Michael Porter Has Identified Four Key Elements in a Nation's

question 58

Multiple Choice

Michael Porter has identified four key elements in a nation's competitive advantage: factor conditions;demand conditions;related and supporting industries;and __________.

• A)consumer behavior
• B)workforce education and skill levels
• C)governmental regulation
• D)company strategy,structure and rivalry
• E)suppliers

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Definitions:

Technical Standards

Specifications and guidelines established by consensus among professionals that ensure the reliability, safety, and interoperability of products, services, and systems.

Government Regulations

Government regulations are legal directives issued by government bodies to control or manage activities within various industries, often for public welfare, safety, or market fairness.

Optimize

This means to make something as effective, perfect, or functional as possible, often through the use of careful analysis and strategies.

Internal Consensus

The agreement reached within an organization or group on a particular decision or issue.