Synonyms: Slimming down industries
Context: Firms undertake cost-cutting if they are not profitable or not competitive, or if they wish to improve their competitiveness or savings. Typically, cost-cutting means job-cuts, thus significantly reducing labour costs. Cost-cutting can be most severe and controversial when a firm faces bankruptcy.
Subjects: Purchasing, supplyingIndustry Manufacturing processes
Type Classification: J: Unconfirmed strategies