Porter's Diamond of National Advantage is a model developed by Michael Porter and this model helps in understanding the comparative position of a nation in global competition. This model can also be used for major geographic regions of a single country. Michael E Porter says that nations or sustained industrial growth can create new advanced factor endowments like skilled management and labor, advance technology, government support and culture.
Critical success factor (CSF) is refers to specific activities, procedures or areas that are necessary for an organization or project to achieve its mission and for its continued survival. Critical success factors are unique to each organization and these are required to ensure the success of a project, company or an organization. These key factors reflect the current business and future goals of an organization and can be identified by applying business analytics.
McKinsey 7s Model is a tool designed for the purpose of examining the structural layout of a particular company or business through considering 7 important internal components, namely strategy, structure, systems, shared values, style, staff and finally skills. The reason behind carrying out such process is to make sure that these components are efficiently aligned together, therefore making possible for organization to fulfill its goals.
“A company’s Vision is a statement expresses its ultimate objectives.” It is very vital for a company to have a clear and attainable long-term vision. Vision is statement that actually guides top level management (every chief executive) manager or other company’s employee in achieving the same organizational objective. A vision statement simply asks ‘What does a company want to become in future?
Horizontal integration is the process of integrating with the competitors or leading business that provides same goods or services. Integration may be done either by merging (joining of two companies to make one) or by acquiring (purchase of another company). Horizontal Integration is a strategy that helps the expansion of a business to a profitable level. This form of expansion is contrast to vertical integration.
“Mission statement can be define as “what a company actually does”? What is company business? And why a company does it?” Mission defines an organization core purpose or reason for being, this often called the “credo”, “philosophy”, “core values” or “organizational aspirations”. The basic purpose or objective of mission is to distinguish one organization from other similar organizations.
Porter's Five Forces model is a strategic tool developed in 1979 by Micheal Porter. This model summarizes the 5 marketing factors which affect the performance of a particular company. The weight of Porter's Five Forces determines the abilities and competencies of a firm involved to make profit. If all these forces get high, then profits will be limited. Conversely, if the Porter's Five Forces are weak, it is possible to generate a significant profit.
Competitive Advantage has been introduced in business world for many years. It can be defined as “the superior performance of a particular company relative to other competitors in the same industry or superior performance relative to the industry average.” “It can also be defined as “anything that a particular company does better compare to its competitors in the same industry.”