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POINTS AND LIMITATIONS OF THE PORTER DIAMOND

Both PLC theory and country-similarity theory show that new products(or industries)
Usually arise from companies’ observation of need or demand, which is usually in their
Home country. Demand conditions are the first point in the diamond. Companies then start up production near the observed market. This was the case for the Italian ceramic tile industry after World War II: There was a postwar housing boom, and consumers wanted cool floors because of the hot Italian climate. The second point of the porter dia-mond―factor conditions (recall natural advantage within absolute advantage theory and the factor-proportions theory)―influenced both the choice of tile to meet consumer demand and the choice of Italy as the production location. Wood was less available and more expensive than tile, and most production factors (skilled labor, capital, technology, and equipment) were available within Italy on favorable terms. The third condition―the existence of nearby related and supporting industries(enamels and glazes)―was also favor-able. (Recall discussions of the importance of transport costs in the theory of country size, assumptions of specialization, and limitations of PLC theory.)

The combination of three conditions―demand, factor endowment, and related and supporting industries―influenced companies’ decisions to initiate production of ceramic tiles in postwar Italy. The ability of these companies to develop and sustain a competitive advantage required favorable circumstances for the fourth condition―firm strategy, structure, and rivalry. Barriers to market entry were low in the tile industry (some companies started up with as few as three employees), and hundreds of compa-nies initiated production. Rivalry became intense as companies tried to serve increase-ingly sophisticated Italian consumers. These circumstances forced breakthroughs in both product and process technologies, which gave the Italian producers advantages over foreign producers and enabled them to gain the largest global share of tile exports.

The existence of the four favorable conditions does not guarantee that an industry will develop in a given locale. Entrepreneurs may face favorable conditions for many different lines of business. In fact, comparative advantage theory holds that resource limitations may cause companies in a country not to try to compete in some industries, even though an absolute advantage may exist. For example, conditions in Switzerland would seem to have favored success if companies in that country had become players in the personal computer industry. However, swiss companies preferred to protect their global positions in such product lines as watches and scientific instruments, rather than downsizing those industries by moving their highly skilled people into a new industry.

A second limitation of the diamond concerns the increased ability of companies to gain market information, production factors, and supplies from abroad. At the same time they face more competition from foreign production and foreign companies. The absence of any of the four conditions from the diamond domestically, therefore, may not inhibit companies and industries from becoming globally competitive. First, take the existence of demand conditions. We have already discussed how observations of for-eign, rather than domestic, demand conditions have spurred much of the recent growth in Asian exports. In factm such Japanese companies as Uniden and Fujitech target their sales almost entirely to foreign markets. Second, domestic factor conditions can change. For example, capital and managers are now internationally mobile. Much of Singapore’s recent global export growth of high-tech components has depended on the importation of these factors. Third, if related and supporting industries are not available locally, materials and components are now more easily brought in from abroad because of advancements in transportation and the relaxation of import restrictions. In fact, many MNEs now assemble products with parts supplied from a variety of countries. Finally, companies react not only to domestic rivals, but also to foreign-based rivals with which they compete at home and abroad.


WHY COMPANIES TRADE INTERNATIONALLY

Now that we know some country trade theories, let’s see why companies trade. Regardless of the advantages a country may gain by trading, international trade ordinarily will not begin unless companies within that country have competitive advantages that enable them to be viable traders―and they must see profits in exporting and importing. Only if they perceive that the international opportunities might be greater than the domestic ones will they divert their resources to the foreign sector. To understand why trade takes place, it is useful to understand the competitive advantages and trade opportunities accruing to individual businesses.

THE PORTER DIAMOND

Why do specialized competitive advantages differ among countries―for example, why do Italian companies have an advantage in the ceramic tile industry and Swiss compa-nies have one in the watch industry? Figure 5.5, the porter diamond, shows that four conditions are important for competitive superiority: demand, factor endowment, related and supporting industries, and firm strategy, structure, and rivalry. We have already discussed all four of these conditions in the context of other trade theories. But how they combine affects the development and continued existence of competitive advantages. The framework of the diamond is, therefore, therefore, useful for understanding how and where globally competitive companies develop. Usually, but not always, all four conditions need to be favorable for an industry within a country to attain global supremacy.

The porter diamond shows the interaction of four conditions that usually need to be favor-able if an industry in a coun- try is to gain a global compete-tive advantage.

Source: reprinted with the permis-sion of the free press, a division of simon & Schuster, Inc,, from the competitive advantage of nations by Michael E. porter. Copyright 1990, 1998 by Michael E. porter.