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What is the relevance of Michael Porter's 5 forces to modern day business? Give examples and show current reading to support your proposition

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  1. Presentation of Michael Porter five forces' model
    1. The threat of new entrants
    2. The threat of substitute products
    3. The intensity of competitive rivalry
    4. The bargaining power of customers
    5. The bargaining power of suppliers
  2. The relevance of the five forces in modern day business
  3. Criticisms of Michael Porter's model

Born in 1947, Michael Porter was a professor of corporate strategy in Harvard University. Well-known for his researches on how firms could obtain a competitive advantage; he is behind the notion of the five forces model. Established in 1979, Michael Porter's five forces concern the five factors which have an influence on firms' performance. At that time, this model was quite interesting because it was really close to the business reality. Thus, Michael Porter's lowest force represented the competitive advantage of the firm. The problem which is raised here is, what is the relevance of Michael Porter's five forces to modern day business? Is Michael Porter's five forces model still pertinent in our business today? Today, we are aware that business is really sensible and is declining steadily, especially in France. Every day, when we switch on the television, or read the newspapers, we learn that modern business is very threatened. We are witnesses to big companies which lay off employees, or are off shoring, and specially now, we see financial companies such as banks, going bankrupt. Business in the whole world is in really bad conditions and governments are trying to face this huge crisis.

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