Michael Porter's Five Forces Porter's Term Paper

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Corporations interested in using Porter's model may consider the model a good starting point. The model will allow some industry analysis. For a business to be truly successful, it will have to work at adapting Porter's model to accommodate the changing face of competition in today's marketplace.

Competition is ever present and existent, but more and more companies are creating networks and partnerships to facilitate productivity and change in the global marketplace. Consumers are no longer limited to static organizations or local services to acquire services; rather they have the ability to shop from a global marketplace that can offer anything and everything. Thus corporations should consider the possibilities inherent in global partnerships.

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.

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The marketplace of today is at minimum complex and diverse and nature, and a model need take into consideration these factors.

There are many economic theorists and researchers that are working on new synopsis of the marketplace that include analysis of the uses of technology. Downes (1997) has just begun to broach the subject of digitalization and globalization as well as deregulation in the global marketplace. Porter himself has recently acknowledged that technology is now a considerable force to be reckoned with in the global marketplace (Downes, 1997). The business model of the future will likely rely less on examining competitive strategy (though this will always be a critical factor in business success) and more on the relevance of business networks and information technology/knowledge sharing as factors in marketing......

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