word
Cluster theory
KLUS-ter THEER-ee
/ˈklʌstər ˈθɪəri/Listen
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Syllable breakdown
clustertheory
Dictionary meaning
Michael Porter's theory that geographic concentrations of interconnected companies, suppliers, and associated institutions in a particular field confer competitive advantages through shared infrastructure, labor markets, and knowledge spillovers.
Examples
- Cluster theory helps explain why the film industry in Los Angeles outcompetes dispersed competitors.
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