Electronics Giants Not Unscathed By The Credit Crunch 乒乓球队深夜致歉 萨摩耶吃穷交警队

Credit To all of us, depressed by the fallout in the global economy as a result of the credit crunch , news that even the major players are feeling the downturn can come as a little bit of a consolation. Its somehow comforting to know that its not just the little guys who are hurting. While its certainly not nice to think of the human losses, in terms of jobs, it does reassure us just a little bit that its not our fault that we are battling to survive its not something we did or did not do, but rather an external influence on our lives. Japanese Hardest Hit Japanese companies, like Panasonic, Sony and Toshiba, among others, seem to be the hardest hit both because of the global lack of credit access, and the strengthening Yen, which is damaging their bottom line. So much so, that Panasonic has not only announced huge losses, amounting to billions, but it is being forced to cut 15 000 jobs clearly a drastic move! Not only that, but more than 20 of its manufacturing facilities are earmarked for closure this year alone, with more to follow. This is clearly in stark contrast to just a year ago, when the company enjoyed huge profits, Korean Counterparts Still OK It may be a further blow to the Japanese that their Asian neighbors, in Korea, such as Samsung, are eating further into their market share, since, due to a weaker won, they are able to be more competitive globally. Lower prices have meant that consumers have opted to go with their products, even though they may not be world leaders. In tough times like these, its almost always price thats the deciding factor! What We Can Learn from Panasonic Clearly Panasonic and its compatriots are in trouble. What we should take from this, across the board, is never to get too comfortable. When things are going well, make preparations for leaner times. Diversifying is also a good idea. These companies have placed all their faith in high end consumer electronics great when times are good, the economy is booming, and everyone has lots of spare cash to spend. When times are tough however, having lots of stock of expensive consumer electronics that arent selling is not such a great idea. Had they developed and introduced lower cost lines, they might still have captured some of the festive season market, however, its now too late to change their strategies! What they have done right is to realize that they have a serious problem, and take decisive, if dramatic action to resolve it. It will be very interesting to see how this situation plays itself out, and how these giants will rethink their strategies, in order to ride out the credit crunch storm , and emerge intact on the other side. In the mean time, we should all plan for the lean times, diversify, and when necessary, take whatever action is necessary to reduce costs. 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