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TMA02 B300 Part 2 Policy issues - Essay Example

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It has significantly increased the economic standards for many countries. Despite these challenges, countries can survive in the business environment only through the application of innovative and…
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TMA02 B300 Part 2 Policy issues
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Download file to see previous pages The Diamond Model consists of four attributes which are interlinked and interrelated with each other. These four attributes must be present in order to ensure rapid growth and development in the industrial sector. Porter stated that national competitive advantage is based upon the application of smart and prudent strategies. Flexible, agile, and reliable government policies will assist in the creation of advanced industries. Other variables like productivity, quality, knowledge base, innovation, and creativity were identified as enhancing the competitive edge of nations. This research paper will explain the four attributes of the Diamond Model. It will analyze the impact of four attributes on national policy.
Previous theories related to industrial development and production focused on the availability of human and material resources. However these theories were considered to be flawed because of their linear and simplistic line of reasoning. Most developing countries have abundant material and human resources, yet they have failed to improve economic standards of living. Porter sought to address these concerns by proposing the theory of competitive advantage. National strategy is based upon the application of smart and prudent methods. Governments should have clear and precise goals which encourage investment and business growth. Porter argued that labor intensive industries lead to the production of low level products and services (Suneja, 2002: Pg 113). Competitive advantage helps in knowledge acquisition, quality, innovation, and productivity. It creates highly efficient and effective industries that can eventually target the international market.
Porter assumed that competitive advantage occurs in a systematic and methodical manner. An organization focuses on a single process or attribute in order to develop its capabilities. The systematic ...Download file to see next pagesRead More
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Part 2

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