Sample Essay
The dimensions of financial crisis with respect to different countries are discussed below:
Japan
Toyota in the financial crisis was considered as the first organization that declared a double digit decline of sales due to the financial crisis. This declaration was made in June 2008. Strategists and analysts believe that high gas prices were the main reason of Toyota’s sales decline. They claimed that they have experienced losses after 70 years. The actual sales of Toyota were dropped by 33.9 percent. In the similar manner Honda was also affected badly by the financial crisis and they actually experienced a decline of 31.6 percent. Furthermore, another powerhouse of Japan Suzuki suffered badly from the financial crisis. The second biggest company of Japan cut its production by 30,000 units (Kitamura 2008).
South Korea
South Korean car manufactures are renowned all over the world and they are considered to be more profitable then US and Japanese companies. Koreans grabbed this opportunity and they actually launched affordable cars with certain warranties. The global customers were attracted by this approach and these cars fulfilled all the environmental concerns. Through this approach the South Korean car manufactures attain this opportunity and they gained a sustainable competitive advantage through this approach.
Italy
Like other countries financial crisis affected the car manufacturing plants in Italy too. The car manufacturers decided that the plant with the shut down for four weeks because of these crises (Reuters 2008). Like other automobile organizations Fiat also suffer enormous losses because of these devastating financial crisis and the revenues of this organization were dropped by 19% (BBC News 2008).
United Kingdom
The lack of demand was producing immense problems for the producers in the era of financial crisis and Land Rover actually experienced huge losses and they asked for a $1.5 billion loan from the government to deal this difficult situation of financial mishaps. The prime minister of the United Kingdom claimed that he would try its level best to help the UK car industry (IBN 2008).
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