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A graphical representation of Porter's five forces. Porter's Five Forces Framework is a method of analysing the competitive environment of a business. It draws from industrial organization (IO) economics to derive five forces that determine the competitive intensity and, therefore, the attractiveness (or lack thereof) of an industry in terms of its profitability.
Danny Miller (born 1947) is a Canadian economist and Strategy Professor (Rogers-J.A.-Bombardier Chair of Entrepreneurship) at HEC Montréal. He also teaches at the Chair in Family Enterprise and Strategy at the University of Alberta. [1] According to a statement by HEC, Miller is the fifth-most cited management researcher in the world. [2]
Michael Eugene Porter (born May 23, 1947) [2] is an American businessman and professor at Harvard Business School.He was one of the founders of the consulting firm The Monitor Group (now part of Deloitte) and FSG, a social impact consultancy.
Porter's generic strategies detail the interaction between cost minimization strategies, product differentiation strategies, and market focus strategies of firms. [1] Michael Porter described an industry as having multiple segments that can be targeted by a firm. The breadth of its targeting refers to the competitive scope of the
Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics. [6] Strategic management is not static in nature; the models can include a feedback loop to monitor execution and to inform the next round of planning. [7] [8] [9]
Entrepreneurial orientation (EO) is a firm-level strategic orientation which captures an organization's strategy-making practices, managerial philosophies, and firm behaviors that are entrepreneurial in nature. [1] Entrepreneurial orientation has become one of the most established and researched constructs in the entrepreneurship literature.
In business, a competitive advantage is an attribute that allows an organization to outperform its competitors.. A competitive advantage may include access to natural resources, such as high-grade ores or a low-cost power source, highly skilled labor, geographic location, high entry barriers, and access to new technology and to proprietary information.
Porter's four corners model is a predictive tool designed by Michael Porter that helps in determining a competitor's course of action. Unlike other predictive models which predominantly rely on a firm's current strategy and capabilities to determine future strategy, Porter's model additionally calls for an understanding of what motivates the competitor.