How does value innovation achieve sustained competitive advantage for the innovating company Quizlet

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1. Factor Conditions
Describe a nation's position with regard to factors of production (human resources, infrastructures) that are necessary to compete in a particular industry. If highly-specialized factors of production are not available it will be an impediment.
2. Demand Conditions
Include the size, growth, and character of home demand for the firm's product.
3. Related Supplier or Support Industries
Firms that operate in a home market with a strong base of internationally competitive supplier/support industries will be favourably positioned in global markets:
- Many inputs are mobile, exchanging key inputs, such as scarce production know-how, does require geographic proximity.
- Companies with skillful home-based suppliers can be early beneficiaries of newly generated production know-how and may be able to shape innovation in supplying firms.
4. Strategy, Structure, and Rivalry
Context for competition in the firm's home market.
- Includes local management practices, organizational structure, corporate governance, and the nature of local capital markets.
- local rivalry affects the rate of innovation in a market far more than foreign rivalry does.
- Firms that survive vigorous local competition are often more efficient and innovative than are international rivals that emerge from softer local conditions.