Business New----Taiwan faces economical challenge

   Taiwan is the world's 24th largest economy and Asian's sixth largest, witch economic rising relates to rapid industrialization and hi-tech section. Therefore, in the latter of 20^th Century, it is referred to as the “Taiwan miracle”.

  

Denni Wang managed to transform his business to remain competitive

    However, it heavily relies on the tech sector which makes it turns down fast in the global economic crisis. Over the last five years, its growth has slowed to an average of 4%, especially in the years during the financial crisis in 2009. It seems Taiwan has to find a new formula for economic success.

  

A concept of business competition and survival.

  The most important challenge that Taiwan faces is growing competition. There’s going to be growing dominance from the particular Asia, Latin America and also Africa. Chinese hi-tech manufactures development is a big pressure. Therefore, Taiwan has designed to develop some industries which can outperform China, Such as tourism, medical, education and high-value agriculture services.   

   This case reflects every business in the world. It is natural to face competition from every area of business. In order to come over the decline and challenge during the development, they should find the main problems and figure out the correct way and new ideas to be success in the competition.   



 



Mission Commentary

      I am going to introduce three mission statements. some of them are good examples and some are not. The good example from Ameren Company is to generate electricity, deliver electricity and distribute natural gas in a safe, reliable, efficient and environmentally sound manner. Our vision is to be the recognized performance leader of the U.S. electric and gas utility industry. Being a performance leader means we will achieve operational excellence, industry-leading customer satisfaction and superior financial performance. This mission applies what kind of business they provide and for whom. More even, it shows the benefit to the environment and their vision of the future, but I am not sure if its goal to be the leader of this area is achievable. 

The second good mission is from American Financial Group, INC: Our purpose is to enable individuals and businesses to manage financial risk. We provide insurance products and services tailored to meet the specific and ever-changing financial risk exposures facing our customers. We build value for our investors through the strength of our customers' satisfaction and by consistently producing superior operating results. This mission expresses specific content and purpose of its business. Also we can find the detailed programmer for customers and investors. However, I have a question, now. If the mission is too long, is that hard to remember and to pass through from customers?

         

 Another example that needs more specific information from American Standard Company; American Standard's mission is to "Be the best in the eyes of our customers, employees and shareholders." This mission statement doesn’t apply what’s their business about and for whom they provide. It’s so inane that saying Be the best in the eyes. At first, their goal is too general, how to be the best in the eyes? And what means is best in the eyes? Second,   it cannot be sure that their business is always the best in eyes of customers. It seems not realistic and achievable.