Type of paper: Essay

Topic: Industry, Banking, Organization, Strategy, Company, Medicine, Services, Creativity

Pages: 2

Words: 550

Published: 2020/10/08

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Manufacturing Industry: Teva Pharmaceutical Industries Limited

Teva Pharmaceutical Industries Limited is an organization that deals with the manufacturing of generic pharmaceuticals. It stands out as the world’s leading pharmaceutical producer and the largest public company in Israel (Khanna, Palepu & Madras, 2010). The organization is also Israeli’s first true multinational. The company’s strategy has always been to be the best pharmaceuticals manufacturer. Nevertheless, new and emerging trends in the industry have seen shifts in product lines and overall production of pharmaceuticals. More significantly, innovation, design, and creativity have had a significant effect on the organizations strategy (Mengue & Auh, 2006). Innovation has led to the production of new generic drugs. Further, innovation has led to the expiry of drugs used in the past. The company’s strategy focus has shifted from generic drugs to innovative drugs. This includes Copaxone, that stands out as the best treatment for multiple sclerosis globally (Khanna, Palepu & Madras, 2010).
Remarkably, creativity and design have also had a hand in the shift of organization's strategy. Creativity has led to the inventiveness and novelty of the manufacturing process of the company. The company’s strategy has always focused on low-cost generics (Khanna, Palepu, & Madras, 2010). However, due to creativity, the organization has focused more on specialized generics including complex delivery systems. The emerging trends in design have also affected the organization. Initially, the company majored in generic drugs (Khanna, Palepu & Madras, 2010). However, with new production styles, the company has been the first ever to accommodate both generic and innovative drugs under one roof. The production process has been modified to accommodate both production lines under one roof. In essence, the organization's strategy has shifted from being simply the best to countering the stiff competition in the industry by manufacturing on both fronts.

Service Industry: Westpac Bank

Westpac Bank is among the first banks formed in Australia. Despite the fact that the bank has had a shady past, it has rejuvenated itself in the past decade to become one of Australia’s largest banks (Parker, 2013). The bank exists in the service industry that is among the most competitive industries. Characterized by new and emerging trends including the use of high-level technology, the service industry requires that players depict exceptional strategies to stay on top of their game and effectively counter the stiff competition (Mengue & Auh, 2006). Innovation, creativity, and design are among the emerging trends to have affected Westpac Bank. Innovations and technological advancements have led to the use of brilliant and sophisticated methods of service provision to customers. The organization's focus is currently to provide quality service to customers by improving productivity through the employment of automated technologies. The introduction of online banking and biometric storage of property by the bank is part of the organization's strategy in service provision to remain productive and competitive in the industry (Parker, 2013).
The bank's growth is attributable to the new designs and creativeness in the industry. The company has developed from a single office building to multiple networks of branches within Australia (Parker, 2013). Being a gold buying agent, the banks have been able to alleviate the negative effects economic depression by adjusting the exchange rates. This is attributed to the creativeness of the industry players. In fact, the level of creativity in the banking sector has led to the recovery of the Australian economy at a higher rate. The bank’s strategy, at a glance, has been shifted to focus more on stabilizing the economy and after that exploiting the markets. In essence, it has been established that operating in the atmosphere is much more efficient especially given the new emerging trends that characterize the service industry.

References

Khanna, T., Palepu, K. & Madras., C. (2010). Teva Pharmaceutical Industries, Ltd. Boston: Harvard Business School.
Menguc, B., & Auh, S. (2006). Creating a Firm-Level Dynamic Capability through Capitalizing On Market Orientation and Innovativeness. Academy of Marketing Science.
Parker, R. (2013). Accounting in Australia: Historical Essays. Routledge.

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WePapers. (2020, October, 08) Organizational Impact Essay. Retrieved May 12, 2021, from https://www.wepapers.com/samples/organizational-impact-essay/
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Organizational Impact Essay. Free Essay Examples - WePapers.com. https://www.wepapers.com/samples/organizational-impact-essay/. Published Oct 08, 2020. Accessed May 12, 2021.
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