Globalization,
improvement in communication and technological development have totally
metamorphised the international trade and business in new millennium. (Albrow,
1997).Competition in all aspects of business hotted up and need to spruce up
all operations became the imminent need. The competition this time is not like
during the earlier periods where wings of protectionism by local governments, geographical
barriers like distance between countries, competition only from domestic peers
saved the companies.(Robinson,1996 ). But protectionism has now become a thing
of the past, as economies are opened up, geographical barrier removed by
improvements in transportation and communication facilities and competition
from domestic peers replaced by competition from international giants.
(Robinson,1996 ). The advent of internet and e-commerce further hotted up the
competition. It is a no-holds barred competition, where everything is
considered fair in love and war. This time around there is no escape for
competitions, but only two outlets –“fight or perish”. (Robinson, 1996).
The industry’s response
to the competition is equally
challenging.They did not
sit idle waiting for the competition to soften as in earlier times. They
realized that this time the competition is totally different this time, fierce
and cut throat. The Globalization and global competition is here to stay.
(Albrow,1997).
The companies and
entities reviewed various aspects of their businesses and came up with new
strategies in various areas which were unheard of before. There were structural
adjustments, product quality improvement strategies, supply chain improvement
strategies, backward integrations, forward integrations, collaborations,
mergers and acquisitions. Marketing strategies became innovative and
ad-campaigns became mind-boggling for sheer variety. There were
diversifications and expansions. Product specializations became obsolete and
diversification became the new keyword. (Robinson, 1996).
Whatever be the
response of the companies to the new challenges of modern competition, there is
one thing that needs utmost attention to be paid. There may be strategies to
implement, there may be methods of implementation of the same, but implementers
are the most important of the overall strategy. The company may be like an
overhauled machine with new strategies, but unless there is a skilled and
committed driver, there is no use of the machine. In a similar way, the company
needs competent and committed drivers to drive the company in the desired path.
(Robinson,1996).
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