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Deepa
India
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MEDIA as the 7th Force in Porter's Five Forces
The Media could be added as a seventh force as it would complement the Porter model of 5 forces. The media today have become an inevitably interwoven phenomenon in our personal and organizational lives.
Also it is a primary instrument to catalyze the other forces.
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Somnath Adhya
Manager, India
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Media in 5 Forces of Porter Indeed the media are having a lot of influence. But when they influence all forces, the net effect might be zero.
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dev chandra
Management Consultant, India
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Especially Social Media are a Force The politically correct view is that, since social media gives voice to individual consumers, businesses must cater to these individuals, respond to their concerns, reward their compliments.
The practical reality is that large advertisers can organize smear campaigns and even get the likes of Facebook to favor them and work against competitors. This happens even in traditional news media, but the manipulative and damaging potential of social media is much larger.
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Anonymous
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Media are not a Real 7th Force I agree that traditional and social media are important. No doubt.
But I don't think they have a lot of influence on the attractiveness (or not) of an industry. And that is the intended use of the 5 forces model of Porter.
What kind of influence could media have on the attractiveness of an entire industry?
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Anonymous
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Media Maybe More of a Factor than a Force I was wondering if media is a part of the network externalities that increase or decrease the demand side economies of scale.
If so, it is a part of the threat of new entry analysis.
But if not, then it becomes one of many broad factors in external analysis that fall outside of the five forces framework.
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Joshua Okeyo
Accountant, Kenya
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The Role of Media Indeed the media has become a force due to ease of information access and new marketing methods such as celebrity endorsements that come with related reputational risks.
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Marc Cashin
Professor, Ireland
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He Who Shouts the Loudest!!! If you give it wings, then it will fly... Personal/Professional decisions, including those of organisations, should be made after a thoroughly researched / investigated / analysed process has been followed, applying depth of thinking!
Media obfuscates this process and lacks depth in the majority of cases, more often than not, is fraught with inaccuracies, mis-information and at best tenuous links to the truth/core of an issue, is only fleeting, common 'clickbait'...
That said it might be worth defining what 'media' is or what aspects of media are in question as there is a rainbow of media channels, some well reputed and trustworthy and others... well... quite the opposite.
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Obert Chinhamo
Director, Zimbabwe
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The Media Has its Own Pros and Cons It is an important force but it depends on how the business uses it. It may be a weapon of destruction if competitors decide to use it against the business.
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Jaap de Jonge
Editor, Netherlands
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❗ Focus: Is Media a Force IN INDUSTRY ANALYSIS Please people, the topic is not if media are important for companies (the answer is no doubt: YES), but if the media are a (separate) factor in analyzing the strategic attractiveness (value) of an industry. Do they influence the level of competition?
Let's focus on that subject. Thank you.
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Trilok Sindhwani
Consultant, India
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Media is Just a Medium @Jaap de Jonge: I agree. I think we need a more integrated view while discussing multifaceted "media". We need to take a comprehensive view of the variables such as - the nature of the individual medium, its credibility, communication-power, purpose, data-support, message, situation, contents, time-frame, and feedback possibilities. We need to be knowledgeable about our target - the industry sector and the competition in it. There are many things to consider.
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John O. Dozier, Jr.
Coach, United States
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A Definition of Media is Needed It seems a common definition of "media," and THEN its potential features, benefits, uses and abuses can be considered. A good definition is:
"The communication channels through which we disseminate news, music, movies, education, promotional messages and other data. It includes physical and online newspapers and magazines, television, radio, billboards, telephone, the Internet, fax and billboards. It describes the various ways through which we communicate in society. Because it refers to all means of communication, everything ranging from a telephone call to the evening news on television can be called media."
Source: MarketBusinessNews.
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Elmore
Entrepreneur, United States
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Media Through History Impacts Industry Through Customers Media has been a factor since the industrial revolution, especially as pertaining to the spread of knowledge as relates to competing opportunities and developing technologies. The biggest impact is perhaps in the way it can be used to enhance or shape customer perceptions of any given industry sector.
A powerful example of this is the way media has shaped the perception of nuclear power for 50 years. Despite growing demand for energy, there have been no significant developments in nuclear energy in the US since the 80's. Since the dawn of nuclear energy their has only been one catastrophic failure. This is with 400+ reactors world wide. Yet in America where, the technology was largely developed, the customer is afraid of the "potential".
This same process can play out more easily today with greater access through social media to facts and opinions. In fact it is disheartening to watch social media actively suppress information making the tool even more potentially powerful, to affect customers opinions and interests in an economic segment.
So I would say that media itself is not a force, but a tool most often used by and for customers.
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Shepherd Jailosi
Student (University), Zimbabwe
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Internet is Rather a Force in Industries than Media Is @Jaap de Jonge: I totally agree with you there. Internet is one such formidable force affecting almost all industries and supply chains.
The media on the other hand is somehow another concern, even i...
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Maurice Hogarth
Consultant, United Kingdom
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Is Media a Separate Force in Industry Analysis? As noted, until we have a common definition we cannot rationally draw conclusions about something.
Also, there seems to be a need to distinguish between the formal media (news and current affair outl...
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Jaap de Jonge
Editor, Netherlands
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Media and Attractiveness of an Entire Industry Agreed, no doubt the media (formal and informal, traditional and social) can all influence a company's results and its external environment (that is what we use the PEST factors for).
But the questio...
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Maurice Hogarth
Consultant, United Kingdom
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Media Influence on Industry Sector Attractiveness @Jaap de Jonge: Accepting that Porter's 5 Forces are essentially orientated to analysing the attractiveness of an industry @Deepa raises the points that:
1. "The media... Have become... Interwoven in...
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