LAW 5 forming business
Introduction In the current environment of highly competitive global business, business trips and regular feedback become hugely critical elements of success. Indeed, the weekly reports help provide important information that influence performance outcome to maintain distinct leverage in the market. Emerson Electric is a leading technology company in the area of industrial process management, industrial automation, network power, climate technology, commercial and residential solution vis-à-vis food waste disposal system etc. With business spread across the globe, a visit to India to explore business opportunities was hugely enlightening.
India is one of the fastest emerging economies with huge potential for business. The company’s 2011 annual report shows that while the sales had declined in volumes in Europe, South America, Middle East and Canada, it had shown significant increase of 7% in Asia (Emerson AR, 2011). India therefore, is considered a critical geographical position to exploit emerging opportunities, especially in climate technologies and network power. There is considerable concern for climate change and deteriorating environment conditions. Emerson, being leading technology firm with global presence, is equipped with the knowledge, experience and capabilities to explore and exploit new opportunities. Most importantly, in the current times of recessive economic conditions, identifying and exploiting new elements of competitive advantage become highly desirable for the firms (Barney &. Hesterly, 2005).
Human threats to environment are also vital factors of development processes. The increasing urbanization, deforestation, growing population etc. are external factors that produce great burden on the existing resources like land mass, water, air etc. that adversely impact ecological conditions (Dyson, 2005). Indeed, various drivers of climate change affect sustenance and quality of life. Moreover, they are also major factors for environmental conditions like global warming and increased number of climate related natural calamities like tsunami, tornadoes etc. Carbon emission and green house effects have also emerged as important factors for environment. As Emerson climate technologies have developed into leading tools for businesses and residents for mitigating climate related problems, India presents vast scope for expansion.
1. With more than one billion population, India presents huge potential for introducing green technologies that would promote environment conservation. Emerson therefore must make efforts to manufacture and market cheaper clean technologies for residential segment so that it could exploit vast potential of India.
2. The increasing awareness would also create opportunities for Emerson to be innovative in its approach and production. It could use the knowledge, implicit in the diversity of the Indian region and its culture and thereby gain credibility amongst the target population.
3. The Indian populace is culturally sensitive. The firm must encourage cross cultural understanding amongst its workers so that goods and services do not hurt the sentiments of the masses.
4. The firm must thoroughly understand its legal system before undertaking business contracts and partnership.
5. It should also create awareness about climate change through seminars and workshops, especially in schools. The children would understand the need for green technologies like recycled goods and carbon footprint. It would help develop a dedicated segment that would prefer clean technologies and thereby increase its market for them. (words: 519)
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Emerson. (2011). Annual Report. Retrieved from: http://www.emerson.com/en-US/Pages/Default.aspx
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