Hyland Company Manufactures Generic Products for Several Major Discount Chain

question 45

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 standard products.Hyland now is facing foreign competitors who offer similar products with higher quality and more features (options)than 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:

Employment Equity Criteria

Standards used to ensure fairness in hiring, promotion, and treatment of employees, typically addressing discrimination against women, minorities, and other marginalized groups.

Bidding

The process of offering a certain price for goods, services, or projects, commonly used in auctions and contract proposals.

Human Rights Legislation

Laws and regulations designed to protect individuals from discrimination and ensure equal treatment in various aspects of life, including employment.

Human Capital

The collective skills, knowledge, or other intangible assets of individuals that can be used to create economic value for the individuals, their employers, or the community.