Global Competitiveness of Indian Industries Strategies
and Innovation


By

Ketan Rachchh
MBA 2nd Semester
K.N.V. Institute of Business Management
Metoda, Rajkot-360 003
 


Introduction :-

Time and again, corporate, big and Small, have been perplexed by the very definition of innovation, and there is no dearth of business gurus. Corporate honchos, scholars speaking on this subject of importance. Rather than offering yet another definition to this already confused space, I would try to substantiate with success stories from innovation leader. Let me start with the latest red hot offering by Microsoft Inc windows XP Media center PCTM. This is what I would truly call can innovation, but would you call box from the same company an innovation? May be not workman TM from Sony inc. Was an innovation at that point in time from Apple inc today's innovation, but would the hundreds  of   " me-too " products that come a these years n between , quality for innovation ? May be not so what is / are the lament(s) in a product or process or strategy, that makes a few truly innovative and others "me -too"

Systemic Process of Innovation :-

The name of game is to convert concept in to reality it is not creativity it's not event immolation, but it is the rare ability to make a product see the light of the day and eventually make success out of it. The process discussed is generic one exact steps may vary from company to company depending upon the product life-cycle, market trends, skill-sets availability and the degree of novelty amongst others.

The process that innovation goes through is discussed along with the elements, which will fall into place. Indian Business has been undergoing, liberalization process since July-1991. In order to survive in the cut - throat competitive age of zest century, Indian business units and houses have to face local as well as global competitions proof. Dhaval Mehta has rightly coined a new term "Global Competition "in respect.

Liberalization aims at freeing business, trade and industry from the clutches of control Entire world has been converted onto global village. The term "Business" implies "Global Business "and nothing else survival and developments of Indian business depend on its ability to compete with other Indian firms and multinationals. Ability to maintain high quality and maximize productivity determines the competitive ability pf Indian firms competitive advantage ultimately depends on quality and commitment of human resources Innovation implies something new, something different and something better. Shift from labor management to personnel management was an innovation. Similarly, shift from PM to Human Resource Management was also an innovative practice. How current shift from Human Resource Management (HRM) to Human Capital Management (HCM) is also an entirely new and innovative HR Practice Recent concept of Human Resource Management (HRM) implies following innovative HR practices in the field of HRM.

Innovative strategy for Indian Business for the future :-

The elements in the outer ring as well as in the inner ring of chakravyuha require immediate attention and creative insight of   business men. Businessmen should try to adopt themselves at the earliest face the battle.

Quality :-

As reported by CEOs of Japanese firm's quality is not something which should be provided separately in a product or service. It should become part and parcel of complete business process. Quality is an important weapon in the firm's armory to face the competition. Quality, however, should not exploit consumers through undue price rise.

Innovation :-

Sustained innovation coupled with nourishment of factors is the road to glorious success. Innovation should be continuous in nature so that fresh air enters the organization. Innovation, to be successful, should start at the lowest levels and in microscopic dimensions. It is necessary to face the cut-throat competition and to lower the capital out pure Ratio.

Customer - Commitment :-

Customer case should be assured. If innovation and quality are given by other firms, customers may switch towards their product. A satisfied customer is our best canvasser is an ever lasting principle.

Change acceptance :-

Indian businessman should anticipate the change, bring forth the change, conceptualize the change, design the change and lastly, equip for the change enough case should be taken in the sense that change could not be forced or         imposed form above it should involve from within. Change is change it is not turbulence. This positive will make Indian businessmen strategically stronger, powerful and competitive at global level.

Globalization :-

Globalization is not a problem, it is an approach to stay ahead, and Globalization may not be only in terms of products or services. It should be in terms of global financial markets and management styles, too.

Marketing Innovation :-

It is now common knowledge that the era of anything sold is well on its way out consumers have become more discerning and demanding.  We are seeing the demonstration effect at work, with our people getting greater exposure to international trends and demanding that the very best be made available here at terms acceptable to them. The challenge before the marketer, therefore, is to innovate on a continuous basis in every aspect of its offering viz. the product, the packaging, the distribution, the advertisements, the promotion teal. The idea of creativity for sheer survival is an idea whose time has come simple as it may seem, interesting ideas in marketing have emerged simply by asking the right questions. Few also use a well known technique of high utility and simplicity called as the combination technique.

There is, in the words of Edward De Bono. A need for us to come up with a technique of idea generation that involves breaking out of the well trodden path of logic and analysis Lateral thinking is one such technique that may assist companies in exploring the by lanes of the territory as it were. The khushboowalla pen was born out of the advertent or inadvertent application of this technique. A lesser known application of creativity in the marketing arena is in respect of sales goals setting. The following marketing innovations might prove to be useful to better retain its target customer.
 


Ketan Rachchh
MBA 2nd Semester
K.N.V. Institute of Business Management
Metoda, Rajkot-360 003
 

Source: E-mail March 20, 2008

 

       

 

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