1.2.3. Importance in Pakistani Context
Evaluating the importance of this study in Pakistani context, it could be seen that the
market for different industries in Pakistan is in its embryonic stage and is persistently
facing new challenges. The organizations here are rigorously struggling to be stable
enough to effectively respond to such abrupt changes cropping up due to changes in
external environment. Recently emerging trends are forcing the organization to permeate
across the boundaries of local market and reach out to international market. In this
process, on the alien grounds, where the Pakistani organizations are struggling to make
their way ahead, the governing rules are also different to that of the local market, making
competition further tougher. Compliance with the rules of the international market
demand up-gradation of the resources and specifically that of the human resource.
The recently introduced trends regarding globalization, e-business and the
introduction of WTO protocols have created new challenges in the business world in
Pakistan. Many of the conventional organizations are facing difficulty to operate in the
existing unreliable business environment in Pakistan fostering the ever-thriving
skepticism about the future. These organizations though slowly and gradually are
changing their business strategies to the one that could cope with the challenges offered
by the environment, but their pace signifies that they still have a long way to acquire such
capabilities.
Liberalization and deregulation have brought the international companies into the
Pakistani market and they along side have brought in the standards of operations that they
are following in their offices placed in other developed countries. These new standards of
the new competitors in the market have become an open threat to the local companies.
Similarly, e-business means moving at a fast pace and ahead of time using latest state of
the art technologies, enabling the competitors to be the first one to grab the opportunities
available before the others appear in the market. Pakistani companies in most of the cases
lag behind in this race. Similarly, there are many other new trends appearing in the
Pakistani market and are consequently resulting in the cropping up of new challenges.
In addition to the emergence of these new trends in the market, the WTO specific
guidelines of new standards in services and products for the existing businesses in