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.
Bowman's Strategy Clock is a model used by a company while designing marketing strategy to analyze its competitive position in comparison to the offerings of competitors. It is a diagrammatic representation which shows relationship between customer value and prices. Companies use Bowman’s strategy clock as a framework for creating an edge against the competition.
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?
“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.
A value chain refers to the whole series of activities that create and build value at every step for a particular company. The concept of value chain analysis is developed by Michael Porter in 1980 in his very famous book 'Competitive Advantage'. Value chain analysis used to analyze those specific activities which can create competitive advantages for a company.
Porter's Generic Strategies are also called Porter marketing techniques. These strategic tactics used by different companies in order to penetrate a market and after penetration then sustain a strong advantage over the competitions. It can also be elaborate as “the primary aim of a company is to attract the industry in which it operates and secondary purpose of the company is to position itself with in that industry.