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Management - Essay Example

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Management Introduction ‘Porter’s Diamond theory’, formulated by Michael Porter, intends to recognise the competitive positioning of firms in a specific industry taking into concern, the various micro as well as macro elements identifiable within the external business environment of any company at the industry level…
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Download file to see previous pages To be precise, the model measures the extent of competitive advantages that a firm possesses within a particular industry setting (Pascal, Widiantoro, Nguyen & Sharief, 2011). Emphasising on this understanding, the discussion henceforth will intend to discuss about the competitive positions of services industry in Canada. The extent of competitiveness of this industrial sector will be ascertained with the assistance of Porter’s Diamond Theory. Determination of Competitive Position of Services Industry in Canada by Porter’s Diamond Theory ‘Porter’s Diamond theory’ has been devised with the motive of determining the conditions of local environment where a firm is operational. This model identifies both internal as well as external capabilities of a firm in order to determine its competitiveness. The theory has been devised with the intention of ascertaining the competitive position of a firm with the advancement of technological factors. Barragan (2005) also noted that companies improve competitiveness with increased productivity and acquiring innovation through the use of advanced technologies. Indigenous firms are identified to be the major contributor towards the development of the economic conditions of a country which mostly represent the service organisations (Barragan, 2005). Notably, there are six variables which are included in the model. Among the six variables, four factors are identified as the determinants of the level of competitiveness a firm possesses which include ‘the related and supplier industries’, demand conditions and ‘firm strategy, structure and rivalry’. The other two factors are considered as indirect factors or outside sources such as government and chance which are determined to be influencing the competitiveness as well as performance of a firm (Karacsony, 2008). The six variables of the model can be precisely identified from the graphical representation below. Porter's Diamond model framework Source: (Markus, 2008) Factor Conditions Factor conditions comprise of numerous factors which include skilful labour forces, availability of natural resources and adopting advanced technologies. These factors are recognised to be necessary to drive enhanced performances as well as to compete effectively in the global market segments. In this regard, companies performing business operations with greater accessibility of natural resources as well as with ample labour forces at economically profitable rate will assist a company to attain competitive advantages. Moreover, companies adopt advanced technologies and Research and Development (R&D) facilities with the intention of creating better innovative and differential products for better competitiveness. The availability of these factors at a low rate is quite likely to aid the companies towards performing their business activities successfully within a competitive market environment (Bakan & Dogan, 2012; Cini & Nater, 2010). Canada is demonstrated to excel in relation to services industry which has been currently reported to be accountable for a growth of over 70% in relation to Gross Domestic Product (GDP). Moreover, this industrial sector is also responsible for providing employment opportunities to around three quarter of the population of Canada. This business sector comprises of industries which offers intangible products as well as services. Furthermore, the companies which ...Download file to see next pagesRead More
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