Is Porter's Five Forces Framework Still Relevant? A study of ...

Introduction In 1979, Michael E. Porter published a seminal framework about competitive forces, the five forces framework, which quickly became the ... Skiptomaincontent June2020:Insights IsPorter'sFiveForcesFrameworkStillRelevant?Astudyofthecapital/labourintensitycontinuumviaminingandITindustries IsPorter'sFiveForcesFrameworkStillRelevant?Astudyofthecapital/labourintensitycontinuumviaminingandITindustries June2020DianeIsabelle,KevinHorak,SarahMcKinnon,ChiaraPalumbo DownloadthisarticleasaPDFAhorseneverrunssofastaswhenhehasotherhorsestocatchupandoutpace.     -Ovid AbstractPorter'sFiveForces(P5F)framework,publishedin1979,helpsustounderstandtheattractivenessofanindustry.Thefivecompetitiveforcesare:thethreatofnewentrants,thebargainingpowerofbuyers,thebargainingpowerofsuppliers,thethreatofsubstituteproductsofservices,andtherivalryamongexistingcompetitors.Thisframeworkhasrecentlycomeunderscrutinyandbeencalledintoquestion.Tocontributetothedebate,thispaperinvestigatestherelevanceofPorter'sframeworkbycontrastingvastlydifferentindustries.Theusecasesconsistofaresource-based,capital-intensiveindustry,theminingindustry,andaknowledge-based,labor-intensiveindustry,theinformationtechnologyindustry.DrawingfromresearchonPorter'sFiveForcesframework,andthroughaninternationalizationlens,thepaperproposesamodifiedframeworkaugmentedwithfouradditionalforces.Theseadditionalforcesare:thecompetitor'slevelofinnovativeness,exposuretoglobalization,threatofdigitalization,andindustryexposuretode/regulationactivities.Theseforceswereaddedtocapturetheincreasedinterconnectivityandcomplexityofbusinessesoperatinginthe21stcentury.Thepapercontributestothisbodyofknowledgebyaugmentingapopularframeworkandapplyingittovitalindustrialsectors.Thefindingsaimtoinciteresearchers,managers,entrepreneursandpolicymakerstogobeyondthetraditionalfiveforcesasawaytohelpmonitortheirbusinessenvironmentandenhancedecision-makingprocesses,particularlyinapost-COVID-19world. Introduction In1979,MichaelE.Porterpublishedaseminalframeworkaboutcompetitiveforces,thefiveforcesframework,whichquicklybecamethedefinitivetooltoidentifyforcesdrivingindustrycompetition(Porter,1979).Thefiveforces-threatofnewentrants,bargainingpowerofbuyers,bargainingpowerofsuppliers,threatofsubstituteproductsorservices,andrivalryamongexistingcompetitors-wereconsideredapplicabletoeveryindustry,regardlessofleveloftechnologyoreconomicdevelopment(Porter,2008).Thebusinessworldhasbecomeincreasinglymoreglobalandcomplexsincethen,whichispromptingareappraisalofthishighlypopularmanagerialtool. Withoutadoubt,amongthemostsignificantchangestothebusinessworldisglobalization,whichhasintensifiedrapidlysincethe1980s.Recenttechnologicalinnovationsandthepresenceofincreasingnumbersofpeoplewithinternationalbusinessexperiencehavehelpedestablishnewfoundationsforinternationalization(Oviatt&McDougall,2005)resultinginbusinessesfurtherexpandingtheirtradefootprints.Evenwiththeweakeningofglobalizationlatelyduetogeopolitics,economicisolationism,andtheCOVID-19pandemic,economiesaroundtheworldarehighlyintegratedandindustriesinterdependent.Globalizationisclearlyakeydriverofinternationalizingfirms(Zucchellaetal.,2007),whichcanbeagradualprocess,aspertheUppsalamodel(Johanson&Vahlne,1977),oraccelerated(Rennie,1993;Oviatt&McDougall,1994).Overthelastdecades,evensmallfirmsintheirearlylifecyclestageareincreasinglydrivinginternationalexpansion. InspiteofsomeadjustmentstoPorter'sFiveForcesoverthepast40years,questionsremainaboutitsrelevanceinthe21stcentury.CriticsarguethatPorter'sFiveForcesframeworkistoostatic,andhenceomitschangesinthecompetitiveenvironment(Thyrlby,1998;Grundy,2006)suchasthedriversofinternationalization.Considerthatbackin1979,informationtechnology(IT)wasviewedasameansofsupportingtheoriginalfiveforcesratherthanasadistinctforce.Nowadays,IT,orasoftenlabelled“thetechindustry”,isa$5.2USDtrillionglobalmarket,andstillgrowingatafastpace(CompTIA,2019). Inlightoftheabove,theresearchquestionsforthispaperare:IstheP5Fframeworkstillrelevantinthe21stcentury'shypercompetitivebusinessenvironment?Cantheframeworkapplytovastlydifferentindustriessuchasatraditionalresource-basedcapital-intensiveindustry,aswellasalabour-intensiveknowledge-basedindustry?Areadditionalforcesalsoapplicabletotheseindustries?  TheobjectiveofthisarticleistoexploretherelevanceofPorter'sFiveForces(P5F)bycontrastingtheminingindustry,aresource-based,capital-intensiveindustry,withtheinformationtechnologyindustry,aknowledge-intensiveindustry.Acomparisonbetweenthesetwoindustriesatdifferentendsofthecapital-intensitycontinuumallowsforacarefulinvestigationofthecontemporaryrelevanceofP5F.Further,thesetwoparticularindustriesarecrucialforCanadaandmanyothercountriesintermsofeconomicdevelopment. Thepaper’scontributionsarethereforethreefold:First,addingtothemanagementliteraturebybuildingfromresearchonP5Fandinternationalizationtheoriestoexaminetherelevanceofthemodeltovastlydifferentindustries.Second,broadeningtheresearchonP5Fbyaugmentingtheframeworkwithadditionalforcesthatareapplicabletomanyindustriestoday.Third,incitingmanagers,entrepreneurs,andpolicymakerstomonitortheglobalbusinessenvironmentofspecificindustrybeyondthetraditionalfiveforcestohelpavoidflaweddecision-making. LiteratureReview WepresentabriefsynthesisoftherelevantliteraturerelatedtoP5Fframeworkandinternationalization. Porter'sFiveForces(P5F) Porterintroducedhisfiveforcesframeworkin1979asawaytounderstandanindustry'sattractiveness.Hisframeworkrevolutionizedthewaymanagersandentrepreneursanalyzetheirindustry’scompetitiveenvironmentbyexaminingspecificforcesdrivingindustrialcompetition.Ithasbecomeoneofthemostpopularbusinessstrategytools. Thefiveforcesare:thethreatofnewentrants,thebargainingpowerofbuyers,thebargainingpowerofsuppliers,thethreatofsubstituteproductsorservices,andtherivalryamongexistingcompetitors(Porter1979).Thefirstfourforcesdeterminethefifthforce,competitiverivalry,whichcanbeminimalorintensedependingonthenumberandstrengthofcompetitors.Thestrengthofeachoftheforcesnegativelyimpactsprofitability.Importantly,Porterassumedthesefiveforceswereapplicabletoeveryindustry,regardlessofitsleveloftechnology,whetherinadevelopedoremergingeconomy,andwithorwithoutgovernmentinterventions(Porter,2008).Theseassumptionsarenowcomingunderthreat,oratleastareonceagainbeingvigorouslydiscussed.Figure1illustratestheframework. Figure1.Porter'sFiveForcesframework(Porter,1979) Thecontinuedpopularityofthismanagementtoolintheacademicandpractitionerdomainsisevident.AcursoryGoogleScholarsearchof"Porterfiveforces"overthepastfiveyearsyieldedthousandsofacademicarticles.Yetscholarsneverthelessstillargueaboutitsrelevanceintoday'sglobalizedworld.Thiscreatesanopportunityforthecontributionofthisresearch. CritiquesofP5F Inrecentyears,theP5Fframeworkhascomeunderfire.Scholarshaveraisedseveralshortcomings.Forexample,Leeetal.(2012)arguethattheframeworkisdifficulttooperationalize,whileNarayananandFahey(2005)questiontheframework'svalidity.Somebelievethattheframeworkhasalreadybecomefrozenintime(Thyrlby,1998;Grundy,2006).Otherspointoutthatithasaspecificemphasisonlargeorganizations(Bruijl,2018)andvaluechainsoverecosystems(Keen&Williams,2013). ThereareessentiallythreeschoolsofthoughtonthecriticismsofP5F.Researchersfromthefirstschoolofthoughtbelievethatonlyminoradjustmentsareneeded(Slater&Olson,2002).Thesecondschoolarguesformoderatechangestotheforcesinordertotakeintoconsiderationsuchfactorsastimedynamics(Dulčićetal.,2012),not-for-profitorganizations(Breedveldetal,2006;Indiatsyetal.,2014),corporatesocialresponsibility(Maxfield,2008)collaborationandstrategicalliances(Holmetal.,1996),andsmallbusinesses(Bruijl,2018).Athirdschoolofthoughtarguesformajoradjustmentstotheframework(Narayanan&Fahey,2005;Leeetal.,2012)byeitherreconsideringtheforcesorcombiningtheframeworkwithalternativestrategicframeworks,suchasaresource-basedview(Barney,1991),usingtheso-calledDeltamodel,whichemphasizestheimportanceofattracting,satisfying,andretainingcustomers(Hax&WildeIi,2001),orwithaBlueOceanstrategy,whichisafirstmoverapproach(Kim&Mauborgne,2005). Thevastmajorityofacademicsinthefieldconsiderthatanywherefrommediumtomajoradjustmentstotheframeworkarecurrentlyrequired.(Johnson,2014).Wahlström(2019)notesthatmanycompaniesdonotgobeyondthefiveforcestomonitortheirbusinessenvironment.Nevertheless,theimplementationofscenario-planningrelatedtoglobalization,digitaltransformation,orsustainabledevelopment,intermsoftheirpotentialimpactstocompanyoperations,wouldalsolikelybringaboutcriticalknowledgeandenhancebusinessdecision-making. Downes(1997)hasgainedpopularityamongresearcherswhoargueagainstP5FbyproposingthreeadditionalforcesdrivingindustrycompetitiontocomplementP5F:globalization,digitalizationandderegulation.Johnson(2014)addedanotherforce,thelevelofinnovativeness.Inearlieryears,thelevelofinnovativenesswasconsideredaninternalfactorleadingtoacompetitiveadvantage,butitnowconsideredavitalexternalfactoramongforcesdrivingindustrycompetition(Bruijl,2018).Thisresearchshowsthattheframeworkisindeedinneedofmajorrevisions,hencethepurposeofthisstudy. Internationalizationtheories AtthetimePorterpublishedhisP5Finthe1970s,internationalizationwasprimarilyconductedbymultinationalenterprises(MNEs).Pastliteraturehasoutlinedtheneedforastage-basedprocesstointernationalization,whichsupportstheideathatonlylargecompanieshavethenecessaryresourcestoaccessinternationalmarkets.JohansonandVahlne’s(1977)seminalUppsalamodeladvocatedforagradualprocessofinternationalizationviaaseriesofincrementalstepstoentergeographicallyandculturallyclosermarketswithlow-riskmodesofentry,thenlatertograduallyentermoredistantforeignmarkets.Sincethen,earlyandfastinternationalizationhaspickedupinpace,inparticularwithhigh-techstart-upssuchasborn-global(BGs)firms(Rennie,1993)andinternationalnewventures(INVs)(Oviatt&McDougall,1994),enabledbylowercommunicationandtransportationcosts.Therehasalsobeenextensiveresearchdoneontheearlyinternationalizationoffirmsoperatingintechnology-intensiveindustries,aswellasotherindustries(Madsen&Servais,1997;Cavusgil&Knight,2015;DelSartoetal.,2019).Interestingly,earlyinternationalization,whichisconsideredriskier,isoftenassociatedwithexperiencedentrepreneurswhomighthaveusedtheUppsalamodelbeforefoundingtheirborn-globalfirm(Neubert,2017).AbusinessinternationalizationlensisconsideredparticularlyrelevanttoourinvestigationofP5F.   ComparativeAnalysisoftheMiningIndustryandtheInformationTechnologyIndustry Thissectionpresentsanoverviewoftwoselectedindustriestohighlighttheirspecificcharacteristics,aswellasglobaldataandtrendsrelatedtotheseindustries.ThepurposeistoapplytheP5Ftotheseindustriestoanswerouraboveresearchquestions. Overviewoftheminingindustry Theminingindustryisaresource-based,capital-intensiveindustry,whichexplainswhyweselectedthatindustrytocontrastitwithIT,aknowledge-basedindustry.Operatingintheexploration,extraction,andprocessingofnaturalresourcematerials,theminingindustryhasdeephistoricrootsasaplayeringlobalbusiness,economics,andtrade.Therevenueofthetop40globalminingcompanieswas683billionUSDin2018(Statista,2019).Theminingsectordeliverstherawmaterialstosupporttheso-called“fourthindustrialrevolution”(Schwab,2015;PWC,2019).InCanada,thetotalvalueofmineralproductionin2018was$47billionCAD.Canadaisthegloballeaderintheproductionofpotashandranksamongthetopfiveglobalproducersforcadmium,cobalt,diamonds,gemstones,gold,graphite,indium,nickel,niobium,platinumgroupmetals,salt,titaniumconcentrate,anduranium.Canadaalsoaccountsforasignificantproportionoftheglobalproductionofprimaryaluminumfromimportedbauxiteandalumina(NRCan,2020). Asaresource-basedindustry,miningdemandsahighlevelofinternationalinvolvement.Themetalsandmineralsareonlyfoundinspecificgeologicalareas,thusconfiningoperationstothoselocations,beforebeingdistributedandsoldaroundtheglobe.Ittherebyrequiresaninternationalnetworkinordertofunction.Thegeneraloperationsofminingfirmsconsistoffourlifecyclestages:exploration,development,production,andclosure(NaturalResourceGovernanceInstitute,2015).Whileeachindividualminesitewillundergothislifecycle,thelargecostsassociatedwithinitialtesting,exploration,andconstructionhasencouragedsomefirmstoexpandoperationsthroughmergerandacquisitionactivity.Weoftenobservemultinationalfirmsabsorbingsmallerandmoreregionalfirmsintotheiroperations.Internationalizationisthusanalreadyexistingkeyfactorforminingcompaniesthatwishtosucceedwithintheindustry.Significantindustryplayers,therefore,consistmainlyoflargeprivateorstate-sponsoredfirmsthatoverseemultipleinternationaloperations.Theseinternationalnewventurecompaniesareusuallyheadquarteredinonenation,whileoperatingminesexclusivelyoutsideoftheirdomesticmarket.Thereisalsoamixtureofsmallerregionalandsmall-scaleinternationalfirms(NaturalResourceGovernanceInstitute,2015). Takenasawhole,theminingindustry,anditsroleasasupplierofbasematerialstodiversesectors,thereforelendsitselftobesubstantiallyinfluencedandimpactedbymacroeconomictrendsandmovementsintheglobaleconomy.Commoditiesmarketsarehighlycyclical,withlargelyrecognizableperiodsofriseanddeclineoccurringoveraperiodofyears.Asproducersofmostlynon-differentiatedproducts,miningcompaniesareparticularlyvulnerabletothebehaviourofthiscycle(Collings,2013).Further,ascommoditiestradedontheglobalmarketareoftenpricedinUSdollars,changesintheactualorperceivedstrengthoftheAmericaneconomy,aswellasshiftsinUSDvaluerelativetoothercurrencies,directlyinfluencecommoditiessellers,resultinginaninverserelationshipbetweencommoditiespricesandUSD.Foreignexchangerisk,dependingonthehostnation’staxationandregulationsregime,isarelevantconsiderationforanyinternationalventures,andevenmoresofortheminingindustryduetothediversegeographicpresenceofitsplayers. Miningindustrytrends Trendsandissuesfacingtheminingindustryincludetradewars,geopoliticalcrises,andclimatechange.Theindustryprovidescarbon-basedrawmaterialssuchascoal,andisasubstantialcreatorofCO2emissions.Chinacomprises10companiesoutoftheGlobalTop40miningcompanies,whileAustralia,theUK,andSouthAfricahave7,Canadahas6,withthebalancespreadamongtheUSA,Russia,Brazil,Switzerland,Poland,Indonesia,JapanandMexico(PWC,2019).Mergersandacquisitionsintheminingindustryhaverecentlypickedup.Safety,however,remainsachallenge,andthussodoestheindustry’simage.Investorsandstakeholderscontinuetobeconcernedthattheminingindustryislaggingbehindregardingnewfactorsthathavenottraditionallybeentheindustry’sfocus,inparticulardealingwithgreenhousegasemissions,thegreeningofthesupplychain,andinvestingintechnologythatincludesdigitalinnovation(Kusi-Sarpongetal.,2015;PWC,2019).Figure2belowillustratestheTop40reachandexternalmarketdrivers. Figure2.Top40reachandexternalmarketdrivers(PWC,2019) OverviewoftheInformationTechnology(IT)industry ITisaknowledge-basedindustrythathasdevelopedrapidlysincethe70s,suchthatitisnowubiquitousandpervasive.Theterm‘informationtechnology’(IT)isusedtodescribeawidevarietyofaspectsrelatingtoinformationsystemsbasedoncomputers(EconomyWatch,2010).Thisbroaddefinitionincludesareasrangingfromsoftwaredevelopmentandhardware,tothedesign,implementation,study,anddevelopmentofITmanagementsystems,aswellastelecomservices(CompTIA2019;EconomyWatch,2010).OnekeydifferentiatorfromtheminingindustryisthatITisinherentlyknowledge-based,meaningthatmuchofitscharacteristicsarederivedfromthelabourforce(CompTIA2019). BasedonresearchbytheComputingTechnologyIndustryAssociation(CompTIA,2019),theglobalITindustryisalreadyworth$5.2trillionUSD(2019),andoneofthemostsignificantcontributorstoGDPgrowthinmanycountries.Approximately$1.7trillionUSD(33%oftheindustry)istransactedintheUSA.Amongglobalregions,Chinahasclearlyestablisheditselfasamajorplayer,whilewesternEuroperemainsasignificantcontributor.InCanada,thesectorisrepresentedunderthelabel“informationandcommunicationstechnologies”(ICT).In2018,ITCaccountedfor$193BCADinrevenue,contributingto4.5%ofGDP,and$23BCADinexports,or15%oftotalCanadianexports(GovernmentofCanada,2019).Thesector,whichprovides1milliondirectandindirectjobs,isconsideredtheengineofgrowthinCanada,andisthelargestprivate-sectorperformerinR&D.Ofnote,86%ofthe37,000firmsinthesectoraresmallbusinesses(ITAC,2020). ITindustrytrends CompTIA(2019)hasidentified10trendstowatchforin2020andbeyond,whichisillustratedinFigure3.Thissectionconsiderssomeoftheminthecontextofthispaper.Tech-washingandmarketinghyperbolewillnotallowgrowth.Rather,sounddigitaltransformationbusinessmodelsareneededforlargeandsmallfirmstoflourish.Further,businesseswillbemorestrategicintheirapproachtointegratetechnologyintotheirmarketofferings.Asforhype-meeting-realitywithemergingtechnologies,significantgainsareexpectedthisyearfromemergingtechadoption.However,adoptionrateshavebeenveryslowacrossseveralnewtrends,inspiteofindustryhype,assomecompaniesmovedtooquicklyintoanewtechnologytrend,andhadtofaceharshrealitiesofimmatureorunreadymarkets. Thatsaid,InternetofThings(IoT)andartificialintelligence(AI)aretwotrendsgainingsignificanttractionandbeginningtoreachcriticalmass,especiallysincecloudcomputingactsasakeyenablerforAIbyloweringthebarrierforsoftwaredevelopmentanddistribution(Hudson,2017;Groheretal.,2019).Alsoenabledbycloudsystems,firmsarenowactivelyintegratingplatforms,applications,anddata,andstartingtomovedeeperintocomplexautomation.Amongothertrends,cybersecurityisexpectedtoshiftfrombeingseenasmerelyacomponentofIT,toinsteadbeingacriticalbusinessfunctionitself.The videoandvoiceforgerysoftwareof“deepfakes”hasthepotentialtowreakhavoconsociety,personallives,politicsandbeyond.SuchmisusesofITwillproliferateinthedigitaleraandrequiresophisticateddatamanagementsystemstohandleexponentiallylargerdatavolumes,enabledbynewlyrolled-out5Gnetworks(CompTIA,2019;Westerlund,2019).Thepotentialforincreasedgovernmentregulationaroundsuchissuesasprivacy,dataprotection,electioninterference,andothersisanobviousconcernasthetechindustrymaturesandgrowsmorecomplex. ThetechnologyecosysteminCanadaiscurrentlyconsideredasbeingmoreself-sustainingthaneverbefore,drivenbytalent,stronginfrastructure,andcommittedgovernmentsupport.Further,thefollowingCanadiantrendsbodewellforthecreationandretentionofstrongtechfirms:greaterabilitytoretainownershipcontrolofthecompanyduringfinancingphases,aswellasgrowingavailabilityoftechtalent,partlyduetocollegesanduniversitiesgraduatingstudentswithneededskillsandimmigrationpolicies(Atenetal.,2016). Figure3.Tentrendstowatchforin2020(CompTIA,2019) Findings ContrastingtheminingandITindustrieswiththeoriginalPorter'sFiveForcesFramework ThepurposeofthisresearchistoapplyP5Ftotwoindustriespositionedatdifferentendsofthecapital-laborintensitycontinuum.DoingsoprovidesfertilegroundtoexplorethecontinuedrelevanceoftheP5Fframeworkgiventoday'scomplexandglobalbusinessenvironment.Table1summarizesacomparisonoftheoriginalP5F(1979)betweentheminingindustryandtheITindustry. Table1.Porter'sFiveForcesappliedtominingandITindustries AugmentedPorter'sFiveForces  Basedonpriorresearchandthisanalysis,wearguethattheoriginalP5Fframeworknolongermeetsthemorecomplexneedsofoperatinginthe21stcentury,andcouldleadtoflaweddecision-makingprocessesnowadays.Therefore,drawingfromtheliteraturethatproposeschangestotheframework,inparticulartheworkofDownes(1997)andJohnson(2014),arevisedframeworkispresentedinthisstudy.ThisaugmentedframeworkismadetobeapplicablenotonlytotheselectedminingandITindustriesinthispaper,butmorebroadlytobothcapital-intensiveaswellasknowledge-intensiveindustries, meaningindustriesalongthecapital-laborintensitycontinuum.Figure4highlightstheproposedaugmentedP5F. Threatofdigitalization Whilethereisnogenerallyaccepteddefinitionof“digitalization”,thetermreferstoatechnology-inducedtransformationprocesswithitsgoaltoimproveabusiness'flexibility,agility,andresponsiveness,byaligningoperations,strategy,businessprocesses,andorganizationalaswellasITstructures(Holotiuk&Deimborn,2017).Incontrast,theterm“digitization”carriesanarrowerscopeoftransforminganalogousinformationintoadigitalrepresentation,forexample,books,journals,documents,orarchives(Legneretal.,2017).ThenewforceproposedfortheaugmentedP5Ffocusesontheimpactsofincreaseddigitalizationonanindustry.Theneedforthisdimensionstemsfromalargerobservationthatfirmsnolongeronlyfacecompetitionwithintheirownindustry,butalsoacrossindustries(Downes,1997;Neubert,2018).Thisdimensioncanbemeasuredbylookingatfourelementsofdigitalizationinanindustry:infrastructure(sophisticationofexistingITtechnology),digitalinput(extentofdigitalprocessesintheprocurementstageofthebusiness),digitalprocessing(degreetowhichprocessesareintegrated,bothinternallyandwithexternalpartners),anddigitaloutput(importanceofdigitalprocessesinthesalesfunction)(Friedrich,2011;Johnson,2014).Theimportantobservationalongthisdimensionisthatthebetterdigitalizedanindustryis,thefiercerthecompetitionisexpectedtobewithinthatindustry. Competitors'levelofInnovativeness Thedimensionofinnovativeness,previouslyconsideredasoneofmanyresourcesafirmpossessestocreateacompetitiveadvantage,isnowbecomingasourceofcompetitiveadvantage.Studieshaveshownthatthepresenceofforeigncompetitorsinamarketandthelikelihoodofagivenfirmtopioneerinnovationgrowintandem(Johnson,2014).Intoday’sfast-pacedITsector,productlifecyclesarecontinuouslyshrinking,thereforefirmsmustincreasetheirspeedofinnovationtoremainrelevant.Tomeasuretheattractivenessofanindustryinthisdimension,acompanyshouldmonitorthenumberofpatentsregisteredinthatindustryormarket.LikewisewiththeIntellectualPropertyIndex(IPI),aspatentscaneitherencourageordiscourageinnovation,dependingoncertainpresentmarketconditions.AnindustryisparticularlyattractiveforacompanytogrowinifthenumberofpatentsandtheIPIarebothlow,asitisthoughtthatacompetitiveadvantagecanbeachievedrelativelyeasilyinthatenvironment(Jalles,2010). ExposuretoGlobalization Thisdimensionisgroundedbythenotionthatforsuccessfulinternationalizationfirmsmustmanagefar-reachingnetworksofpartnersanddeveloplong-lastingrelationshipswiththeirclients,regardlessoflocation.Thisdimensioncanbemeasuredbylookingattherateofacountry’staxincreasesandgovernmentexpenditure(countrieswithalowerrateofgovernmentconsumptionaregenerallymoreglobalized),theindexofcapitalaccountopenness,andthelevelofforeigndirectinvestment(Johnson,2014).Itisarguedthatfirmsshouldweighallofthesefactorsequallyastheycanhaveaprofoundeffectonindustry/marketviability. Industryexposuretode/regulationactivities Thederegulationdimensionemergedfromanobservationthatgovernmentinfluenceincertainindustrieshasdramaticallyshrunkoverthelastfewdecades.Asindustriesbecomederegulated,theyaremoreconducivetounimpededbusinessoperationsthatarecontrolledandguidedbythefreemarket.However,thisdimensionischallengingtomeasure,asthelevelofderegulationdependslargelyonthesittinggovernment,theirdecisions,andthepoliticalcontextatthecurrentmoment(Johnson,2014). However,anuancedapproachinvolvingindustryexposuretode/regulationactivitiesispresentedhere.Priorresearch(Downes,1997;Johnson,2014)addedderegulationasaforcetoP5F,citingasharpdecreaseingovernmentregulationsinindustriessuchastelecommunications,banking,airlines,andutilitiesintheUSAandEurope.Thesestudieswereprimarilybasedinthe1990s,adecadewhichexperiencedareductioninregulationsowingtoavarietyoffactors.However,wehavenowenteredaneraofincreasedgovernmentregulations,beitrelatedtoclimatechange,anti-competitivebusinesspractices,healthandsafety,informationprivacy,andcurrentlyCOVID-19.Theseregulations,attimes,areintroducedinahaphazardfashion.Consequently,weaugmentthisforcebyaddingbothregulationaswellasderegulationactivitiesthatfirmsmustconsiderinordertoanalyzetheirindustryandreducetheirexposuretoregulationandderegulation. Figure4.ProposedAugmentedPorter'sFiveForcesModel DiscussionandConclusion Theoreticalimplications WerevisitedPorter'sFiveForcesframeworkpublishedin1979withthefollowingresearchquestions:IstheP5Fframeworkstillrelevantinthe21stcentury'shypercompetitivebusinessenvironment?Cantheframeworkapplytovastlydifferentindustriessuchasaresource-based,capital-intensiveindustry,aswellasaknowledge-basedlabour-intensiveITindustry?Areadditionalforcesproposedintheliteraturealsoapplicabletotheseindustries? PriorresearchhasproposedmodificationstoP5FsincePorter’stime.Noresearchisknowntohavebeenconductedthatactuallycorroboratestheproposedadditionalforces.Further,nostudieshavecontrastedresource-based,capital-intensiveindustrieswithknowledge-based,labor-intensiveindustriesusinganaugmentedP5F.NorhavestudiesattemptedtoapplyaninternationalizationtheoreticallenstotheP5Fframework. Thepaperhasdemonstratedthatinthiseraofinternationalization,globalvaluechains,arelentlesspaceofinnovation,andchangingregulatoryenvironments,additionalforcesareapplicabletobothcapitalandlabor-intensiveindustries.Thepaperalsoproposesamodifiedderegulationforcetoconsiderbothregulationandderegulation.Furthermore,itcontributestoanexistingbodyofknowledgebyhighlightingtheimportanceofcritiquingandupdatingresearchframeworks,andapplyingthemtoindustrialsectorsthatarevitaltomanycountries. Managerialimplications Thekeymanagerialimplicationsfromthisresearchareasfollows: -TheexposuretoadditionalforcesthanP5FisnowaconstantrealityintheITindustry.ConsiderthatinCanada,onlyathirdofsmallbusinessesoperateone-commerceplatforms.Ofthese,halfarefacingchallengesdealingwithcomplextradeprocedures,regulations,andlackofnecessaryresourcestohiredigitalandinternationalbusinessspecialists,whichimpedestheirinternationalizationeffortsandcompetitiveness.Digitalizationoffersplentyofopportunitiestoincreaseeffectiveness,eventhoughdigitalimplementationcanbesignificantlychallenging.Theminingindustryhasbeencomparativelyslowinadoptingdigitaltechnologies(Lakshmananetal.,2019).Yetthisindustryisfacingseveralchallengesthatnewtechnologies,forinstance,combiningbigdatatogetherwithothertechnologiessuchasautomation,havethepotentialtoaddress(Qi,2020).Fortunately,priorresearchhasvalidatedthesignificantimpactofdigitalizationoninternationalization(Neubert,2018),andgivesapositivefindingthatshouldmotivatefirmstoembarkmoredeeplyonapaththatreapsbenefitsandincreasestheirglobalcompetitiveness.  -Whetherinresourceorlabor-intensiveindustries,firmsshouldmonitortheircompetitors'levelofinnovativeness,particularlygiventheshortlengthofproductlifecyclesoftendrivingindustrycompetition.Forinstance,companiesshouldmonitorthenumberofpatentsandtrademarksregisteredinanindustryormarket(Jaffe,2010;Gotsch&Hipp,2014).Intheminingindustry,implementationofnewtechnologiessuchasIoT,artificialintelligence,drones,thermaltechnology,anddeep-seamining,amongothers,couldreplaceoldermethodsforexploration,inspectionandextraction(Dehranetal.,2018;Visseretal.,2019). -Itiscrucialthatfirmscloselymonitorchangesinregulationandderegulation,aswellasincreasingtheiradvocacyrole,giventhatmanycountries,includingCanada,havenowenteredaperiodofincreasedregulation. Governmentsofmanycountriesareenactingnewrulesandregulationsthatindustriesarebeingaskedtocomplywith.Examplesincluderegulationthataffectsactorsinthesharingeconomy,suchasUberandAirbnb,theGeneralDataProtectionRegulation(GDPR)intheEUthataffectstheITindustry,andthenewCanadianImpactAssessmentAct(CIAA)intheminingindustry.However,therearevariouswaysthatnewrulesandregulationcouldalsofurthertheadvancementofindustries.Forinstance,rare-earthmineralsrepresentanotherareawherethetraditionalP5Fisinadequateforthe21stcentury.Rareearthmineralsareincreasinglyneededforelectriccars,solarpanels,andwindturbines,aswellasotherhigh-techandmilitaryproducts.Asaglobalminingpowerhouse,newregulationsinCanadacouldensurethatthecountrybecomesakeyplayerintheglobalEVbatterysupplychain.Movinginthatdirection,CanadaandtheUSAarecooperatingtoreducetheirrelianceonChina,whichcouldcontrolsupplychaingovernancegiventhatithasthelargestshareoftheworld’srare-earthmineralreserves.Canadaisalsoworkingonanationalrare-earthstrategy(NRCan,2020),withinitiativesthatwillsupporttheminingindustry. Experienceshowsthatcompetitivelandscapescanchangeveryquicklywithunforeseensituations,asevidencedwiththeCOVID-19globalpandemic.Currently,Canadianminingfirms,mostofwhichoperateminesaroundtheworld,aregrapplingwiththepandemicandarefacingtheimpactsofapotentialglobalrecession.Likewise,theITindustryisimpactedbythepandemic.InbothITandminingindustries,likeinmostindustries,recoveryfromthepandemicwillrequiremassivechangestobusinessmodels,innovativeness,rapidadoptionofdigitaltechnologiesandautomation,andincreasedresiliencytosucceedinwhateverbecomesthe“newnormal”.TheserealitiesfurtherstresstheimportanceofouraugmentedP5Ftoappreciaterapidlyevolvingandgloballycompetitivelandscapes. Limitationsandfutureresearchareas AlimitationofthisstudyisitsfocusontheminingandITindustries,althoughthefindingsshouldbegeneralizabletoothersimilarindustries,givenpreviousapplicationsofP5F.Nonetheless,ourfindingsofferavenuesforfutureinvestigationsinotherindustries.Further,additionalstudiescouldapplyouraugmentedP5Finavarietyofindustrialandgeographiccontexts.Itishopedthatthisrevisedandupdatedframeworkwillinciteresearchers,managers,entrepreneurs,andpolicymakerstobetterunderstandbusinessenvironmentsbeyondthetraditionalfiveforces,asawaytoenhancetheirdecision-makingprocessesinthisturbulentbusinessenvironment.Thoroughanalysesandmonitoringofforceswillinonewayoranothercontinuetobeparticularlycrucialinapost-COVID-19world,owingtogreatersocialandeconomicuncertaintiesandwiththeexpectationofacceleratedadoptionoftechnologicalinnovationsbyseveralkeyindustriestohelpensuresurvivalandprosperity. 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Sharethisarticle: Citethisarticle: Loginorregistertopostcomments BibTeX RTF Tagged MARC EndNoteXML RIS RateThisContent:  SelectratingGiveIsPorter'sFiveForcesFrameworkStillRelevant?Astudyofthecapital/labourintensitycontinuumviaminingandITindustries1/5GiveIsPorter'sFiveForcesFrameworkStillRelevant?Astudyofthecapital/labourintensitycontinuumviaminingandITindustries2/5GiveIsPorter'sFiveForcesFrameworkStillRelevant?Astudyofthecapital/labourintensitycontinuumviaminingandITindustries3/5GiveIsPorter'sFiveForcesFrameworkStillRelevant?Astudyofthecapital/labourintensitycontinuumviaminingandITindustries4/5GiveIsPorter'sFiveForcesFrameworkStillRelevant?Astudyofthecapital/labourintensitycontinuumviaminingandITindustries5/5 Rate 13voteshavebeencast,withanaveragescoreof2.84stars Keywords:internationalization,ITindustry,miningindustry,Porter'sFiveForcesframework,regulation Topic: ManagingInnovationTechnologyEntrepreneurshipEconomicDevelopment Inthisissue Aboutthisarticle Citation:Isabelle,D.,Horak,K.,McKinnon,S.,&Palumbo,C.2020.IsPorter'sFiveForcesFrameworkStillRelevant?Astudyofthecapital/labourintensitycontinuumviaminingandITindustries.TechnologyInnovationManagementReview,10(6):28-41.http://doi.org/10.22215/timreview/1366Citethisarticle:BibTeX RTF Tagged MARC EndNoteXML RIS Authorinformation DianeIsabelleCarletonUniversity Dr.IsabelleisanAssociateProfessorofInternationalBusiness.Herresearchfocusesbroadlyontheareasofscience,innovationandtechno-entrepreneurshipwithinaglobalcontext.Specifically,herresearchisorganizedaroundthefollowingthreeinter-relatedthemes:1)Internationalentrepreneurship&ecosystems,2)Internationalization(InternationalNewVenturesandSMEs),3)GlobalcollaborativeresearchandScience,TechnologyandInnovationpolicy.Inadditiontothesethemes,sheisresearchingandpublishingonTechnology-integratedandinternationalinterdisciplinaryexperientiallearninginhighereducation.PriortojoiningSprottin2011,Dr.Isabelleworkedinseveralseniorexecutiverolesrelatedtoscience,technologyandindustrialresearch(IndustrialResearchAssistanceProgram-IRAP)attheNationalResearchCouncilofCanada(NRC),theGovernmentofCanada’spremierresearchandtechnologyorganization.Shestartedhercareerasaprojectengineerforseveralmultinationalfirms,includingGeneralElectric,EssoandBoeingAerospace.Morebythisauthor KevinHorakCarletonUniversityGraduate KevinHorak,B.InternationalBusiness,CarletonUniversity,isasupplychainplanneratMartin-BrowerofCanadaCo.FluentinSpanish,hespentayearabroadstudyingcommerceandeconomicsattheUniversidaddeChile(Santiago).Morebythisauthor SarahMcKinnonCarletonUniversityGraduate SarahMcKinnon,B.InternationalBusiness,CarletonUniversity,isanAssociatewithTailwindAssociates,aCalgary-basedfirmdedicatedtolaunchinginnovativeentrepreneurs.Sheisinspiredbytheworkethicandtenacityoftheentrepreneurialspiritandsupportspreparingsmallbusinessesforgrowthandinvestment.Previously,sheworkedatSampfordAdvisors,afirmfacilitatingmergersandacquisitionsformid-marketCanadiantechnologycompanies.Morebythisauthor ChiaraPalumboCarletonUniversityGraduate ChiaraPalumboiscurrentlypursuingaMasterofScienceinFinancedegreefromBocconiUniversity,whileworkingasRealEstateInvestmentAnalystforItaliancompanyGeneraliRealEstate.SheholdsaBachelorofCommerce(Finance)degreefromCarletonUniversity.HerpastworkexperienceincludesinvestmentbankingatLazard&Co.inDebtCapitalMarketsandequityresearchfortheSprottStudentInvestmentFund.Morebythisauthor Relatedarticles TheEffectofDigitalizationontheCommercializationProcessofHigh-TechnologyCompaniesintheLifeSciencesIndustry S.A.Gbadegeshin Thisarticleexamineshowdigitalizationinfluencesthecommercializationofhightechnologiesinthelifesciencesindustry.Itisbasedonacross-casestudyfocusedonpharmaceutical,medicaldevice,ande-healthcompaniesinFinland.Bothcompanyrepresentativesandregionalstakeholderswereinterviewed.Thefindingssuggestthat“digitalization”needstobedistinguishedfrom“... 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