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Strategy, Business Information and Analysis - Essay Example

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A Critical Assessment of Michael Porter’s Contribution to the Field of Strategic Management Outline Introduction A Critical Assessment of Michael Porter’s Contribution to the Field of Strategic Management Overview of Competitive Advantage A Critical Assessment of Competitive Advantage Overview of Five Forces Model A Critical Assessment of Five Forces Model Overview of Generic Strategies of Cost Leadership, Product Differentiation and Focus A Critical Assessment of Generic Strategies of Cost Leadership, Product Differentiation and Focus Conclusion References Introduction The contributions of Michael Porter have had a very profound and all – encompassing influence in the field of strategi…
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Strategy, Business Information and Analysis
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Download file to see previous pages In particular, Porter has contributed mainly the following: five forces model (1980); generic competitive strategies of cost leadership, product differentiation, and focus (1980; 1985); competitive advantage (1985; 1987); four corners model (1980); value chain (1985); diamond model (1990), and market positioning strategies. Since Porter’s contributions have created a pervasive influence on business theory and practice, a lot of strategists from different fields have considered examining, recommending or applying his ideas. Nonetheless, given that his contributions have received widespread attention, it is the case that his ideas have been subject to criticisms. As a matter of fact, despite the fact that it made his 1980 book entitled “Competitive Strategy” the ninth most influential management book of the 20th history (Bedeian & Wren, 2001: 223), Porter’s five forces model received criticisms. In this regard, this paper delves mainly at critically analyzing and evaluating Michael Porter’s contribution to the field of strategic management. In order to give more focus and attention to the works of Porter to the strategic management area, this paper is limited to evaluating only three contributions. Basically, it aims at answering three points. First, it plans to look at Porter’s concept of competitive advantage. After analyzing the concept, second, this paper examines one of the specific types of strategies, his five forces model. The consideration of choosing this particular contribution is because of the fact that despite this model made his book the ninth most influential management book of 20th history, still, it received criticisms. Third, it also intends to assess his generic competitive strategies of cost leadership, product differentiation and focus. This work is selected because he considers such strategies to be generic. Meanwhile, the exigency to critically assess Porter’s contribution is because there is a need to understand why he has happened to be one of the most influential characters in the field of strategic management. This paper is of significance because it offers a deeper understanding of key concepts, ideas and debates in the said field. Likewise, the importance of this paper is that it can offer a critique of Porter’s work. To pursue the objective of this paper, this paper is structured in giving initially an overview of each contribution of Porter which is then followed by a particular critique of his work: competitive advantage, five forces model, and generic competitive strategies of cost leadership, product differentiation and focus. Lastly, it discusses the outcomes of this critical assessment. A Critical Assessment of Michael Porter’s Contribution to the Field of Strategic Management Overview of Competitive Advantage As a concept, competitive advantage is meant by Porter (1980) as a competence achieved via attributes as well as resources in order for higher level performance relative to ...Download file to see next pagesRead More
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