Manufacturing Industries
Introduction
SWOT analysis (strengths, weaknesses, opportunities and threats) is one way of doing assessment of a certain business in terms of its resources and its environment. The analysis is done in order to make the business to understand the potential investors to business in terms of its market range. SWOT is used to discover what the business is good at, how to improve the business, identifying opportunities of the business and changes that may be encountered in the market. The purpose of this study is to identify the SWOT analysis of manufacturing industries in Indian and why they do well in manufacturing products compared to other countries.
New opportunities and elimination of threats is done by; completing a SWOT analysis program. This will guide you to understand the core values of the business and help one reach out the greatest opportunities of the business. Singh, cooper, Cole, Gnanapragasam & Shapley (2019) states that complex businesses need to be managed through leadership skills who will build commitment to the organization. Also will help in highlighting areas that need changes. Using your analysis from the information you have collected, learn and build your strengths and plan how to minimize your weaknesses. Having understood your opportunities where they are, make maximum utilization of them and try to change your threats into opportunities and put everything into a plan.
Another one is using SWOT analysis for the next ten years as it is a continuous exercise. Singh, cooper, Cole, Gnanapragasam & Shapley (2019) further states that business environment keeps on changing so as SWOT analysis is an ongoing activity which needs to be carried on throughout. SWOT analysis is never done once but should be updated all the time to cover new emerges to the business. Lastly, relying all the time on SWOT to provide all answers about your business. This is a useful guide that will take you through analyzing your business and your potential market. It will guide you to come up with a better strategy to attack your competitors and also attract more customers.
Indian industries are expected to do better in their businesses because they have evolved globally and have become very much competitive in nature. Robert, Eden, Chung & Mike (2017) states that opportunities seen will make manufacturing industries grow drastically. This depends on the overall investment and infrastructure and the natural resources that are available to the global market. The strengths of Indian manufacturing industries are; high demand for domestic industrial goods having found out their products are mostly consumed locally, skilled human resources who are available on low cost and there is increasing investment in real assets across industrial areas. The weaknesses of Indian industries are; high industrial sickness which come from the pollution of chemicals used in the industries, there is poor infrastructure which delays in delivery services and most of the industries operate on small scale sectors.
Indian industries have widened their growth of investment overseas to market access and this is due to outsourcing of opportunities has led to its growth. Robert, Eden, Chung & Mike (2017) states that the emerging economies are due to the result of low-income and growth of economies. There is a wide market to explore and the growing competition which will lead to efficient and quality of products. Some of the threats are; stiff competition from other countries like China industries which shows that customers will shift if measures are not to be taken quickly, having large informal sector will lead to poorly working conditions and have low income, environmental safety that may affect industries sustainability and the growing of cycling industries which will also affect their products as the cycling one will be cheap.
Industries continue to exist because of their stronger and firmer standing in their operations, despite issues that are entering to the market will increase and intensify market rivalries. For example, can lead to bargaining power of suppliers by selling their products at a higher price and exercising their powers to make industry profits which will be their advantage. Another one is the bargaining power of customers by putting more pressure to lower down prices, or at the same time their power will increase the product’s quality. The extent of substitute products will impact the industry by customers switching to other industries willingly and that is due to customer loyalty to different products being manufactured. But this depends also the switching costs on the same products. Prem & Martin (2002) states that the existence of raw materials are used to overcome the problem of skilled labor and capital needed .The competitive position within the industry is incurred due to the intense rivalry of the industries. This will lead to price wars, having intense product promotion and intense investment in innovation and coming up with new products to the market.
Conclusion
The SWOT process gives information on internal strengths and weaknesses of the business staff, products, and employer. SWOT also helps also in pointing out external opportunities
and threats that in one way or another may affect the business too for example financial matters, changes in technology and market and consumer trends around the business. . Businesses should take into account their weaknesses more carefully and should suggest possible ways of addressing them quickly in order to avoid severe interference to the business. Manufacturing industries should revise their SWOT program throughout because this will help them strengthen their weak areas and be ahead of their competitors. A company needs to be a head of their competitors and performing into its existence in the market, there is need to act smart always.
References
Singh J., Cooper T., Cole C., Gnanapragasam A. & Shapley M. (2019). Evaluating approaches to resource management in consumer product sectors: An overview of global practices, vol. 224.
Prem S. & Martin W. (2002).The elasticity of substitution in India’s manufacturing sector.
https://doi.org/10.1016.0304-3878 (81)90019-5
Robert E., Eden C. & Mike W. (2017) strategy in emerging economies https://doi.org/10.5465/1556394
