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You are the CEO of a firm that has developed a new medical product and is...

You are the CEO of a firm that has developed a new medical product and is planning to sell it in Europe. Your company has the ability to invest in its own manufacturing facilities, but it will have to incur a major cost to do so. Which one of the following is your best option? Why? I want you to explain your answer using the concepts you learnt in the class. I am not looking for your personal "gut-feel" opinion.

(a) manufacture the product yourself in the U.S. and use foreign sales agents to do the marketing.

(b) manufacture the product yourself in the U.S. and set up a wholly owned subsidiary to do the marketing.

(c) set up a 50-50 joint venture with a European firm, manufacture the product through the venture, and have your European partner do the marketing.

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