Location and production strategies Flashcards
1
Q
What factors influence the location of the production?
A
Cost, labour availability, market proximity, and legal environment.
2
Q
Define outsourcing.
A
Hiring external firms to perform internal functions.
3
Q
Define offshoring.
A
When a business moves some of its business operations to another country.
4
Q
Define insourcing.
A
When a business decides to have its own personnel perform tasks previously performed by an external organisation.
5
Q
Define reshoring.
A
Brining previously offshored production back to the home country.
