Michael Porter, Competitive Advantage ( Please see the assignment Coursework - 1

Michael Porter, Competitive Advantage ( Please see the assignment criteria ) - Coursework Example It is in this context that the tendency of homogeneity in the demand of products influences the industry players to concentrate on heterogeneity in a rapidly growing manner. This fuels up the essentiality of competitive advantage in the current market situation (Wiggins, 1997). Therefore, competitive advantage of a firm in the modern day context depends largely on the firm’s performance as steered by its leader. In the 21st century context, it is the organisational leaders who play the major role in directing the organisational performance towards the achievement of competitive advantage. The fact is considered to be quite significant as competitive advantage provides with numerous opportunities to the companies to sustain in the market. Thus, it can be stated that the achievement of success along with failure in terms of competitive advantage depend on the organisational leadership (Ireland & Hitt, 2005). Porter (1998) observed, â€Å"A firm in a very attractive industry may still not earn profits if it has chosen a poor competitive position. Conversely, a firm in an excellent competitive position may be in such a poor industry that it is not very profitable, and further efforts to enhance its position will be of little benefit† (pp. 2).