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smu mba solved assignments of OM0010 Q1. What are the effects of Global Competition on the industries in India

Global Competition: Developed countries look for new markets for their products in new countries as their own home markets are maturing, while the emerging economies churn out superior products offered at lower prices since the industries in their countries look for larger markets.
Tremendous growth in transportation and communication has made accessing the modern and distant market easier. The entire world can be perceived today as a „Global Village‟, wherein
economic events in one country promptly affect other countries.

Quality, Customer Service and Cost Challenges: Spiralling competition and great strides in innovation have literally made (prospective) customers to behave like „kings‟. Due to the awareness of the choices available for them, customers demand for quality of products. Consequently, many companies today are no more satisfied with delivering ‘acceptable quality‟ but strive for ‘perfect product and service quality’.
Companies are now striving to meet the customers‟ needs and meet the ideal of perfect quality that is the concept of „Total Quality Management‟ (TQM). TQM also focuses on “continuous improvement of quality‟ which, in turn, calls for empowering all those who are involved in making and delivering the products.

Advanced Technologies: Both Manufacturing, as well as service industries has experienced far-reaching impact on their operations because of „automation‟. The initial disadvantages of high investments in automation are outweighed by not only lower manpower costs, but also by improved productivity, improved quality, reduced wastage and scrap, quicker response to customers and more frequent introduction of new products and services.

One of the examples of automation is Computer and Software Technology. Computer applications and software have helped companies replace labour-intensive processes such as payroll, billing, sales order processing, inventory control, etc. with computerized software. Integrated ERP software systems facilitate real-time data and information to support decision making.

However, competitive advantage resulting out of a company’s automation does not last long since competitors invariably duplicate such innovations. At the same time, companies cannot avoid innovating since doing so renders them at a competitive disadvantage.

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