When the prices of raw materials increase, would you rather increase price, decrease quantity or quality of your product?

[Sincerem]

When the price of the raw material increases in the market , the best thing is to also increase the price of your product rather than reducing the content of the product.

Yes this is very important for the growth of your business , people shouldn't be carried away by the fact that they have to decrease the quality to make it looks cheaper. A lot of people do not care about the price but the quality of your products.

 

[jordans]

may be, Current advertise conditions are driving up the fetched of numerous crude materials. So, in case you’re a buyer or acquiring chief, you will have as of late been immersed with cost increments over different zones of your trade. Unfortunately, bundling costs are being influenced as well.

 

[Godspower]

A lot of countries around the world are faced with a hike in the price of goods and raw materials due to natural and unnatural factors. In my country, some items are almost double the initial price.

As a business owner, the slightest increase in materials required for production affects profits/growth one way or the other.

To tackle this problem and create a balance, would you prefer to reduce the quantity of products or services for a particular price, or would you rather reduce the quality for the same price?

Others think of increasing prices since the cost of production has gone up too. What is your take?

• Messages

• Earning Money

I will prefer I reduce the size and quantity instead of making adjustments to the quality. Most customers would prefer to buy more if the quality is still intact as compared to buying substandard products.

 

[Partisan]

When the price of raw materials increases, I think the best thing to do is to reduce quantity leaving the quality untouched. The quality of a particular goods is like a pedigree and reputation built in many years. Customers will still stay if quantity is reduced because they will understand better that there is a rise in the price of raw materials. But they will not stay when quality is affected. They will simply look for a perfect alternative and may not return.

 

[Kelly5]

If the prices of raw materials go up, instead of reducing the quality of my products, I will rather increase price. I take my reputation seriously and would not want reduction in quality dent my image. Quantity of production will remain unchanged while the price is what I will increase.

 

[Robust]

The increase of raw materials in the market will also lead to the increase of quality and less quantity of product in the market and same apply to the price will also.

 

[Sotherefore]

It will be a wise decision for me to still maintain the quality of my products. People will trust me based on the quality I have to offer on to them and some people may not even be interested in the price increment.

 

[Chibson]

It will be a wise decision for me to still maintain the quality of my products. People will trust me based on the quality I have to offer on to them and some people may not even be interested in the price increment.

Probably, when you have a quality product people will still buy from you even if you increase the price. You have to make them understand that the cost of production has actually increased.

 

[joy101]

I think increasing the price will be better because when you reduce the quality of the products you are I give you are supplying the customers with with with what they didn't bargain for. and that is another form of hoarding.

That is true when the price of product increase its very good for one to also increase your own too so that you can get profit, for you not lose when the price come down, so is very important to increase.

 

[Shigobad2020]

The price of good and services in the market keeps increasing everyday and its also glaring to the customer , so increasing the price of the product is a good thing rather than reducing the content of the product.

 

[Sotherefore]

Probably, when you have a quality product people will still buy from you even if you increase the price. You have to make them understand that the cost of production has actually increased.

Some of them will know that the price of raw materials has increased. While some will not. It all the same. It is still our responsibilities to make it known to them when needs arises..Do you have a business ?

 

[Ogbes]

A lot of countries around the world are faced with a hike in the price of goods and raw materials due to natural and unnatural factors. In my country, some items are almost double the initial price.

As a business owner, the slightest increase in materials required for production affects profits/growth one way or the other.

To tackle this problem and create a balance, would you prefer to reduce the quantity of products or services for a particular price, or would you rather reduce the quality for the same price?

Others think of increasing prices since the cost of production has gone up too. What is your take?

• Messages

• Earning Money

I will rather increase price and retain the quality,thereby adjust the quantity in some case.

 

[Chibson]

Some of them will know that the price of raw materials has increased. While some will not. It all the same. It is still our responsibilities to make it known to them when needs arises..Do you have a business ?

I have seen businesses on television that are actually explained to their customers why the price of their products rose up. I think as a business owner you can do something like this and also be able to maintain the trust in which your customers have in you.

 

[Sotherefore]

I have seen businesses on television that are actually explained to their customers why the price of their products rose up. I think as a business owner you can do something like this and also be able to maintain the trust in which your customers have in you.

Ok , probably this might help. I didn't know. That means there are a lot of things in this business of a thing , is not just about selling of product and delivering of quality product.

 

[Chibson]

Ok , probably this might help. I didn't know. That means there are a lot of things in this business of a thing , is not just about selling of product and delivering of quality product.

LoL, if you want to venture into a business you must learn a lot of things concerning businesses in order to succeed. It depends on the kind of business you are venturing into because there are some businesses that does not require you to explain yourself and there are some in which you need to explain yourself to your customers in order to be understood.

 

[Sotherefore]

LoL, if you want to venture into a business you must learn a lot of things concerning businesses in order to succeed. It depends on the kind of business you are venturing into because there are some businesses that does not require you to explain yourself and there are some in which you need to explain yourself to your customers in order to be understood.

Anyway , One thing about businesses that , it is not a business owner that will do most of these thing , he or she can just employ people and put them in place to carry out most of these little activities. It's would be so stressful for business owners

 

[lottowinningsignal]

When the price of the raw materials that are needed for the production of your goods and services increase, the worst thing you could do to yourself is by reducing the quality of your goods and services. This will definitely affect your business negatively and you may lose customers.

 

[Smiles20]

The economy of the country is very harsh right now and I think a lot of people would prefer that you reduce the quality but allow them to be able to buy it at the same price.

 

[Chibson]

Anyway , One thing about businesses that , it is not a business owner that will do most of these thing , he or she can just employ people and put them in place to carry out most of these little activities. It's would be so stressful for business owners

Probably, as a business owner you don't have to do everything by yourself because you may not know how to do everything. You need to employ people who have knowledge in various areas of your business in order to help you to run it effectively.

 

[Sotherefore]

Probably, as a business owner you don't have to do everything by yourself because you may not know how to do everything. You need to employ people who have knowledge in various areas of your business in order to help you to run it effectively.

You can't possibly do everything on your own as a business owner . in fact business owners are not expected to do much, they can employ professionals who are willing to help the business grow. Their main function is to lead and guide how the business should be managed.