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Contract Manufacturing - Meaning, Importance, Advantages and Examples of Apple and Foxconn (242)

View all our courses and get certified on https://academy.marketing91.com Contract Manufacturing refers to the practice of outsourcing a part of the product production process from a third party Contract Manufacturing helps an organization to sell its products without the hassle of running a manufacturing plant Why Is Contract Manufacturing Important? 1. Contract Manufacturing creates numerous opportunities for new and upcoming technologies 2. It gives the manufacturers a chance to work for big companies Industries that use Contract Manufacturing 1. Aerospace Production 2. Defence Industry 3. Computer 4. Semiconductor 5. Medical 6. Energy 7. Personal Care 8. Food Manufacturing 9. Packaging 10. Automotive fields 11. Pharmaceutical industry 12. Electronics industry Some types of Contract Manufacturing include Complex industry Machine control industry CNC machining Sheet metal forming Die casting Forging Grinding, Milling, and Broaching Contract Manufacturing Advantages 1. Cut down costs 2. Generate higher profits 3. Do not have to use in-house resources 4. Easy to get technical insight 5. Greater flexibility within the team 6. Creates more opportunities 7. Gives more time to the workforce that can be utilized on better things 8. Access to greater resources helps the products to become scalable 9. Can save on the cost of capital as they do not have to buy any equipment, training, labor 10. Increased productivity Contract Manufacturing Disadvantages 1. It is not easy to find a hiring company that will provide the highest possible quality. 2. The organization surrenders a part of the control to the hiring company and becomes dependent on it. 3. Greater risk in terms of long lead times, language barriers, and cultural differences. 4. Communication gap. 5. Intellectual property is at risk. Contract Manufacturing Examples 1. Foxconn (officially known as Hon Hai Precision Industry Co., LTD). 2. Apple & Contract Manufacturing Foxconn, Pegatron, Wistron and COMPAL 3. Other Suppliers Skyworks Cirrus Logic Jabil Broadcom Lumentum Luxshare 1. Foxconn, Apple’s Contract Manufacturer to manufacture their products This video is on Contract Manufacturing and it has the following sub-topics. Time Stamps 0:00 Introduction to Contract Manufacturing 00:20 What is Contract Manufacturing? 00:58 Why Is Contract Manufacturing Important? 01:25 Industries that use Contract Manufacturing 02:00 Contract Manufacturing Advantages 03:12 Contract Manufacturing Disadvantages 04:39 Contract Manufacturing Examples 04:42 Foxconn (officially known as Hon Hai Precision Industry Co., LTD). 05:09 Apple & Contract Manufacturing 05:27 Other Suppliers 06:13 Foxconn, Apple’s Contract Manufacturer to manufacture their own products