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

[Ehizzy1]

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

 

[Doradorwa]

During a situation like this the most sane thing to do is too either increase price of the commodity or to decrease the quantity of the commodity. Either way is good but never decrease the value of a goods. It might later be disastrous.

 

[Good-Person]

Usually the supply of raw materials is monopolistic in nature and it is controlled by governments or big suppliers. They tend to fic the price of raw materials and this induces the manufacturers to increase the price. This is because an increase in the price of raw materials would naturally increase the price of finished products and this is the reason why we see daily expenses getting higher daily.

 

[IamDozzy]

I would increase the price of the product rather than decrease the quantity and quality so as to preserve my brand image.

 

[Josephjossy]

It all depends on the product. But I will not reduce the quality, instead I will reduce the quantity. Quality is the number one priority. I can buy something in low quantity but I will be happy once it is a good quality. So I prefer to reduce the quantity

 

[nimzy]

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.

 

[Spicywilfred]

I will increase the price of the product and leave the quantity the same way as before. Yes there will be complaints about the rise in price and some would even opt for low quality products but when it doesn't work out for them they will come back for quality.

 

[Cash%]

I prefer to rather increase the price ,many customers would no longer look up to purchasing my product again ,once they see that the quality have dropped so well too

 

[Chibson]

I would rather increase the price or decrease the quantity than decrease the quality. Quality matters a lot to customers and it must be maintained in order to ensure a satisfactory product.
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The quality of your product is very important and no matter the circumstances you shouldn't tamper with it. It is better to increase price or reduce the quantity than to tamper with the quality.

 

[Bookwormlux1]

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.

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.

 

[Fozzy_boy]

A business man will have to choose they one that will benefit him either from increasing the price or reducing the quantity of product when the price of raw material increases. Reducing the quality is not really a good thing to me

 

[GIFTMICHAEL]

Their is no point biting around the bush, i wouldn't be wsting my time, trying to sell products based on increased in prices of other Sellers products. I'll say based on what to sell to make profit, and not over hiking the price.

 

[Kayzzy3]

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 most logical thing to do according toe is to marginally increase price and reduce Quantity instead of quality.

This is because I don't compromise on Quality, I'd rather buy a few good quality products at higher price than buy large quantity of substandard products an at cheaper price.

 

[Fizzy_boi]

Well according to marketing and business you might tend to go for the ones that will favour you .I will definitely reduce the quantity to go along with the price without an inflex in the quality.

 

[tyrim88]

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.

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.

 

[Alisco]

When the price of raw materials increase,the best thing to do is to increase the price of the product because when you reduce the quality and quantity of the product the customers will not patronize it as usual.

 

[Kunkun]

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

 

[Bookwormlux1]

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

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.

 

[Kunkun]

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.

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

 

[Richard92]

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

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.