Hyland Company Manufactures Generic Products for Several Major Discount Chain

question 63

Essay

Hyland Company manufactures generic products for several major discount chain stores. Robert Hyland, founder and CEO, has always followed a strategy of producing low-cost standardized products. Hyland now is facing foreign competitors who offer similar products with higher quality and more features (options) than is the case with Hyland's products. Although Hyland still offers the lower prices than its competitors, Hyland's net income has been steadily decreasing over the last three quarters.
Required:
What should Hyland do?

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Definitions:

Psychological Empowerment

The feeling of self-efficacy, autonomy, and importance that an individual experiences in their work, contributing to a sense of control over their tasks and outcomes.

Responsibility

The state or fact of having a duty to deal with something or of having control over someone.

Self-Determination

The process or right of people to control their own life, make their own decisions, and pursue their own goals without external interference.

Psychological Capital

An individual's positive psychological state, characterized by self-efficacy, optimism, hope, and resilience.