Substitutes and the Five Forces Model

Substitutes and the Five Forces Model

I am interested in '(innovative) substitutes' such as:
1. New inventions (e.g., mobile phones as communicators)
2. New applications of existing products (e.g., internet on mobile phones)
3. New technologies to gainfully use existing materials more effectively (e.g., nanotechnology)
4. New discoveries about an existing product/material (e.g., use of aspirin to treat heart ailments)
The list goes on.
Is the impact of the likes of the above covered in Porter's framework?
I think the threat from such forces which could make your product or service obsolescent / redundant is (strategically) more important today than all other forces put together, because the timeframes for various new inventions and discoveries has come down a lot. We might call it an increase in the rate of evolution of mankind...

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		4 Jagdish B Acharya Consultant, India
	Major Inventions/Substitutes Make New Rules, they don't Follow Old Rules When a substitute or some invention arrives, it can change the paradigm and new rules or business mo... Sign up

		1 Satriyo Dharmanto Deputy ICT Director, Indonesia
	Porter's 5 Forces and New Technological Substitutes It's a very useful tool that can be used to make a significant analysis of an industry, in combinati... Sign up

		4 Jaap de Jonge Editor, Netherlands
	Innovations/Substitutes in 5 Forces Analysis and Alternative Models The Threat of Substitutes is one of Porter's 5 forces determining the value or attractiveness of an ... Sign up

		1 Anonymous
	Definition of a Substitute A substitute is in consumer theory and business strategy another product or service that can be used... Sign up

		1 Anonymous
	Examples of Substitutes - More and more people substitute tofu for meat nowadays as they use tofu instead of meat. - Video ... Sign up

		1 Anonymous
	Factors in Substitution The risk of substitution can be considered high when: - Switching costs for consumers are relative ... Sign up