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

[Ralphjoe]

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.

This is also what I will do at I think increasing price is actually the most easy decision to come to a fishery when your competitors have also increased their price so as to accommodate the new change in the cost of raw materials.

 

[Yhubee]

I would increase the price of my goods instead or decrease the quantity.I wouldn't tamper with the quality of my goods at all because I believe so much in quality goods.

 

[nimzy]

When the price of raw materials raised some company or individuals will like to reduce the quality and also the quantity of their product in other to be able to cope up woth the price of the goods they bought in the market in other not be at loss.

 

[Heatman]

The first and most important thing for you to do is to study your consumers or customers because if they are after quality, then it's better you increase price and increase the quality.

 

[nimzy]

It depends on the product but when ever the process of the raw materials raises to some level I will prefer to reduce the quantity and no the quality of the product because reducing the quantity it may affect the business or the product and someone will definitely used the chance to overtake you.

 

[Kubiat-Abasi]

When the prices of raw materials is in the increase, I'll rather increase the price of the product than decrease the quality of my product or services. After all, the prices of products in the market can never be static, it is always dynamic!

 

[Blessedsam60]

It depends on the regulating agencies. If the price of material has gone up but they are willing to subsidize it, then it's fine. But if not the price of products will automatically go up too

 

[Setho]

This is definitely one of the most crucial headaches that anyone in business has to endure over time. My decision is very well going to depend on the type of changes that were made in the economy.

 

[Kelly5]

When the prices of raw materials increase in the market, I would most certainly have to increase the price of.my end product at the end of the day rather than reduce quality or quantity

 

[Ceeny007]

It depends on what you're selling if it is an essential product like what people need for their daily activities,then you increase price because there's a Market for it

 

[Ellamma]

When the cost of raw material increases , I'll increase the price of my goods, I think it's better than reducing quantity or quality. Most clients patronize you because of the quality of your product not price

 

[Lucy ID]

When prices of things goes up like that it's not advisable to reduce the quality or quantity of what is been sols instead add a little cash to it expect the people patronising it can't afford it

 

[Toyoabasi]

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

A situation where cost of raw materials is increased would make me increase my selling price.
The kind of product I sell, does not allow for reduction in quantity.

 

[Elladaddy]

If the price of the raw material is high I'll rather maintain the quality of the product and increase the price because of the increase in raw material.

 

[Justin]

I think you should never compromise the quality because for most people quality matters, they are willing to pay more for better quality. Spending more for quality products make sense as the quality products are durable.

 

[Ceeny007]

In order for the business enterprise to break even at least,they should be a positive relationship between the Price of output and the price of raw material

 

[YERUS]

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

For the kind of business i run, i would increase selling price if the cost price goes up.
Companies that undergo production may have to reduce quantity of product like i see in our biscuits these days.
Lol

 

[Ceeny007]

When the cost of raw material increases,the smartest thing a producer should do to at least break even is to increase the price of the final good

 

[07Trinity]

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

Wow,this is very technical,if the price of raw material increase,I rather decrease temporary my production to see how people will react to the new price.

 

[Josan]

At this point what I'll do is maintain the quality and increase in price, knowing that you have your product quality that ought to be maintain first.