A cell phone company is facing stiff competition in the market. Accordingly, the company's product manager is planning to manufacture a new model with certain new features to stay competitive in the market. But, the company does not have a skilled workforce that can help in manufacturing the desired product. What should the company's product manager do to carry out the production?
Focus on outsourcing the production.
Outsourcing the production allows the company to leverage external expertise and skilled labor to manufacture the new model efficiently. This approach can help the company meet market demands without the immediate need to develop in-house capabilities that may take time to establish.
Outsourcing the production is the most effective solution for the company, as it enables the product manager to utilize skilled labor from external sources. This strategy can expedite the manufacturing process and reduce costs associated with hiring and training new employees. By outsourcing, the company can stay competitive in the market by quickly introducing the new model with desired features.
Insourcing would involve bringing the production process in-house, which requires developing the necessary skills and training the current workforce. Given the lack of a skilled workforce, this option may not be feasible or timely enough to compete effectively in the market.
Importing new mobile phones would not address the company's need to manufacture a new model with specific features. This option would limit the company's ability to innovate and respond to market competition, as it relies on external products rather than developing its own.
Exporting existing mobile phones would not resolve the issue of producing a new model. This option may help generate revenue but does not contribute to the company's goal of staying competitive through innovation and new product offerings.
In a competitive market, the ability to innovate and produce new products is crucial for success. Outsourcing production stands out as the most viable strategy for the product manager, allowing the company to harness external expertise and efficiently manufacture the new model. In contrast, insourcing, importing, or exporting do not effectively address the immediate challenge of skill deficits in production.
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