Michael Porter Argues That Firms Can Create Competitive Advantages for Themselves

question 125

Essay

Michael Porter argues that firms can create competitive advantages for themselves by adopting one of two strategies.Explain what they are.

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Definitions:

Gene

A basic unit of heredity made up of DNA that contains the instructions needed to develop and direct the activities of cells in an organism.

Nonshared Environment

pertains to the unique environmental factors that contribute to the differences between individuals, particularly siblings, in the same family.

Social-economic Status

A combined measure of an individual's or family's economic and social position relative to others, based on income, education, and occupation.