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His Five Forces model, created in 1979, is still relevant today for the accurate way in which it explains how the economic value in an industry is apportioned.
Academics and management gurus seek to translate the real world and its problems into neat models easily understood by managers.In general, however, two or three of these have emerged as the most prevalent in the past decade or two, and presumably in the next decade or two coming up. In addition to the complex political and human resources issues that arise from globalization, firms are increasingly international, multinational and even global in scope.This significantly increases the risk level that the firms face.The simplicity of management frameworks has resulted in their near ubiquity in business schools and as a consequence in practical management as well. Where the Five Forces analysis is focused on the competitive environment, the PEST analysis focuses on other facets of the external environment.The Blue Ocean strategy orients the competitive environment is a different way from the Five Forces.Yet, it is the growth prospects of the developing world, combined with the maturity of Western markets, that has spurred globalization.Managers thirty years ago had little reason to concern themselves with South-East Asian coups or which currency was collapsing in South America -- today they do.Management theorists expound upon the virtues of each technique (Burke, van Stel & Thurik, 2010) or offer their own adaptations of these frameworks (Grundy, 2006) with the intent of making them more practical for real world management.While these frameworks are widely taught, they may not be widely used. RI.8.5 – Analyze in detail the structure of a specific paragraph in a text, including the role of particular sentences in developing and refining a key concept. RI.11-12.5 – Analyze and evaluate the effectiveness of the structure an author uses in his or her exposition or argument, including whether the structure makes points clear, convincing, and engaging.