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

[Sariana23]

Is of two ways for me,I will make same product and reduce the quality of it to sell at same market price and as well maker thee same product which I won't reduce the quality of it and sell it high price. So it now depends on what the customer is will to buy from me either quality or quantity.

Excellent, it is the right thing to do, both quantity and prices. I think the vast majority of members agree with this, as quality should be untouchable. If the product is downgraded, it is very likely that you will lose customers who are generally looking for quality products.

 

[Eodine]

Customers want content and quality that is the main strategy for most existing business but quality more than content so when raw materials price rises it is expected to reduce the content and reserve the quality as customers would always want that.

 

[Neeta313]

I would increase the price and let my customers understand the reason why the product price had to go up. Every business owner should produce quality products, you therefore have to maintain your brand integrity. If the customers complain too much then you can decrease the quantity.

 

[Trexxxy]

I think everyone will agree that increasing the price without reducing the quality is a better offer, or better still you could create a smaller version/offer to carry along customers who won't be able to afford it after a hike in price.

 

[Deebabs123]

When the price of raw material increcase it is better to also increase the price of the product than decreasing the the quantity of the product,to buy good product in high price is better than buying fake things at low cost, so good quality attract customers

 

[Adventurer]

I'll most likely increase either the price or reduce quantity of the products or services but definitely not the quality. The quality is the real deal, it is one of the things that differentiates a business from the others. The customers' response to both increased price or reduced quantity will determine which one would stand.

Very true, it's is good to know what your customers like quality or quantity, once you can make this distinction you'll be able to make a decision

 

[Victor001]

The quality of a product is as important as the kind of customers you attract, it's better to increase price and maintain quality than vice versa, just have a good communique with your clients.

 

[Akinwale701]

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

It's better to increase the price than to reduce the quality of your products. Many people would still patronize you If your products are as quality as they were before.

 

[Victor72]

when the price of raw material increase in the market I will rather increase the price of my products than for me to decrease the quantity of my product.

 

[Sariana23]

I think everyone will agree that increasing the price without reducing the quality is a better offer, or better still you could create a smaller version/offer to carry along customers who won't be able to afford it after a hike in price.

I love your proposal, you can also create a smaller version. This is used by many well known companies in my country, they make different versions or otherwise increase the price, but the quality of the product should never decrease because that is what customers are looking for.

 

[Ojonuyo]

Like the advice I always give my clients who come for counselling at my office; never trade quality over price. It is better the price increases and at the end of it all the products produce meet the satisfaction of your customers. That way you have succeeded in retaining them.

 

[Abbeyola]

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

When the price of raw materials increases, I believe the first time is to decrease the quantity and not quality, then when increase persist, increase the price.

 

[Muhammadawais]

We addressed various policies that countries around the world are implementing to encourage economic growth (growing production rather than increasing ability) and achieve efficient and allocative efficiency in our introductory lecture on structural adjustment.

 

[Setho]

Unless in a situation where I am fazed with this situation and I cannot do turn, I would most likely do a little of all of them. I think reducing the quality, quantity and increasing the price in carefully selected proportions is the best way to go.

 

[Senator]

If this happens, I will increase price based on market behavior and interactions. I can't because of that produce substandard products just to make gain

 

[tyrim88]

The essence of every business is to make profit,and when the indices is not favourable you device another strategy to continue to be in business.The best form of business survival for me when the price of raw material has gone up, is to keep the quality as it is and increase the price of the product or services.

 

[Setfragil]

When the price of raw materials increases it is advisable to still maintain the quality for which the business is known for. Reducing the quality might reduce the numbers of your customers due to lack of trust. So I will rather increase the price of my product and maintain the quality.

 

[Anna52]

I would rather increase the price than decrease quantity or quality of the product. People who likes quality will always find their way right back to me.

 

[Sheyemanu]

Concerning your question on what i would do if i was a business owner and the price of raw materials increase, whether i would reduce quality of product, reduce quantity or increase price, I would increase the price as that's more suitable

 

[Adebola]

When the price of raw material goes up, i will rather that increase price decrease quantity but will retain the quality of the products. That way people can still but at their convinience