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NOTES PHILO.docx - Social Responsibility Towards the...

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Social Responsibility Towards the Competitors New competitive requirements: Globalization- drives closer integration of domestic and international markets - imported products can now easily enter the domestic markets - increases significance of eCommerce Better informed and more discerning customers - advance in international communication - trends change very quickly Rapid advance in technology - fast developments of many sciences lead to increased flow of new products and services that substitute or might replace existing ones, leading to product obsolescence. - This new term of competition that must be met by: * building a competitive advantage based on innovation in soft and hard technology, industrial upgrading, flexibility, agility and adaptability, and improved total productivity Obsolete products -getting camera films developed, movie rentals, maps, landlines, long distance charges on phone calls, public pay phones, CD’s and floppy disks, hardcopies of phone books, dictionaries, getting bills in the mail Source: Business Insider Competition exploding into PRICE WAR - Only war favorable to consumers. - Where prices go down. UNFAIR COMPETITION- Untamed, reckless, and corrupt; the public interest and common good are most of the time dodged and forgotten. - this might be due to the obsession of businesses to attain PROFIT MAXIMIZATION ( have bigger return of investment and assets), and to have more revenues. Doing it by any means and at any price.
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