3.1.1 Introduction
Did you ever think of the most profitable companies in India? Which is the third most profitable company in India? Yes, you guessed it right! It is the Reliance Industries Ltd (RIL). RIL is the second largest public traded company in India in terms of market capitalisation. RIL contributes about 20% of total exports from India. Did you ever wonder from where did Dhirubhai Ambani get the idea of selling crude oil in India? When Dhirubhai was a teenager, he used to work in a company in Yemen. In 1962, he returned to India with an idea of starting his own import-export business. Then, he moved into petrochemicals business and established a profitable and global enterprise in India itself.
Thus, a business
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Advancements and changes in technology create new challenges and issues to entrepreneurs. Old and outdated machinery and technologies may pose competitive pressures. Latest technologies, new equipment and innovative processes may demand skilled workforce and better infrastructure. Scientific advancements may make some skills obsolete, which in turn affect the product life cycle, types of raw materials used and distribution methods.
Technology and technological changes may pose many challenges to marketers. The technology can significantly affect the type of product or service that marketing professionals can offer to their customers. For example: The advancements in technology have significantly changed traditional products like typewriting machines, into more convenient computer systems. It means that one cannot stop the advancements in technology. But, one can learn to adapt to the ongoing changes in technology and systems. So that one can make use of advancements for the betterment of a product, idea or
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The flow should not disturb though there are certain controllable and uncontrollable forces that provide positive or negative effect on making profit for the enterprise. Also, an entrepreneur may note that, when external environmental factors affect one business, they may create an opportunity in another business. Hence, an entrepreneur need to forecast the possible changes in external environment, so that he can develop effective strategies on how to adapt his business to the changing
More new products need to be introduced and research needs to be done to find out which products will be most popular and profitable.
There are several beneficial changes that will occur due to emerging technologies. In today’s technological stage, it is clear that innovation gives birth to a heightened marketing platform. This is a catalyst for more ways to advertise, engage with products and content, understand customers and quickly adapt to customer wants and needs. Better technology is better for
...nd again resulting in creation of bigger markets and pulling large competitors and creating new job opportunities, but the problem is with undefined factors like outsourcing, lack of skill development in respect with technology advancement. Technology advancement may be causing huge impact on employment but it is also making human living better. Technology as became part and parcel of our life so we can’t think of life without technology, but to make sure that the same does not harm our livelihood we should keep in track and sharpen and hone our skills with advancement of technology. (Brynjolfsson & McAfee, 2011)
Technological -The knowledge explosion has introduced new technology for nearly every business function. As we enter a technology based century, the technology used in every organizations operation is increasingly turbulent, rocked by forces such as competition and customer demands. The technological element tends to develop through periods of incremental change punctuated by technological breakthroughs that either improve or destroy the ability of firms in an industry. It is the current state of knowledge about the production of goods and services in an industry.
The increasing process of globalization, coupled with an organization seeking to satisfy the needs of consumers globally, contributes significantly in embracing technology in the marketing process. In addition the marketing strategies are inclined towards reaching not only the targeted segment, but also potential customer that can be captured based on the market forecast of the firm. Therefore, integrating various tools of communication as well as platform of reaching out to a wide range of audience has been embraced by corporate globally. Notably, effective communication is vital in the marketing process (Percy, 2008). On the other hand, reaching out to a wide range of customers or audience in the advertising process in significant important. From this perspective organization can utilize both effective communication and a contemporary platform to reach to a wide range of
Today, advances in technology and design are providing many opportunities for new and existing businesses to re-invent themselves and their marketing strategies.
There is a need for companies to review and realign their marketing strategy. This is done on an ongoing basis to ensure they remain competitive in the market they compete in. According to Sterling (2003:27) product life cycles have reduced, technology undergoes major step changes and with rapid frequency, markets are subjected to swift sporadic change. Furthermore, Damanpour (2010:1007) extends Sterling’s view by adding that, deregulation and increased global competition provides an extra dimension to having a competitive advantage and the economic benefit derived from it.
The lifestyle of people across the world is developing rapidly. As there is a growing concern for people about the lifestyle and way of living, the scope for the microfinance industry is also at a growing pace. A large number of people across the world prefer finance for the purpose of purchase of consumer durables as well as lifestyle products. As the credit card EMI options are more expensive, people prefer NBFCs for the purpose of consumer durable loans. The project done in bajaj finserv explains the role of NBFCs in the consumer durable loans and the procedure undertaken in order to disburse the consumer durable loans.
Case Study:Hindustan Unilever Limited. Hindustan Unilever Limited (HUL) is India's largest fast moving consumer goods company, with leadership in Home & Personal Care Products and Foods & Beverages. HUL's brands, spread across 20 distinct consumer categories, touch the lives of two out of three Indians. They endowed the company with a combined volume of about 4 million tonnes and sales of Rs.10,000 crores.
Aditya Birla Group is one of the first multinational corporations in India. Its headquarter is located in Mumbai with many others operations in different parts of the world such as in Asia (Thailand, Singapore, Myanmar, Laos, Indonesia, Philippines, China…), Europe (UK, Germany, Hungary, Italy, France, Luxembourg, Switzerland…), America (US, Brazil…). Throughout their growing, Aditya Birla have become well known in many sectors that they get involved in not only in India but also around the world. Back to the earlier day of the corporation, when it first founded, the group has focused on critical sector such as textiles and fibre, aluminum… and become one of the largest participant in those areas. Later on, in the 1960s, the company had expanded their business into cement and chemicals. Also, they expanded their business across the border of India into many other countries. This “revolution” has brought the name of the group into the international business map and become bigger than ever (Aditya Birla Group 2007). Today, ABG is a corporation with the consolidate revenue of 30bil with the affiliates in 45 countries and 60% of their revenue come from internationally and become one of the largest private company in the world (Aditya Birla Nuvo Limited, 2011).
Tata Steel India operations are taken care of by Mr. T.V Narendran wheras the responsibility of Tata Steel Europe operations falls to Mr Karl Kohler.
Today there are no limitations to what technology can do to change the way we do Business. From online malls like(http://www.mall.com) to sites likeE-Bay technology has changed the way we do business. What we can conceive we can achieve. What is coming up next might impact our ways of doing business but the major impact, the major changes have began and what will lead now will be enhancing those changes. We have discussed many ways that technology has impacted our businesses.
One of the most integral qualities of an entrepreneur as well as that of a successful business is the degree of innovation it possesses. Innovation refers to the creation of new ideas, improvement of existing production processes, and effective problem solving. Innovation allows for increased efficiency in a business, which in turn increases its supply potential and productive capacity. Being innovative may involve either improving upon old methods o...
Keeping up with technology is difficult, tiresome, and firms find it very costly to keep at pace with it. Technology rapidly and constantly keeps on changing. Being at par technologically requires extensive research and strategic analysis of acquiring new innovation. Enforcing new technology requires staff retraining and in some cases making employees redundant.
To cope with the dynamic and challenging business environment, entrepreneurs need to create and innovative products or services. In the production of the products and services they should be able to succeed otherwise, the competitor in the market will overpower them.