Firm advice

[Mikky]

With the rate at which this inflation is hiking up do you advice business owners to increase their price or reduce their product's quality?

 

[Hate2Wait]

I'm fine at paying extra price but quality shouldn't be compromised.

 

[Devin]

When it comes to inflation, I would say that I would prefer to pay a slightly higher price than for it to affect the quality of a product. Things are super expensive here in the United States now any way.

 

[Edulady]

I say go with the trend. But price differently. There's no point in buyn expensive quality products when everyone is buying the cheap quality and selling at crazy prices and make great profit.

 

[Mikky]

I say go with the trend. But price differently. There's no point in buyn expensive quality products when everyone is buying the cheap quality and selling at crazy prices and make great profit.

On point but would u mind explain more?

 

[cherry123]

There's high inflation in my country now. So I try to buy things that are of high quality than quantity because it will be a lot durable and save me money from spending on the same thing.

 

[Edulady]

On point but would u mind explain more?

I will give you an example of how certain shops operate here. They buy cheap quality products and price reasonably and they get a lot of sales. Then there's others who buy expensive great quality material and sell at a higher price but get less sells, most of them end up closing up shop because they dont get much sales. Now when you compare the profit margin of the ones buying cheap low quality material, you will find that they make 50-60% profit. You can hop on, buy the same cheap qualilty material and aim for 45% profit and get more sales then all of them.

 

[Mikky]

I will give you an example of how certain shops operate here. They buy cheap quality products and price reasonably and they get a lot of sales. Then there's others who buy expensive great quality material and sell at a higher price but get less sells, most of them end up closing up shop because they dont get much sales. Now when you compare the profit margin of the ones buying cheap low quality material, you will find that they make 50-60% profit. You can hop on, buy the same cheap qualilty material and aim for 45% profit and get more sales then all of them.

Yeah, I get it now thanks for the explanation. That's a firm advice

 

[Shavkat]

In my country, it seems that everything is spiking up like skyscrapers. The culprit is brought by this pandemic.

 

[Mikky]

Yeah, the pandemic really cause a lot of damage.

 

[Springtime]

I would prefer to pay a slightly higher price for a quality product which is more durable.

 

[cherry123]

Getting good quality products are always the best bet. You might just need to pay more for them.

 

[nomad]

This is a time for hibernation. Businesses cannot make profits even when they reduce price and quality because consumers do not have money to afford these products.

 

[Hate2Wait]

This inflation is so much dangerous that almost every thing is expensive and most brands have started to reduce the quantity in packs and selling at same price

 

[eldavis]

It depends on what you are selling though, there are certain things that no matter how the price goes up, people would still buy them while there things that people can do without. In such a case it would be better to reduce quantity.

 

[Magnus2022]

The best option is to increase the price of the product. Reducing the quality and value of the product maybe detrimental in the long run. Consumers always respect an business organization or company that doesn't joke with their quality. If even they don't have money to buy, they will still admire the brand.

 

[Heatman]

With the rate at which this inflation is hiking up do you advice business owners to increase their price or reduce their product's quality?

Reducing the quality of your business product and services will only result in losing your customers to the competitors which is why it is not right for you to do it but to inform them about the situation of things and the reason why the prices are high.

 

[Chibson]

Reducing the quality of product is not something advisable. if you reduce the quality of your product with your customers may not be able to patronize you. It is better to increase the price.

 

[Reedex]

In order to maintain a fair price I will not advise to reduce the product quality.

 

[Chibson]

Anybody that tries to reduce the quality of products may not be able to retain his or her customers on the long run. People love products that have a very good quality.