The 21st century is increasingly characterized by volatile, uncertain, complex, and ambiguous situations, not rigid markets that are "merely" influenced by supply and demand. In today’s technology-driven, fast changing reality, organizations need to have more dynamic approaches to strategy than what Porter recommended. McGrath (2013), for one, has argued it is time to go beyond the very concept of "sustainable" competitive advantage (cf. Porter): in its place, organizations need to forge new paths to winning by quickly capturing opportunities, exploiting them decisively, and moving on even before they are exhausted. McGrath (2013) showed how to do this with a new set of practices based on the notion of "transient" competitive advantage.

Reference

McGrath, R. (2013). The end of competitive advantage: How to keep your strategy moving as fast as your business. Harvard Business Review Press.

I suggest to explore the Pitching theory. In the past, the strategic management solutions may be found in the West. Perhaps, today, we should look around the world to find better management solutions.

No, not relevant or used in practice in the Australian or UK contexts that I’ve worked in. Porter’s is too simplistic a framework to deal with the pace, disruption and need for innovation. I suppose you could boil these things down to differentiation or cost leadership but to do so wouldn’t be very useful or provide much practical guidance to a firm.

Totally agree that Porter’s Five Forces model cannot stand alone. The model provides a structured approach to evaluate and understand the implications of the strategies and actions of relevant elements within the market and its environment.

Porter’s model essentially provides the framework for a risk analysis of factors which influence the level of achievable profits within a particular industry. The model identifies the areas that need to be evaluated. It looks at factors that increase the likelihood of dominance in any of the five areas. That is, the business and marketing strategies that an organisation will follow after the analysis rely on the

a) Relative appeal to consumers or buyers of the products and strategies offered by the operational elements (i.e. competitors / suppliers / new entries / innovators or substitution).

b) Relative size, financial and resource strength of the elements (here include the buyers)

c) Relationship between all elements and the industry environment and

d) Degree of control and that these elements can bring to bear on the cost of production and the prices consumers are willing to pay.

In other words, the Five Forces model does not stand alone but is applied within the context of a situational analysis (PESTLE factors of politics, economy, social issues, technology, legislation and environment)

Porter 5 Forces Model, has been adapted to 6/7/8 forces, but the essence of the model is still extant in most Strategic Management books. In fact, all other models should be used holistically to identify the Strategic SWOT of the Organization. Porter 5 Forces or 6/7 Forces in addition to PEST, Industry/Competitors' Analysis adds strength to identifying the O&Ts in the Strategic SWOT. In fact, all the additional new changes in technologies, workplace environment, Types of leaderships/motivational/engagements theories adds to the composition of a SWOT. The Strategic SWOT coupled with the Ansoff Model in weighting/scoring will facilitate identifications of key areas in SWOT to mitigate/strengthen/upgrade to develop organizational competencies. So in summary I will not say Porter's or for that matter, all other models should be adapted/coupled to get the most appropriate within the context of organization/industry.

Five trends of the future development of enterprise strategic management:

1.First, the extension of the functions of human resource management department and the return to the linear management department;

2. The refinement of HRM functions and functions;

3.Third, the gradual strengthening of the role of enterprise human resource management;

4.. The human resource management methods of government departments and enterprises are getting closer.

5.Globalization and technological innovation are changing the way companies are managed.