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...

		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 models can be born and wanted. It is difficult to find models which are able to explain substitutes o...

		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 combination with other related tools. Regarding the threat of substitutes, I personally think that new techn...

		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 industry. There are obviously 4 others. Although Porter admitted that the internet has a major impa... 31-8-2022

		Anonymous
	Definition of a Substitute A substitute is in consumer theory and business strategy another product or service that can be used for the same purpose by the consumers and take the place of an existing one. Substitution can happ... 1-9-2022

		Anonymous
	Examples of Substitutes - More and more people substitute tofu for meat nowadays as they use tofu instead of meat. - Video conferencing tools like Skype or Teams or Zoom can be substitutes for business traveling/flying. - ... 1-9-2022

		Anonymous
	Factors in Substitution The risk of substitution can be considered high when: - Switching costs for consumers are relative low. - Consumers are not very loyal and their price sensitivity is high. - The perceived performan... 1-9-2022