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Modern Business in Comparative Perspective - Essay Example

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The paper focuses on the modern business in a comparative perspective using Porter’s diamond model. It contains the national competitiveness of a country. The model observes the reason that some nations and industries within a nation are more competitive than the other…
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Modern Business in Comparative Perspective
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Download file to see previous pages Porter’s diamond model is a type of economic model, which is established by Michael Porter in the book The Competitive Advantage of Nations, where he explains the reason for the competitiveness of particular businesses in specific nations. Porter analyzed and formulated the model based on two parts. Initially, the analysis has been conducted on ten important nations that include the US, Germany, Denmark, South Korea, Britain, Italy, Sweden, Switzerland, Japan, and Singapore in order to develop a map based on which organizations can conduct operations for their success. The second analysis is the dynamic process through which competitive advantage can be accomplished. Among the ten nations, the US, Japan, and Germany are identified to have leading industries and other nations represent a variety in terms of population size and policies of the government towards industry, geographical size and locations (Neven & Droge, 1998.). The six factors of the Porter Diamond model is the significant tool for the analysis of competitiveness such as ‘factor condition’, demand condition’, related and supporting industries’, ‘government’ and ‘chance’. Factor conditions include different factors such as human, capital, information resources as well as infrastructure. In the home market, the demand condition helps the companies to produce a competitive advantage where the buyers of the sophisticated home market create the pressure for firms to innovate faster and to produce more advanced products than the competitors. Related and supporting industries are helpful to generate cost-effective inputs, which are important for the improvement and for industrialization. Firm strategy, structure, and rivalry are one of the factors of the diamond model, which organizes a basis for competitiveness. Government is an important factor and is recognized to affect production factor, demand condition as well as the competition among the firms. ...Download file to see next pagesRead More
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