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porter’s five forces model helps in accessing where the power lies in a business situation. porter’s model is actually a business strategy tool that helps in an*lyzing the attractiveness in an industry structure. it let you access current strength of your competitive position and the strength of the position that you are planning to attain. porters model is considered an important part of planning tool set. when you’re clear about where the power lies, you can take advantage of your strengths and can improve the weaknesses and can compete efficiently and effectively. porters model of competitive forces as*umes that there are five competitive forces that identifies the competitive power in a business. situation. these five competitive forces identified by the michael porter are: a new product pas*es through set of stages known as product life cycle. product life cycle  applies to both brand and category of products. its time period vary from product to product. modern product life cycles are becoming shorter and shorter as products in ma*ure companies always attempt to maximize the profit and revenues over the entire life cycle of a product. in order to achieving the desired level of profit, the introduction of the new product at the proper time is crucial. if new product is appealing to consumer and no stiff competition is out there, company can charge high prices and earn high profits. marketers use different tools in order to get the desired response from the customers or best satisfy their needs. these tools are known as the marketing mix. marketing mix is probably the most famous term in marketing marketing mix is a combination of marketing tools that a company uses to satisfy their target customers and achieving organizational goals. mccarthy clas*ified all these marketing tools under four broad categories: these four elements are the basic components of a marketing plan and are collectively called 4 p’s of marketing. 4 p’s pertain more to