ABSTRACT
The discussion of different components of industrial strategy as they affect the industrial structure and commercial policy has assumed importance in the contemporary literature. Inward oriented strategy is reactive in nature, and it usually responds to short to medium-run problems. The primary focus of outward oriented strategy is on open international markets. The delivery of quality and value at a reasonable price to the right market and to the final customer is the ultimate objective of marketers. A shift in industrial orientation can begin to change the structure and orientation of industries. A permanent linkage to, and strong participation in, international markets is a necessary ingredient for the success of an outwardly oriented industrial development strategy. In the process of identifying latent markets and capitalising on emerging market trends, proactive countries have ample time to formulate an optimal industrial development strategy that will respond to developing trends as efficiently as possible.
