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What are the key factors that affect the bargaining power of suppliers and buyers in your market?

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What are the key factors that affect the bargaining power of suppliers and buyers in your market? This is a crucial question for any business strategist who wants to understand the competitive forces and opportunities in their industry. In this article, we will introduce two popular frameworks that can help you analyze these factors: Porter's five forces and SWOT analysis. We will also provide some examples and tips on how to apply them to your own business.

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1 Porter's five forces

Porter's five forces is a model that identifies and evaluates the five main forces that shape the competitive intensity and profitability of an industry. These forces are: the threat of new entrants, the threat of substitute products or services, the bargaining power of suppliers, the bargaining power of buyers, and the rivalry among existing competitors . By examining each force, you can assess the attractiveness and potential of your market, as well as the strengths and weaknesses of your competitors.

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Tahmina Day, MBA, CERP

Sustainability Leader | Risk Strategist | Head of ESG
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Porter's 5F model has its pros and cons. For example, its static nature doesn't not account for rapid changes, especially in technology-driven sectors, and it might overlook factors such as collaboration and regulations. Despite these limitations, it remains a valuable tool for understanding the forces that can impact a company's position within an industry.

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Roy Coulson

Head of Proposition at Attivo
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However, it is not always the end consumer that gets to see or analyse this. Therefore being able to showcase that this analysis takes place within suppliers should be considered and demonstrated.

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2 SWOT analysis

SWOT analysis is a tool that helps you identify and evaluate the internal and external factors that affect your business. SWOT stands for strengths, weaknesses, opportunities, and threats. Strengths and weaknesses are the internal factors that you can control, such as your resources, capabilities, and reputation. Opportunities and threats are the external factors that you cannot control, such as market trends, customer preferences, and regulations. By conducting a SWOT analysis, you can discover your competitive advantages and disadvantages, as well as the potential risks and opportunities in your environment.

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Tahmina Day, MBA, CERP

Sustainability Leader | Risk Strategist | Head of ESG
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Interestingly, SWOT analysis can be used beyond traditional business context, which shows the the adaptability of this model. For example, SWOT framework can be used by environmental scientists to evaluate both the internal and external factors affecting endangered ecosystems and species. By doing so, scientist can develop more effective and tailored conservation plans.

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Jon Lindsay

Strategy Facilitator. Advisory Board Chair. CEO Coach. Catalyst for Change. Helping CEOs develop "Flow", talking about the right things, at the right time, with the right people taking ownership.
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A good SWOT analysis is worth its weight in gold but too often it is used inappropriately. A good SWOT analysis is best done in a facilitated discussion with different perspectives, allowing healthy challenge. A strategic SWOT is often called "SWOT, so what?" because it is the intersection of the Internal factors and the external factors where the magic lies. Always the lists of Strengths and Weaknesses should be short - 3-5 only. The Threats and Opportunities are often on a spectrum of external trends and changes and can sometimes appear in both categories. Testing current initiatives to see what opportunity / threat it is addressing is really powerful to check whether the business has its priorities right.

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3 How to use Porter's five forces and SWOT analysis together

Porter's five forces and SWOT analysis can complement each other and provide a comprehensive picture of your market situation. You can use Porter's five forces to analyze the industry structure and the competitive forces that affect your business. You can use SWOT analysis to identify the internal and external factors that influence your performance and position. By combining the two frameworks, you can develop a strategic plan that leverages your strengths, minimizes your weaknesses, exploits your opportunities, and mitigates your threats.

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Tahmina Day, MBA, CERP

Sustainability Leader | Risk Strategist | Head of ESG
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Porter's 5F helps in analyzing the competitive landscape of the industry and exploring external threats and opportunities, which can be integrated into the SWOT analysis. Meanwhile, the SWOT analysis focuses on the internal strengths and weaknesses of the organization, along with the identified opportunities and threats. By combining these two frameworks, a company can create a robust strategy that takes into account both internal capabilities and the broader competitive context.

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4 Examples of bargaining power of suppliers and buyers

One of the key factors that affect the bargaining power of suppliers and buyers is the availability and differentiation of products or services. For example, in the airline industry, the suppliers of jet fuel have high bargaining power because they are few and their product is essential and scarce. On the other hand, the buyers of airline tickets have low bargaining power because they have many options and their product is homogeneous and price-sensitive. Therefore, the airline industry faces high pressure from suppliers and low pressure from buyers.

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5 Tips on how to increase your bargaining power

There are some strategies that you can use to increase your bargaining power as a supplier or a buyer in your market. For example, as a supplier, you can increase your bargaining power by creating unique and valuable products or services, building strong relationships with your customers, and reducing your dependence on a few buyers. As a buyer, you can increase your bargaining power by seeking alternative sources of supply, negotiating better terms and prices, and increasing your switching costs.

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6 Benefits of analyzing bargaining power of suppliers and buyers

Analyzing the bargaining power of suppliers and buyers can help you gain insights into your market dynamics and your competitive position. By understanding the factors that affect the bargaining power of suppliers and buyers, you can identify the opportunities and threats in your industry, as well as the strengths and weaknesses of your business. You can also use this analysis to devise strategies that can enhance your bargaining power and improve your profitability and growth.

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What are the key factors that affect the bargaining power of suppliers and buyers in your market?

1

2

3

4

5

6

1 Porter's five forces

2 SWOT analysis

3 How to use Porter's five forces and SWOT analysis together

4 Examples of bargaining power of suppliers and buyers

5 Tips on how to increase your bargaining power

6 Benefits of analyzing bargaining power of suppliers and buyers

Business Strategy

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What are the key factors that affect the bargaining power of suppliers and buyers in your market?

1

2

3

4

5

6

1 Porter's five forces

2 SWOT analysis

3 How to use Porter's five forces and SWOT analysis together

4 Examples of bargaining power of suppliers and buyers

5 Tips on how to increase your bargaining power

6 Benefits of analyzing bargaining power of suppliers and buyers

Business Strategy

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