In the context of national advantage, the role of the nation had much to offer. The capacity of the nation to support innovation is important. Similarly, the competitors for the business in the form of home suppliers and the demand of local customers add to this. However, it has now been acknowledged that in the international context, the role of the suppliers is no lesser. Competitive advantages are sustained internationally and locally (Porter, 1994; Porter, 1986). A localized process is admitted as being at the core of competitive success. Businesses would be able to succeed in a specific industry internationally only when they are able to succeed locally. In particular, a dynamic, challenging, highly competitive and demanding local environment often helps industries succeed better.
“Much innovation is mundane and incremental, depending more on a cumulation of small insights and advances than on a single, major technological breakthrough. It often involves ideas that are not even “new”—ideas that have been around, but never vigorously pursued. It always involves investments in skill and knowledge as well as in physical assets and brand reputation” (Porter, 1990, para. 8).
It could be as simple as perceiving a market opportunity that was previously ignored (Caves et al., 1980; Porter, 2008). Some corporations like Volvo and Atlas Copco have indeed pursued this in order to see success in both international and domestic markets. A McKinsey report on international jewellery market and innovativeness claims that the jewellery market is a matured market. The demand for jewellery is stable and hence the form of competitive advantage that businesses will have will be based on their adaptive business systems. Only those companies that can be adaptive will be able to thrive better (Calori et al., 2001; Holden & Glisby, 2010). In terms of affordability of jewellery, it could be said that companies that understand affordability would be successful. These are the companies that understand their consumer segments and target them according to the national demands. Furthermore, as the report claims, innovative jewellery businesses will be more successful. For example, the report presents that jewellery businesses were able to emulate the working of fast fashion companies. Fast fashion companies can be considered as a separate industry when compared to the jewellery industry. They thrive on the concept of fast moving fashion retail. The fashion concepts are pushed quickly from ramp walk to in-store retail. These fast fashion trends ensure that people are able to buy the designs within a short period of time after they are introduced in a fashion ramp walk. However, not all jewellery manufacturers follow this trend. As Dauriz et al., (2014) claims, “Innovative jewellery players will emulate fast-fashion apparel companies: they will react to trends quickly and reduce their product-development cycle times. Doing so will require closer collaboration with partners, which along with the value chain from suppliers to designers to logistics providers” (Dauriz et al., 2014, para. 26).
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