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Managerial Econ Term Paper

2101 words - 9 pages

The first prototypes of automobiles came into being in late 19th century. North America, Europe, Asia together have contributed significantly to production and organization of automobile industry throughout the 20th century. These innovation have made the automobile industry competitive. The automotive industry is dynamic and large. It provides jobs to many people especially in industrialized economies, approximately 1 in 10 people are employed in this industry in industrialized nations. Automotive industry has vast linkages to other sectors therefore developing economies always look upon at this industry as the ...view middle of the document...

It enabled changeover from one model to the other. The lean production method brought by Toyota made huge increases in productivity. It replaced “push” system with a “pull” system. The production in this method is based on immediate demand and not on mass production in assembly lines. It minimized the inventories with suppliers and dealers. Just in time production also improved the quality of automobiles, product design as compared to mass production. Suppliers were no longer vertically integrated to assembly line operations. This method of cost minimization and greater responsiveness to consumer demand and product quality and design revolutionized the automobile industry on global scale. Product innovation and product positioning play an important and critical role for every automobile manufacturer. General motors ended the rule of Ford’s mass production method and the focus shifted to several dimensions of product quality, speed of the automobiles, luxury, comfort, safety, interiors.
Organizational changes and innovations have also occurred over the past century. In an effort to minimize transaction costs associated with late delivery of components, assemblers internalized the production of critical components. During the great depression, automobile manufacturers found that vertical organizational structure did not allow flexibility and therefore no product innovation took place. In 1930s, vertical organizational structure gave way to multidimensional structure. It was first implemented at general motors corporation. It gave way to environment that fostered product development, innovation and sales of a wide variety of automobiles. It was due to decentralized structure. In the 1980s, competition among the manufacturers was within national boundaries but now the competition is on global front. Automobile producers choose market strategies based on their rivals’ actions. This indicates that this industry is an oligopolistic industry. Market leadership is dynamic. By 1937, The big three - General Motors, Ford, and Chrysler formed a dominant firm oligopoly. In the late 1990s Japanese auto manufacturers took over more than a quarter of the U.S. market, and Big Three market share slipped below 70 percent. In recent years, Toyota’s market share in U.S. has increased. Entrants like Hyundai have reduced the market share of the so called dominant firms. Market rivalry in the industry is based on product variety and transaction price which is manipulated to lure customers.
Automobile industry analysts anticipate organizational and geographical changes in the industry because of innovation in manufacturing ...

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