Optimize costs and changed face mask manufacturing supplier

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Reference no: EM133671419

One year ago, MediCraft LLC decided to optimize costs and changed their face mask manufacturing supplier in China to maintain market price. Initially, it significantly impacted the revenue; however, over time, quality issues began to surface, leading to the risk of losing loyal clients due to inconsistent product quality.

To improve business operations, MediCraft LLC has hired you as an external consultant. You are expected to provide advice on financial management issues, customer relationship improvement, business strategy, and development.

MediCraft LLC is also considering changing the supplier country with relatively low labor costs and a beneficial exchange rate of the local currency to the euro. Important factors include taxation rates, transportation flexibility, and low costs of shipping the goods to the EU. MediCraft LLC has asked you to collect information on potential new suppliers in other countries.

In your opinion, should MediCraft change its manufacturing supplier from China to another country? If so, which country would be appropriate to recommend? Include your research on specific information below for this country. If not, include your research on specific information below for China.

Prepare infographics about your chosen country or China (if your advice is not to relocate) reflecting the following information for 4-5 years:

GDP per capita
Gross average monthly wages
Personal income tax rate (the latest)
Total social security rate (the latest)
Exchange rate of the local currency to the Euro.

Reference no: EM133671419

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