Porter could visualize five forces, which determine the industry structure and provide generic competitive strategies. The identification of these forces is vital for an in depth study of the industry structure so as to take strategic decisions. The study of these five forces gives much insight into the industry, competitiveness and potentialities. The generic competitive strategies suggested in the model have been the guiding force for competitors in the monopolistic industry structure. As the industry structure in the world is mostly leaning towards monopolistic competition structure, the strategies suggested by Porter are of practical significance and of much relevance in the monopolistic competitive ambience.

Competition for survival has been the guiding force for existence. Competition has been associated with the creation of wealth. With the development and progress of the civilization, the competition has become more complex. There has been clamor for optimum utilization of scarce resources, thereby adding optimum values. The firms are engaged in various activities to produce product with minimum cost and maximum profit. Thus, the core competencies of the organization are reflected in their commercial activities and the most competent is the winner in grabbing a large chunk of market share and leads the industry.

With globalization permeating the world atmosphere, the competition has become carnival. Competition is no more limited to country contours; rather it has become mainstream in international plane. In the present scenario, the competition has come to the fore front and competitive advantage has been one of the important considerations while framing the corporate strategy of any organization. Ansoff has categorically stated that unless a firm has a competitive advantage, it will fail to achieve its goals of market share and profitability. Concept of "Survival of the fittest" and the concept of competition is the rule of the game.

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