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Read the case study below and answer the questions that follow.Porter five forces model, developed by Michael E. Porter of HarvardUniversity in 1979, holds the purpose to analyse the industry inorder to determine the level of intensity regarding the competitionand attractiveness of the industry. The attractiveness of anindustry is measured in terms of profit; more profitability means amore attractive industry and low profitability means a lowattractive industry. Porter’s Five Forces model is a powerfulmanagement tool for analysing the current industry profitabilityand attractiveness by using the outside-in perspective. Within thelast decades, the model has attracted some criticism because of thedeveloping Internet economy. Due to an increasing significance ofDigitalization, Globalization and Deregulation, the industrystructure of the ‘Old Economy’ changed fundamentally. The ‘NewEconomy’ is not comparable with the ‘Old Economy’, which is thebasis of the Five Forces model. Moreover, the last decades haveshown that Information Technology became more and more important.Nowadays, Technology is one of the most important drivers forchange and not only important for the implementation of change. Theoutcome of this critical literature review shows that the three newforces changed the industry structure, but they do not restructurethe model. Porter’s Five Forces cannot be considered as outdated.The basic idea that each company is operating in a network ofBuyers, Suppliers, Substitutes, New Entrants and Competitors isstill valid. The three new forces just influence each of the FiveForces. An example is that the Bargaining Power of Buyers increaseddue to the access to much more information because of the Internet.Furthermore, the Threat of New Entrants decreased since companieshave to make high investments in Technology which has a deterrenteffect on new potential market entrants. Source:https://essay.utwente.nl/65339/1/D%C3%A4lken_BA_MB.pdf Answer ALLthe questions in this section. Question 1 (20 Marks) The Emergenceof the digital firm and globalisation are two of the three factorswhich have fundamentally altered the process between analysing acompany in the “Old Economy” and analysing a company in the “NewEconomy”. Analyse the effects of these two factors in the contextof Porter’s Five Forces Model.