Take a lesson from Ford: Redesign your product from first principles, cutting out unnecessary or costly parts. Reduce product-line variety and if possible standardize on a single “universal product.” Reduce the number of components. Eliminate frills and unnecessary options. Use different, new, lighter, and cheaper materials. Go for volume and production facilities that are far larger than those of your rivals. Organize tasks to maximize the specialization of your workforce. Automate tasks.
