Context is a term used in design thinking to refer to any information, circumstances or data that might help in understanding a problem or a situation.In other words, it is a process of discovery to explore a range of information about your customers, competitors, and socioeconomic trends.

Porter's 5-forces model is kind of a strategic business model used for competitive Analysis for staying ahead of rivals by studying the circumstances in the external environment. Its main five forces are as follows :
1. Supplier power
2. Buyer power
3. Competitive rivalry
4.Threat of substitution
5. Threat of new entry

Yes, Porter's 5 Forces cannot be regarded as outdated. The framework of Porter's 5 forces is frequently employed while examining industries. It alludes to the ways that competition shapes corporate strategies that are most likely to succeed. The structure has stood up well over time and is still used frequently in business school materials.

Porter's 5 Forces analysis helps businesses understand the elements that determine profitability in a particular industry, and it can help them make decisions about whether to enter a certain sector, whether to expand there, and how to establish competitive strategies. This is helpful in determining both the strength of an organization's existing competitive position and the strength of a position it may seek to occupy in the future.

Porter’s 5 Forces is considered a macro analytical tool in business analysis – it looks at the industry’s economy as a whole to understand where the organization stands in the industry.