Question: Discuss various cost control measures that Johnson & Johnson can implement to manage its manufacturing costs effectively. Provide specific examples of cost reduction strategies, such

Discuss various cost control measures that Johnson & Johnson can implement to manage its manufacturing costs effectively. Provide specific examples of cost reduction strategies, such as implementing lean manufacturing principles, improving production efficiency, optimizing inventory management, and renegotiating supplier contracts. Evaluate the potential impact of each measure on Johnson & Johnson's overall cost structure.
Values:
•Current Manufacturing Costs: $50,000,000
•Annual Cost Reduction Target: 10%

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