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Difference in lower production costs

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Begin buying slightly lower-grade materials, including hardwood, aluminum, vinyl, and nylon. • Lay off a portion of your workforce and then try to motivate everyone who's left to work harder; this option also means selecting future hires from a lower-skill labor pool and paying lower wages. • Replace existing equipment with newer, more efficient equipment; although this option entails substantial up-front investment, you're sure that you can more than make up the difference in lower production costs.

What are the primary obstacles that you might face in trying to implement each of your three options?

Reference no: EM132992880

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