Business Essay Example | Topics and Well Written Essays - 2000 words

Business - Essay Example A Lack of Graduate Engineers in Britain In Britain, more students were getting involved in management studies and very few started opting engineering. This resulted in lesser engineers with a graduate degree which further halted the manufacturing industry. Over-Diversification Resulting in Short Production Runs The diversification of products led to a decline as there were more products but lesser machinery. Therefore the need to meet the demand of all the products led to short production runs for different products which resulted in a shortage. This greatly affected the machine tool industry of UK. A General Lack of Automation and Computer Application UK’s machine tool industry lacked in technology compared to other countries. The manufacturing process took more time and was dependent on work to be done manually. This also meant that there was not much use of computer applications which usually enhance the work. A Vicious Circle of Decline Resulting in a Lack of Investment Th e whole economy of UK was in decline which meant that investors were not willing to invest in businesses or the manufacturing firms. This meant that the traditional means of businesses could not be modified for benefits. Poor Marketing The manufacturing firms were not able to market their products effectively which meant that the consumers were not attracted to the products. The ads which were used were part of mass marketing and no segments had been made. This limited the understanding of individuals or a group of consumers which made marketing much more difficult for the firms in terms of consumer attraction. Low-Volume Production at High Cost The firms produced lesser products and the cost that was associated was high. This resulted in the bankruptcy of the firms and they were not able to cope with the requirements of their manufacturing process. This further limited their efforts and thus resulted in a decline of machine tool industry. Answer 1b The factors resulted in a massive decline for the UK machine tool industry as the general decline meant that it was happening in the whole of Britain. This meant that there were very little chances for a particular industry to prosper. The threat from Japan and Germany meant that more investments were needed to compete as people were finding their products more convenient and reliable compared to UKs. The lack of graduate engineers meant that the existing technology could not be developed as much as when it could have been with more engineers. The over-diversification of products meant that time had to be given to the manufacturing of all different products which limited the time given to the manufacturing of a particular product. The lack of automation meant that more work was done manually which took time compared to work done using machines. The lacking of the use of computer applications also meant that the industries were not advancing with technology like the other nations. The decline in the economy resulted in the lack of investments, therefore, the companies had no quick more to modify and enhance their businesses. The poor marketing efforts did not attract consumers which increased imports as products of other countries were more attractive to local consumers. The production by these manufacturing firms was at high cost but in low quantity. This meant that industries had more expenses compared to