1992: Strategies for the Single Market.

The lack of common policy for external trade, a chaotic period of adjustment, the inward looking approach to creating a competitive environment, and the lack of a common currency are inherent weaknesses that may undermine the success of the Single Market.The Single Market will produce obvious changes in competition, suppliers, and customers. Japanese, North American, Pacific basin, and European competition will have a definite impact on the Single Market, and the importance of small- and medium-sized businesses should not be underestimated. Intensification of business activity will affect the shape of industry structures across the EC, which in turn will affect the competitive conditions under which suppliers and customers must operate.Companies must find ways of matching their strengths to the challenges and opportunities of the Single Market. The focus must be on business development that highlights competitive advantage rather than straightforward growth. Strategy must be global, but also responsive to individual market needs.This is an opportune time for corporations to re-evaluate their strategic positions and to use the Single Market as a catalyst for the re-institution of strategic management. Formulating a corporate mission to be realized by 1992 will kindle energy and enthusiasm, creating a meaningful theme for productivity and cost-efficiency programs.