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Precision Machine Tool is a machine tool company that primarily manufactures for the automobile industry. The machine tool industry is self-sufficient in that they use their resources to manufacture products; that is, they use their own tools. Precision Machine tool uses big machines to build parts for lathes, which are sold in the automobile industry for use in factories. Precision has always had a reputation of quality, though it has declined because of aging technology and machines. The aging of the technology is because of a decline in their capital caused by a recession in the automotive industry.During the late 1970s, the American automotive industry was at its apex. Americans fell behind during this boom because of inadequate production capacity. The Japanese had identified the machine industry as a growing industry and invested in modernization of technology. Consequently, Japanese technology was better and costs were lower. When a recession hit in 1980-1981, American firms had little capital to invest, and thus could not modernize their equipment. The industries that are going to survive in the future are those that have the most efficient computerized operations and that produce th
e cheapest, most reliable products. The Japanese have this edge and the American machine tool manufacturers are reluctant to change their ideologies of buying only American made products. Precision also has to deal with an increase in foreign competition. During the recession, Japan had noticed a potential for growth in the automotive industry and had invested in modernization. Now they have the technology and equipment necessary to keep up with quality and price demands. With the voluntary quota system now expired, Japan is looking to increase its amount of exports to the United States. Garner and Avery also have to deal with the issue of economics. Precision Tools is having a great deal of trouble keeping up with the Japanese industry. Precision no longer fits in with the current needs of the automotive industry. They no longer fit in with the current automotive environment. Automotive industries will not
Some common words found in the essay are:
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Approximate Word count = 979
Approximate Pages = 4 (250 words per page double spaced)
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