這些力量的集體作用同時決定了產業的獲利潛力，以及公司在該產業的經營策略。
1. Bargaining Power of Suppliers 供應商的議價力
The bargaining power of suppliers will be strong if any one or more of the following conditions are met:
若符合以下任何一個或多個條件的話，供應商的議價力就會很強：
・Number of suppliers is few 供應商的家數少
・Product that is supplied is unique 所供應的產品獨一無二
・Substitute products are not available 沒有替代品
・Supplier could “integrate forward” and become a new direct competitor 供應商能「向前整合」並成為新的直接競爭者
2. Bargaining Power of Buyers 買主的議價力
The bargaining power of buyers will be strong if any one or more of the following conditions are met:
若符合以下任何一個或多個條件的話，買主的議價力就會很強：
・Concentrated number of buyers 只有少數的買主
・Purchases in large volumes 大量購買
・Substitute products are available 可取得替代品
・Buyer could “integrate backward” and become a new direct competitor 買主能「向後整合」並成為新的直接競爭者
3. Threat of New Entrants 潛在競爭者的威脅
This deals specifically with the “barriers to entry” or, how difficult it is for an outside company to come in to the industry. Some barriers to entry include:
這裡特別是在談「進入障礙」，或者是說產業以外的公司要進入該產業有多難。進入障礙包括：
・Capital requirements (money) 資本需求（資金）
・Economies of scale (cost advantages) 規模經濟（成本優勢）
・Proprietary technologies 獨家技術
・Government policies / regulations 政府政策／管制
4. Threat of Substitute Products 替代品的威脅
Are there other products that can meet the same customer needs? For example, Disneyland not only competes with Universal Studios in the theme park market, it also competes with other entertainment options such as sporting & concert events, movies, online games and so on. All are competing for the same entertainment dollar.
有其他的產品能滿足同樣的顧客需求嗎？例如，迪士尼不但要在主題樂園的市場上和環球影城競爭，還要跟其他的娛樂選項競爭，比方像運動和音樂活動、電影、線上遊戲等。這些業者都在搶食同樣的娛樂花費。
5. Existing Competition in the Industry 產業內的現有競爭
Industry competition is strong if one or more of the following conditions are met:
若符合以下任何一個或多個條件的話，產業競爭就算強：
・Competitors are numerous 競爭者眾多
・Industry growth is slow 產業成長緩慢
・Product lacks differentiation 產品缺乏差異化
・Exit barriers are high 退出障礙高
Word List 重要字彙
bargaining power 議價能力 / entrant (n.) 進入者 / substitute (adj.) 替代的 / collective strength 集體作用 / integrate forward 向前整合（賣方進入買方所在的產業） / concentrated (adj.) 集中的 / integrate backward 向後整合（買方進入賣方所在的產業） / barriers to entry 進入障礙（在商學院裡經常簡稱為 BTE） / proprietary (adj.) 獨家的 / option (n.) 選項 / entertainment dollar 娛樂花費 / numerous (adj.) 眾多的 / differentiation (n.) 差異化 / exit barrier 退出障礙
Airlines—Come Fly with Me
There are still substantial upfront capital costs to purchase or lease airplanes, but the excess capacity in the industry has made leasing a more attractive financing option. Moving to the customer side we see two segments: business and leisure travelers. The former has other options in terms of teleconferencing or other types of technology to communicate with business partners & customers. Leisure travelers may opt for rail travel (domestic) or one of the many emerging discount airlines (domestic and international). Substitute products would be other forms of transportation (rail, bus, car for domestic travel) or communication technologies such as Skype which allow business to be conducted from around the world. Finally, the industry itself has fallen into three camps: the discounters, the premium service providers, and everyone else. It’s the last category which has been struggling, with repeated bankruptcy filings by airlines unable to stake out a clear competitive advantage.
我們現在來把五力分析模型應用到航空業上。主要的供應商可分為兩類：飛機製造商和燃料供應商。前者是由兩家公司所主導：波音和空中巴士。就這樣，在買飛機的時候，就是兩家公司可選，所以基本上有利於供應商。燃料則是另一個產業要素。航空公司目前並沒有可行的替代能源來源可供仰賴。燃料是種大宗物質，並且完全受航空公司掌控範圍之外的因素所左右。以潛在競爭者來說，我們看到廉價航空的家數近年來隨著政府的管制（進入障礙）鬆綁而暴增。這些廉價業者所訴求的是想省錢的旅客，而大型的航空公司傳統上都靠他們來填滿飛機的後段座位。
可用來購買或租用飛機的先期資金成本還有不少，但產業的產能過剩使租用成了較有吸引力的融資選項。從顧客端來說，我們看到了兩個區塊：商務和旅遊來客。在跟商務夥伴及顧客聯絡時，前者所具備的其他選項有電話會議，或是其他類型的科技。旅遊來客則可以選擇火車旅遊（國內），或是從多家崛起的廉價航空當中挑選一家（國內和國際）。替代品有其他的交通工具（以火車、公車、汽車從事國內旅遊），或是像 Skype 這種讓人在世界各地都能做生意的通訊科技。最後，產業本身分為三個陣營：廉價業者、高檔服務業者和其餘所有的業者。最後一類可說是搖搖欲墜，找不到明確競爭優勢的航空公司頻頻宣告破產。
