Assessing the industry using Porter's five forces

To develop a business and plan for the future, there is a need to assess the current situation. One way of doing this is to use Porter's five forces framework. This was the brainchild of Harvard Business School's Michael Porter and developed in 1979. Looking at the competitive intensity of an industry, the model assesses internal and external factors that act together to determine the direction of the business; taken together, this gives an indication of the attractiveness of the industry.