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In Addition to the Five Forces Model of Industry Competition,Michael

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In addition to the five forces model of industry competition,Michael Porter has developed a framework of so-called generic business strategies.Explain these generic strategies,describing their aims and application.


Definitions:

Intangible Asset

An asset without physical substance that provides economic benefit, such as patents, copyrights, trademarks, and goodwill.

Lease Term

The duration for which a lease agreement is effective, specifying the start and end dates.

Modified Accelerated Cost Recovery System

A tax depreciation system in the United States that allows for faster asset depreciation in the early years of asset life.

Straight-Line Depreciation

A method of allocating the cost of a tangible asset evenly over its useful life, used for accounting and tax purposes.

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