The most serious product decision can be where your learning happens. Swiss watch exports are softening, and the headlines are full of depressing “downturn” stories. Yet Audemars Piguet, Rolex, Hermès, and others are still expanding factories and pulling more of the work in-house. Wait, what? It looks totally irrational if you think manufacturing is purely a cost center. It makes perfect sense if you think manufacturing is your ability to compound and tightly control. A factory isn’t mere...