Analyze Thailand's competitive use of portor diamond model. 1. Factor conditi...
Question:Analyze Thailand's competitive use of portor diamond model.1. Factor conditions2. Demand conditions3. Related and supporting industries4. Firm strategy, structure and rivalry5. Government6. ChanceGlobal Competition:It refers to the existence of competing organizations and their effectiveness including firms and industries that serve international customers throughout the world and must be influenced by different elements, like communication, improved shipping channels, anti-restriction policies, and centralized finance authorities.
Answer and Explanation:Porter's Diamond Model ( the Theory of National Competitive Advantage of Industries):The model that is given by Michael Porter has a diamond shape and structure that focuses on explaining the state of different industries and levels of competitiveness at the global level. According to him, the ability of any company or industry that is going to compete internationally depends on the interrelated set of location advantages and current benefits. The study of this model is helpful and even necessary to describe and compare the significance of the government and chance in industrial performance and output.The changing market conditions include:a. Factor conditions.This explains the state of available resources.b. Demand conditions.This describes the size and structure of the domestic market.c. Supporting industries.This includes information about the availability of domestic suppliers in the market.d. Firm's strategy, its structure, and rivalry.It tells about the intention of local rival firms and the managerial system.e. Government.It is about government policies and regulations. It also includes the role of government as a challenger and catalyst both.f. Chance.This includes the existence of unexpected and random events.The market competitiveness is helpful and even necessary when going beyond domestic territories and battling the world's largest competitors in the international market. The model includes two components, mainly: the role of the government and chance. Most of these situations led to innovation and up-gradation.
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