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Market Intelligence Five Process Steps to Keep Up with Global Competition
What is the key to success in times of internationalisation? The WBA Aachener Werkzeugbau Akademie defined process steps that have to be taken in order to gain market intelligence and thus compete on a global market.
The internationalisation of production has led to an increasingly competitive business situation for European tooling companies. This can be traced back to two main causes. On the one side, non-European competitors from low-wage countries have entered the European market with low-priced tools and dies. These competitors profit from factor costs far below the European average and are able to offer quality standards comparable to their European counterparts by now.
On the other side, growing economies all around the world have developed large selling markets, leading to an increased scattering of the tool and die industries’ customer base. Local competitors from these markets have advantages over European tooling companies because they are able to service customer needs on much shorter notice. The internationalisation of production therefore puts the European tool and die industry under pressure to offer low prices and short reaction times, while retaining the high quality standard it is known for.