Q.No.1.“The major challenge Management faces today is living in a world of turbulence and uncertainitywhere new competitions arrive daily and competitive conditions change.” Explain with an example of any one product or service in the market . Validate your answer with research findings /stastical data . What measures can be taken to meet these challenges? Ans 1.A Challenge of Change
The organizations and the individuals working in the organizations have a great challenge to deal with the change. The principle of dynamism and the theory of ‘Ignore and Perish, Change and Cherish’ have come to stay and the organizations have to respond positively to the changing environment. The challenge of change demands that the organizations become more transparent and open and the employees are given more autonomy. The institutions have to more concentrate on the quality of its people than product. The wind of change is affecting the organizations all over,from north to south and from east to west. Managers must create a new organizational space where those (new) capabilities can be developed.There are three possible ways to do that. Managers can * create new organizational structures within corporate boundaries in which new processes can be developed, * spin out an independent organization from the existing organization and develop within it the new processes and values required to solve the new problem, * acquire a different organization whose processes and values closely match the requirements of the new task’ * Business Process Outsourcing is further going to gain importance and the various processes in the production are going to be narrowed down into various parts. * The experiences of mergers and acquisitions could be followed for better presence in the market. Example:Changing market scenario : Medical Devices Industry
Medical device market is quite diverse which includes medical and diagnostic equipment; medical implants like heart valve and cardiac stents, pacemakers, cannulae, knee joints; and lower end plastic disposables, blood bags, IV sets, syringes etc.. Even within the same group of implants, there are diverse products which may have hardly anything in common: for examples, Intra-ocular lens and knee joints. According to one source, in 2012, the Indian medical devices and diagnostics market has been estimated to have reached Rs. 139bn ,that had potential to grow at a CAGR of 23.2 percent over the period 2009-13. It has been estimated the market will grow by an average of 15.6 row percent over the next few years, to around USD 4.8bn by 2015 . Increasing physicians' awareness and increasing patients' requirement to avail high quality care are amongst the driving force for such a growth rate. Figure: Indian medical devices market size and forecast (09-13) (USD mn)
In India, there are around 700 medical device makers; however, major players remain the foreign companies. Few major players in medical devices industry include: B. Braun Medical(I)Pvt. Ltd; BL Life sciences Ltd; 8.3 Baxter India; Bayer Diagnostics India Ltd; Godrej Industries Ltd;Johnson & Johnson Medical India (JJMI) Ltd; Nicholas Piramal India Ltd; Opto Circuits (I) Limited; Philips Electronics India Ltd (Medical Systems Division); Roche Diagnostics India; Siemens India Ltd; Span Diagnostics Ltd; Trivitron Medical Systems; Wipro Biomed Ltd; Wipro GE Medical Systems.
Coping with the Change
* To constantly train people in new technology, new business practices and new paradigms. * Synergize organizational objectives with individual aspirations * Training Managers at all levels both in behavioral field as well as technical field as people are not going to be sitting face to face but will be connected mouse to mouse. * As the consumers are becoming more aware, the organizations have to train their employees for better customer relationship management...