Write a 7 pages paper on porters five forces model of strategy. Companies need to re-examine their market strategy if a change occurs in any of the five forces. Various companies make use of Porter’s Five Forces Model for increasing the effectiveness of their business strategies by considering the environment of their businesses. Porter focused on the power of competition in the market whereas blue ocean strategy, developed by Kim and Mauborgne in 2005, makes the companies move towards growth and higher profits through innovation. Porter’s model focuses more on those powers, which can affect the business of a company whereas the blue ocean strategy focuses on the concept of innovation and improvement. Blue ocean strategy values innovation in all aspects of a business whereas Porter’s model focuses more on analyzing the forces that have the ability to affect the business. The five forces which help a company determine its power in a business situation include supplier power, buyer power, competitive rivalry, the threat of substitution, and the threat of new entry. Let us discuss all of these forces in order to get a better understanding of Porter’s model.