There Have Been Considerable Changes That Have Taken Effect Since

question 8

Essay

There have been considerable changes that have taken effect since Porter presented his theories.One such impact is due to the tremendous technological advancement.In light of these changes,examine what potential impact technology has on some of his theories.

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Definitions:

Human Resource Management

The strategic approach to the effective management of people in a company or organization, aiming to help the business gain a competitive advantage.

Procurement

Involves the strategic acquisition of necessary goods and services for organizational operations, emphasizing cost-effectiveness and efficiency.

Substitute Products

Goods or services that can serve as replacements for each other; when the price of one goes up, the demand for the other might increase.

Information-Based

Referring to processes, businesses, or systems that primarily rely on data and information to function or provide value.