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Diamond theory - Essay Example

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Factor Conditions. Factory costs like labour, overhead, land, natural resources, capital and infrastructure that are created. Special factors included skilled labour, capital and infrastructure. Non key factors like unskilled labour and raw materials are easy to obtain do not generate competitive advantage because they are easy to hire and fire. …
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Diamond theory
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Download file to see previous pages But heavy sustained investments lead to competitive advantage thru expansion or improved service facilities. Porter argues that a lack of resources often actually helps countries to become competitive. Abundance generates waste while scarcity generates an innovative mindset. Such countries innovate to overcome their problem of scarce resources. Examples: a) Switzerland was the first country to experience labour shortages. They abandoned labour-intensive watches and concentrated on innovative/high-end watches. b) Japan has high priced land and so its factory space is at a premium. This lead to just-in-time inventory techniques (Japanese firms can’t have a lot of stock taking up space, so to cope with the potential of not have goods around when they need it, they innovated traditional inventory techniques). c) Sweden has a short building season and high construction costs. These two things combined created a need for pre-fabricated houses. b. Demand Conditions - Porter argues that a sophisticated domestic market is an important element to producing competitiveness. Firms that face a sophisticated domestic market are likely to sell superior products because the customers demand higher quality and after sales services and a close proximity to such markets consumers enables the firm to better understand the needs and desires of the customers. If the nation’s discriminating values spread to other countries, then the local firms will have to be competitive in the global market to survive. ...Download file to see next pagesRead More
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