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What reasons do you attribute to the prevailing slump in the auto sector?
Though the auto industry is witnessing a slow growth, but so far it still looks positive. It is a cyclical industry and is used to such downturns in the past. The overall economy is slowing and sentiments are weak, thus customers are postponing their buying decisions. With low penetration level and growing middle-class, the auto industry in India has a bright future, both in the medium and long term. Most manufacturers are betting on their future in India & China, where this industry is growing at its fastest. This is also evident from the fact that some more manufacturers are setting up base in India, taking advantage of the low production costs and growing domestic market.
So can we expect the end of this dark tunnel soon?
This is the time to tighten seat belts and increase efforts in terms of marketing and reach out to customers instead of waiting for them. It’s the right time for manufacturers to review their network strength, and build upon it, look at supporting the network to improve efficiency and financial health. This strong network will come handy as the situation improves...
What should the companies do to attract more buyers?
The companies need to focus and concentrate on small car production. India being a price sensitive market the manufacturers need to make cars more affordable...
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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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