Type: Business
Pages: 2 | Words: 325
Reading Time: 2 Minutes

According to the authors, it is extremely difficult for the motor industries to survive in the financial crisis. Additionally, if technology takes a twist, they face wastages from obsolete stock. Because of this reason, auto industries need to identify strategic opportunities for staying competitive and gaining advantages over other industries in the auto market. The auto industry should consider identifying and applying certain strategies to gain more income on the auto market. The authors of the article offer several ways to do this.

The first way of identifying strategic opportunities is taking advantage of what competitors are not utilizing. The article mentiones an excellent example of what Ford Motor Company did. The company was capitalizing on mass production, which resulted in reduced prices and increased labor wages for employees. However, a company should be cautious while utilizing another company’s competitive advantages, as it can also be a disadvantage. For instance, General Motors suffered immensely after copying the Ford strategy.

Tapping the potential market is another process of identifying strategic opportunities. The market environment is changing gradually, and consumers are developing new needs. For instance, it should be taken into consideration that today customers want a vehicle that would serve their needs and be comfortable and cheap to maintain.

In addition, the authors are describing the identification of opportunities through technology. They state that the most effective way to reach a consumer is through increasing quality and having direct communication. In this case, auto industry should use effective technologies to reach their consumers directly for purposes of enhancing quality.

Finally, the authors are stating that auto industry is a growing market with new needs due to the external factors affecting the consumers. The only requirement is to identify the abovementioned strategic opportunities and use them to increase revenue and the customers. According to the article, the only way to identify a strategic opportunity is becoming unique. Therefore, auto industries need to be unique and creative to identify a strategic opportunities.

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