Problems We Face - Sri Krishna College of Engineering and ...

118 PHAROS
1. Industries which are low in skill and technology and high on the labour content,
natural resources or raw materials must try to produce at lowest possible costs
2. Try to benchmark against the global practices and work on it with unique strategies so
that the competitors do not copy easily.
3. Cost based advantage does not guarantee longevity -- so be innovative in all aspects
and the companies should work on innovative concepts. For example 3M and HP
which inculcates innovativeness in every product it makes.
4. Cumulative investments in machines, knowledge resources and use of information
technology with overall value addition in services offered will lead a company to
sustain competitive advantage longer.
Customer Customer Orientation Orientation :
At this juncture in the business cycle, when new sales are hard to find, the key to survival for
many is in realizing maximum revenue from current customers. The idea is to sell, upgrade or
cross-sell using this hopefully good relationship to extend the vendor’s reaches within the
organization
Other Other activities activities activities in in the the ag agenda: ag enda:
Environmental ethics should be taken care of where the companies need to use eco-friendly
products for manufacturing the products which will lead to optimal use of the resources.
The companies, apart from making profits should also concentrate more on societal activities
for the Corporate Public partnerships. And these partnerships should lead to a responsible
CSR (Corporate Social Responsibility) that enlightens and lifts the life of common people. This
will definitely increase the good will of the company.
Conclusion Conclusion : :
:
The new economy is all about speed, whether you talk about feeling the pulse of the market,
product innovation, customer retention or service parameters. In such environment, the changes
are so fast and discontinuous, -- the bigger the companies are, more exposed they will be.
Hence, linear models of growth will not work here. If the rise is exponential so can be the fall.
So, growth is not a choice for the corporates, it is a compulsion.
But for all this, a sound creative idea and a profitable business proposition are the preconditions
which have to be implemented effectively. As we see it from a point, the new
economy hype, perhaps even the critical success factors need a re-look from the managements
of the firms with the higher growth.
The survival strategy is analogous to the new economy where it’s no longer about the big
beating the small; it’s about the fast and steady beating the slow.
Ms Ms Janaki Janaki and and N N Krishnakumar
Krishnakumar
II MBA