I would rather increase the price because many customers would not like a decrease in quality ,because they would leave the product and buy another
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That's true. I don't think it's ever a good idea thinking about reducing the quality of one's production simply because the raw materials are cost. It would affect your reputation.If there is rate of high cost in Raw materials as a business manager I will have to reduce the production rate that is the quantity but not in real sense the quality because if you reduce the quality of your product it may affect your market.
The most logical thing to do according toe is to marginally increase price and reduce Quantity instead of quality.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?
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The best thing to do in this kind of situation is to increase the price or better still reduce tha quntity if the current quantity will affect your profit margin.With this the customer retention is guaranteed and value is preserved.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.
Anything that causes one to reduce the quality of the product would lead to a threat to his reputation and this does not make sense at all.Well this happens a lot, when the prices of raw materials increases reducing the quality of a product isn't the wise choice as it is better to retain quality always and instead increase price or reduce quantity
Exactly, quality is associated with the reputation of the company so reducing the quality is too different from tarnishing the reputation of the said company and in turn decrease yieldAnything that causes one to reduce the quality of the product would lead to a threat to his reputation and this does not make sense at all.
When the price of raw material price both companies will rather increase price and still keep the quantity and quality while others will reduce the quality of the products and leave the price at the stable what the for me I prefer you increase price and also reduce the quantity of the products.Exactly, quality is associated with the reputation of the company so reducing the quality is too different from tarnishing the reputation of the said company and in turn decrease yield