Practically every business uses a promotion to reach the target with certain products and/or services. Some refer to it as a holiday discount, others use the mid-week – Wednesday wonders, while others capitalize on just going with their gut and offering something to the masses like flash sales. This keeps the audience gripped especially when they have their eye on an item that is out of their reach but is easier at a given time.
It works wonders to up the game and offer a competitive method so that the business benefits and there is mass appeal. Sebastian Greenwood once quoted Dan Millman who said, “I learned that we can do anything, but we can’t do everything… at least not at the same time. So think of your priorities, not in terms of what activities you do, but when you do them. Timing is everything”.
Cost cutting on products and services is beneficial to a business establishment, primarily a large store that needs to shift merchandise often. It helps in getting rid of the old and welcoming the new products without losing hope on making money.
Before inflation factors in the revenue section of the company, diagnose the cost of each product. Based on the value of the raw materials up to the final stage, calculate the cost. If required as a company the value chain formula needs to be in place to show the reason why cutting back on the costs will ultimately benefit the company instead of vice versa.
Sebastian Greenwood once quoted Mark Caine who said, “The first step toward success is taken when you refuse to be a captive of the environment in which you first find yourself”. As you meticulously sift through the grains and make a comparative analysis of the competition that is relevant to your brand, you will be able to beat them at their own game.
Making a series of cuts here and there will not bring down the brand value, but work as a shortcut pricing strategy, it will control big overall shifts. Long-term strategic positioning helps a company in its projectiles, which keeps it going for years on end. In essence, being competitive in pricing is relevant for keeping the business afloat.
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