Factors such as domestic demand and domestic rivalry determine nations' dominance in production.
The Porter Diamond model illustrates the elements that can provide one national market or economy a competitive advantage over another. It can be used to explain both the origins of a country's competitive edge and the process of acquiring one.
- A diagram that looks like the four points of a diamond serves as the visual representation of the Porter Diamond.
- These four elements are company strategy, structure, and competition; associated supporting industries; demand conditions; and element conditions.
- According to Porter's theory, factor conditions are the most crucial and final determinant. A country's economy can produce certain elements, according to Porter, such as a sizable pool of skilled workers, technical innovation, infrastructure, and capital.
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