Michael Porter, a renowned Harvard business professor, created the five forces model. It is used to help companies understand and assess the competitive landscape of an industry they are operating in. This model is essential for any corporate strategy, as it helps companies determine how external factors affect their profits and sales. By understanding the forces within their industry, businesses can make more informed decisions about how to compete and position themselves for success. Companies can also use the model to create strategies tailored to their specific industry, allowing them to gain a competitive edge. By understanding the five forces in play, businesses can better understand the dynamics of their industry and make plans accordingly. This can lead to higher profits and greater success in an increasingly competitive business landscape. By researching and fully understanding the five forces model, companies can create a winning strategy considering their industry's influential external factors. This will help them stay ahead of the competition and achieve greater success.