A powerful and fast paced transformation of the Indian society has begun. This change is driven by the corporate, small and medium enterprises and the common man alike. Usually competitiveness refers to characteristics that permit a firm to compete effectively with other firms due to low cost or superior technology, perhaps internationally. When applied to nations, instead of firms, the word has a mercantilist connotation. This means, international commerce should primarily serve to increase a country's financial wealth. But here, competitiveness means the strategies that individual enterprises may adopt to be successful in terms of revenue, profitability, product development, market capitalization, innovation or any other goals that the business entity might have adopted.
[...] Strategies for Global Competitiveness- Benchmark Costs globally to keep the volume and costs at a uniform level. Companies like Ranbaxy and Bajaj have consistently used this strategy to cover newer markets by focusing on chosen product range. Over a period of years these companies have adopted differentiation in delivery and not the product itself. According to world Economic Forum, the cost advantage with India will remain at least for the next 7 to 8 years. India ranked 43rd overall with excellent scores in capacity for innovation and sophistication of firm operations. [...]
[...] Global ethics and corporate governance can be an appropriate strategy as it has become the tool of maximizing returns. In the existence of external bottle necks and inadequacies such as poor bankruptcy laws, Indian accounting standards and inefficient stock markets, every company today is going for better corporate governance rather than ticking mandatory governance check-list. Some Time Tested Strategies Arvind Mills:- 1. Target large commodity buyers for the benefit of scale Focus on one basic product, but diversify into new markets Use value-addition to provide a basket of related products Integrate forward to cash in on low-cost in-house supplies Keep every element of cost below the level of competitors. [...]
[...] The experiences and success of Reliance, Ranbaxy, Sun Pharmacy, Arvind Mills, Baja Auto, Biocon, Infosys and many more corporate giants go to show that Indian enterprises have an inbuilt capacity to adapt and dominate in the global competitive scenario. Diversification of business strategy with ever changing product range and customer sensitivity would give the extra edge to Indian business in the 21st century. Why Go Global? The question can be answered by looking at some of the experiences of Indian enterprises in the past decades. [...]
[...] The opportunity that lies in the global arena has to be weighed with the global realities such as Corporate Governance issues stricter accounting regulation for instance may necessitate Indian companies to be more watchful International regulations that change constantly and which differ from market to market are not easy to adopt. Diverse workforce: Due to acquisition and mergers, Indian companies will have to deal with people of different countries with different attitudes and cultures. Legal issues of labor different countries have different labor laws and this gives rise to complications. [...]
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