文档介绍：The . Homebuilding Industry and
petitive Position of Large Builders
Professor Michael E. Porter
Harvard Business School
Centex Investor Conference
New York, NY
November 18, 2003
This presentation was prepared with the assistance of Catherine Turco, Harvard Business School. It draws on ideas from Professor Porter’s books and
articles, in particular, Competitive Strategy (The Free Press, 1980); Competitive Advantage (The Free Press, 1985); “What is Strategy?”(Harvard
Business Review, Nov/Dec 1996); “Strategy and the ”(Harvard Business Review, March 2001); and a ing book. No part of this
publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means —electronic, mechanical, photocopying,
recording, or otherwise—without the permission of Michael E. Porter. Additional information may be found at the website of the Institute for Strategy and
Competitiveness, .
Porter – Homebuilding – 11-18-03 – CT 1 Copyright 2003 © Professor Michael E. Porter
Overview
• Industry structure is a key driver of homebuilder profitability
– This tends to be lost amidst attention on fluctuations in interest rates
and housing starts
• Overall industry structure is ing more attractive
• Large multi-regional builders enjoy significant and growing
competitive advantages over smaller builders
• Market assessments of homebuilding stocks appear to be out of
line with other industries that have similar structural characteristics
Porter – Homebuilding – 11-18-03 – CT 2 Copyright 2003 © Professor Michael E. Porter
Agenda
• The Fundamentals of Industry Profitability petitive
Advantage
• The Structure of the Homebuilding Industry
• petitive Advantages of the Large Homebuilders
• Market Assessments of Homebuilding versus Other
Industries
• The Role of Investors in Strategy
Porter – Homebuilding – 11-18-03 – CT 3 Copyright 2003 © Professor Michael E. Porter
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