Firms must formulate and implement business strategies that take advantage of the determinants of national advantage in order to achieve competitive success.

Question

Quizplus · Accepted Answer

This statement is true as firms need to identify and leverage the factors that contribute to the competitive advantage of a nation, such as factors of production, related and supporting industries, and institutions, to achieve success in the international market. This is the basis of Porter's diamond model for national competitive advantage.

Firms Must Formulate and Implement Business Strategies That Take Advantage