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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The Answer of 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?

Hyland Company Manufactures Generic Products for Several Major Discount Chain