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Question
Outsourcing a part of or entire production and concentrating on marketing operations in international business is known as ________.
Outsourcing a part of or entire production and concentrating on marketing operations in international business is known as ________.
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Solution
The correct option is C Contract Manufacturing
Contract manufacturing refers to the outsourcing of production of goods by a firm to another firm under its label or brand name. A firm can outsource the entire production or a part of production to the other firm. It provides cost effectiveness as money spent on labor, materials and certain fixed expenses can be saved. For example, Patanjali has outsourced its grocery items but has kept the production of medicines in its own hands.
Contract manufacturing refers to the outsourcing of production of goods by a firm to another firm under its label or brand name. A firm can outsource the entire production or a part of production to the other firm. It provides cost effectiveness as money spent on labor, materials and certain fixed expenses can be saved. For example, Patanjali has outsourced its grocery items but has kept the production of medicines in its own hands.
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