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Flexibility-New Move To Competition \ulcorner

Flexibility, in the context of manufacturing, refers to an ability to accommodate changes in market requirements in terms of product, process, and other services in a timely manner at a reasonable cost. The basic purpose of this paper is to analyze manufacturing strategies of leading Korean manufacturers in order to answer the following questions : How important are manufacturing flexibilities to Korean companies in restoring their once competitive cost-based strategies and adopting new variety-based strategies\ulcorner How effectively are Korean companies competing with their foreign competitors, like the US and European companies in terms of manufacturing flexibilities\ulcorner And in order to improve the flexibilities what kinds of manufacturing capabilities are considered as important key factors by Korean manufacturers and are their action programs effectively implemented to acquire these capabilities\ulcorner Major findings of the analysis indicate that Korean companies are very eager to reorganize their high-volume, cost-based corporate strategies as low volume, variety-based strategies. However, Korean manufacturers are still much dependent on the large size high volume factories and / or 'focus factories'. And the action programs and technologies to improve manufacturing flexibilities have been actively implemented at a higher rate than those of their foreign counterparts.