Question

how can a firm obtain the expertise needed to produce and market its own products. In for example EU?

Answer 1

Firm can obtain the expertise which is needed to produce and market its own product by -

A. Continuous benchmarking of its product in relation to the best performing industry standard which will be helpful for the firm to produce according to the industry standards.

B. The firm can gain access to the supply chain networks and it can even merge with the supply chain management players in order to increase its reach.

C. The firm can also try to develop a specialised product which will be providing it with competitive edge and pricing power which will be helpful for maximization of its profits

D. firm can also obtain enhanced and updated technology which will be helpful for enhancement of its production and providing better products.

E. firm can engage into cost cutting techniques and they can also expose themselves to various different markets in order to expand their reach.

In European union, companies which are associated with primary European countries like Volkswagen can engage into production of such products which will be providing them with the competitive edge and they can even produce cars outside the the European union which will be helpful for gaining benefits related to lower cost and higher profits in the long run so it will also offer them with diversification technology and they can also merge with various other companies in Asian subcontinent and other subcontinentwhich will be helpful for them in gaining and expertise in marketing their products and obtain expertise in other subcontinents also.