Concept explainers
To determine: The usefulness and harmfulness of import restriction or tariffs on foreign-produced goods.
Introduction: Competitiveness, strategy making and productivity are three crucial aspects for a firm to withstand and succeed in present competitive business environment. These elements are interrelated which must be handled efficiently in order to attain competitive edge.
Explanation of Solution
Usefulness and harmfulness of import restriction or tariffs on foreign-produced goods:
The usefulness of import restriction is that it would give time for the automobile manufacturers to plant their robotic and automation systems that would enable them to impose better competition in the domestic markets. Better competition helps in raising profits and delivering better quality products to the customers.
The drawback is that the opportunity cannot be grabbed by most of the automobile manufacturing companies. On the other hand they would consider it as an obstacle.
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