A critical review of Michael Porter's Five Forces model for management.
Written in 2004; 1,955 words; 10 sources; MLA; $ 62.95
Paper Summary:
This paper examines how Porter's Five Forces model has long been considered the standard in the world of marketing strategy and economics. It identifies the five forces that drive competition, including threat of entry by new competitors, intensity of rivalry, pressure from substitute products, bargaining power of buyers, and bargaining power of suppliers. In particular, it attempts to show how, despite the praise that Porter often receives, many critics and business analysts believe that his model is now outdated. Porter's model is sometimes described as generic, and there are many researchers that point out that the model, while applicable to the era of the eighties, no longer applies to today's complex, multi-disciplinary, and technologically-advanced marketplace.
From the Paper:
"Porter's model was hailed as the crowing achievement of his time. His model is still useful as a tool for understanding the concept of business strategy and lying the foundation for analysis for corporations today. However it should not necessarily be utilized as a single generic approach to business success, as the global marketplace and technological advances have changed the nature and scope of business, making it anything but generic in nature. The marketplace of today is at minimum complex and diverse and nature, and a model need take into consideration these factors."
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