What is manufacturing? The production of tangible things planned to be sold or leased for final use or consumption or the production of tangible things pursuant to a contract with the Federal Government. This can be done by mechanical, physical or chemical means.
Plants, factories and mills that use power-driven machinery and equipment are typical in the manufacturing industry. However, it also includes home-based businesses that make hand-crafted goods, as well as bakeries, candy stores and custom tailors that produce and sell their goods onsite. The manufacturing industry is a great tool that drives the nation's economy; it can eliminate the unemployment rate of the country and increase the GDP at the same time. In the past decade it has been an instrument for economic growth for some countries. They own a large share in the market. They are the ones who utilize the use of technology that is available. Scientific and technological breakthroughs are stirred by linking creative minds. This things will boost up foreign investment in the country.
In few years time, the Employment in manufacturing is likely to grow at about the same rate as in the rest of the economy during the next few years. In terms of GDP, the industry is anticipate to slightly outpace mainly economic growth. Industries within manufacturing that are forecast to show stronger-than-average growth include food, beverage and computers, electronic products and other forms of manufacturing.
I. Threat of new Entry
New entry barriers are very low since manufacturing industry is very big. It is expensive to enter the industry since the technology being used is advance. Many threats to long run survival come from companies that do not yet exist or have a presence in a given industry or market. The threat of new entrants forces top management to monitor the trends, especially in technology, that might give rise to new... [continues]
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