Differentiate Between Porter's Competitive Forces Model and His Value Chain

question 76

Short Answer

Differentiate between Porter's competitive forces model and his value chain model.

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Definitions:

Marginal Cost

The expense associated with manufacturing an extra unit of a product or service.

Streetlights

Outdoor lighting installed along streets and in public areas to provide illumination during the night for visibility and safety.

Pharmaceutical Companies

Businesses involved in the research, development, production, and marketing of drugs and medications.

Socially Optimal

A state of resource allocation where social welfare, typically measured in terms of efficiency and equity, is maximized.