- The Ben
- For a long time Ben has thought about opening his own bar. He has experience in the industry, good management skills, and an entrepreneurial spirit.
- He's worried it won't be successful though. He's seen a number of bars in other places go out of business in the first few years.
- Ben decides to do a five forces analysis to better understand the business environment. He uses Storyboard That to organize his research, analyze competition, and inform his business plan.
- Storyboard That's presentation options help him explain his idea to potential partners, and even secure a small business loan.
- Because he did his research and prepared, Ben picks a great location for his bar, and he has realistic plans for expenses and cash-flow. He is the proud owner of a successful small business.
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