Describe Porter's Framework and the Four Resulting Generic Business Strategies

question 33

Essay

Describe Porter's framework and the four resulting generic business strategies.

Distinguish between enforceable and non-enforceable promises based on the presence of consideration.

Recognize the legal implications of agreements lacking consideration, such as accord and satisfaction.

Identify exceptions to the general rules of consideration, including past consideration and moral consideration.

Understand the role of consideration in the enforceability of a contract, including its function in bargain-for exchanges.

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Definitions:

Good Faith Bargaining

The duty of both parties in a negotiation (e.g., employers and employees' union) to meet and negotiate at reasonable times with willingness to reach an agreement on matters under negotiation, such as wages, hours, and terms and conditions of employment.

Strike Capability

The ability of workers or a labor union to carry out a strike effectively in pursuit of their demands.

Interest Arbitration

A dispute resolution method where an impartial arbitrator makes binding decisions on labor-management disputes, especially during collective bargaining.

Plant Closings

The process of shutting down manufacturing facilities or plants, often leading to job losses and economic impacts on communities.