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Other frameworks by Michael Porter Porter’s Five Forces Porter’s Five Forces is a model that helps organizations to gain a better understanding of their industries and competition. Read also: Business Strategy, Examples, Case Studies, And Tools.Porter’s Diamond Model has attracted criticism for its lack of scope and focuses on select, non-service related industries.
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However, Porter argued that more advanced factor conditions such as skilled and specialist knowledge and access to capital were more important to competitive advantage. Factor conditionsįactor conditions are more basic in nature and refer to unskilled labor, natural resources, and infrastructure. Rivalry is particularly important because it forces companies to innovate, better preparing them for the international market.įor example, German carmakers BMW, Mercedes-Benz, and Audi would not have become globally successful brands without the intense competition they face inside their native Germany. It also includes company objectives and the presence of competitive rivalries, if applicable. This characteristic encompasses how companies are structured and managed. The four characteristics of Porter’s Diamond Model 1.
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These four characteristics give Porter’s model the diamond shape for which it is known, and they are explained in the next section. Instead, he proposed that four other characteristics could accurately predict whether a nation produced organizations that were competitive on the international stage. However, Michael Porter argued that this model was a rather passive summary of economic potential and that far from creating sustained growth, the aforementioned factors may undermine any potential competitive advantage. Traditional economic theory suggests that factors such as land, labor, population size, and natural resources are crucial factors in a nation gaining competitive advantage. The four characteristics of Porter’s Diamond Model.