Michael Porter Argues That Firms Can Create Competitive Advantages for Themselves

question 129

Essay

Michael Porter argues that firms can create competitive advantages for themselves by adopting one of two strategies.List and explain what strategies Michael is referring to.

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Definitions:

Integrator

An individual or tool that combines or coordinates separate elements or structures into a unified whole.

Standardization of Work Processes

The practice of implementing uniform procedures and criteria in organizational tasks to improve efficiency and quality.

Labour Coordination

The process of organizing and managing a workforce in order to achieve efficient production and meet organizational objectives.

Formal Means

Established, official procedures or methods.