An ideal manufacturing strategy should define the following:

• What products or services will the company manufacture? This includes the company’s target market, the product or service’s features and benefits, and the company’s competitive advantage.
• How will the company manufacture its products or services? This includes the manufacturing process, the equipment and technology used, and the company’s supply chain.
• What are the company’s goals for its manufacturing operations? This includes goals for quality, cost, delivery, and flexibility.

The best approaches to manufacturing strategy vary depending on the company’s specific circumstances. However, some common approaches include:

• Competing through manufacturing: This approach focuses on developing manufacturing capabilities that give the company a competitive advantage. This could include capabilities in areas such as quality, speed, or flexibility.
• Strategic fit: This approach aligns the company’s manufacturing strategy with its overall business strategy. This ensures that the manufacturing operations are supporting the company’s goals and objectives.
• Best practices: This approach identifies and adopts the best manufacturing practices from other companies. This can help the company improve its efficiency and effectiveness.

Ultimately, the best manufacturing strategy for a company is the one that best meets its specific needs and goals. There is no one-size-fits-all approach.

Here are some additional considerations for developing an ideal manufacturing strategy:

• The company’s financial resources: The company’s financial resources will affect the types of manufacturing processes and equipment it can afford.
• The company’s workforce: The company’s workforce skills and capabilities will affect the types of manufacturing processes it can use.
• The company’s technology: The company’s access to technology will affect the types of manufacturing processes and equipment it can use.
• The company’s competitive environment: The company’s competitive environment will affect the types of manufacturing strategies it needs to adopt.

By carefully considering all of these factors, a company can develop an ideal manufacturing strategy that will help it achieve its business goals.

Also, from another source:

A manufacturing strategy should ideally be defined by several key factors that align with the overall goals and objectives of the organization. Here are some important considerations and best approaches to defining a manufacturing strategy:

1. Business Goals and Objectives: The manufacturing strategy should align with the broader business goals and objectives of the organization. This includes factors such as market positioning, product differentiation, cost leadership, quality focus, or customer responsiveness. The manufacturing strategy should contribute to achieving these goals effectively.
2. Market Analysis: A thorough analysis of the market dynamics, customer demands, and industry trends is essential. This analysis helps identify key factors such as product life cycles, demand fluctuations, customer preferences, and competitive landscape. Understanding these factors enables the development of a manufacturing strategy that can adapt to market changes and deliver competitive advantage.
3. Core Competencies: Assess the organization’s core competencies, including its strengths, capabilities, and unique resources. The manufacturing strategy should leverage these competencies to create a sustainable competitive advantage. For example, if the organization excels in product innovation, the strategy may focus on flexible manufacturing processes and rapid product development.
4. Supply Chain Management: Evaluate the organization’s supply chain capabilities, including sourcing, procurement, logistics, and distribution. The manufacturing strategy should integrate seamlessly with the supply chain to ensure efficient flow of materials, minimize inventory costs, and optimize delivery performance.
5. Technology and Innovation: Stay updated with emerging technologies, manufacturing processes, and automation solutions. Incorporating advanced technologies can enhance productivity, quality, and flexibility in manufacturing operations. The manufacturing strategy should prioritize investments in technology and innovation to maintain a competitive edge.
6. Cost and Efficiency: Analyze cost drivers and operational efficiencies across the manufacturing processes. Identify areas for cost reduction, waste elimination, and process optimization. The manufacturing strategy should focus on achieving cost efficiency while maintaining quality standards.
7. Risk Management: Assess potential risks that could impact manufacturing operations, such as supply chain disruptions, regulatory changes, or natural disasters. Develop contingency plans and mitigation strategies to address these risks. A robust manufacturing strategy considers risk management to ensure business continuity.
8. Continuous Improvement: Emphasize a culture of continuous improvement within the organization. Implement methodologies like Lean Manufacturing, Six Sigma, or Total Quality Management to drive efficiency, reduce waste, and enhance operational performance. The manufacturing strategy should support a culture of continuous improvement and foster a learning organization.
9. Collaboration and Partnerships: Explore opportunities for collaboration with suppliers, customers, or industry partners. Strategic alliances can lead to shared resources, knowledge transfer, and improved competitiveness. The manufacturing strategy should consider forming partnerships that align with the organization’s goals.
10. Environmental Sustainability: Incorporate sustainable practices into the manufacturing strategy. Consider factors such as energy efficiency, waste reduction, recycling, and environmental impact. A sustainable manufacturing strategy contributes to environmental stewardship and enhances the organization’s reputation.

Overall, the best approach to defining a manufacturing strategy is a comprehensive and holistic one. It involves analyzing various internal and external factors, aligning with business objectives, leveraging core competencies, embracing technological advancements, managing risks, and continuously improving operations. Additionally, it should be flexible enough to adapt to changing market conditions and evolving customer needs.