Michael Porter (Economist)

Michael Porter is a prominent economist known for his work in competitive strategy and business management. He developed key concepts such as the "Five Forces" framework, which helps businesses analyze their industry structure and competitive dynamics. Porter also introduced the idea of "value chain," which examines how companies can create competitive advantages by optimizing their internal processes. His theories emphasize the importance of understanding competition, market forces, and strategic positioning, thereby guiding businesses in making informed decisions for success and sustainable growth in their respective markets.