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

[Setfragil]

When the prices of raw materials increases it is better to increase the prices of your products than reducing the qualities and quantity of your products.

 

[Sajweb]

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

Decreasing quality is a no-go-area for me. Your brand, sometimes, sells because of its quality. If you know you make something no one can beat (quality-wise) in the market, then increasing price or reducing quantity should be areas to look at. Personally, I'll reduce quantity, if I know my buyers won't be able to afford price increase.

 

[Richard92]

Decreasing quality is a no-go-area for me. Your brand, sometimes, sells because of its quality. If you know you make something no one can beat (quality-wise) in the market, then increasing price or reducing quantity should be areas to look at. Personally, I'll reduce quantity, if I know my buyers won't be able to afford price increase.

List of depend on the strategy of the business owner most people increase price of their goods when the raw materials increase while others decrease the quality and most times the quantity of the goods

 

[Setho]

If you are going to be honest this is a very tough decision to make but as for me because of my business I am definitely going to reduce a little of both the quantity and quality.

 

[Richard92]

If you are going to be honest this is a very tough decision to make but as for me because of my business I am definitely going to reduce a little of both the quantity and quality.

Yes I agree with you that the best thing you have to do is to definitely reduce the quantity of the products not the quality of the products because most people go for your product because of the quality.

 

[Sotherefore]

When the price of a raw material increase the best thing I will do is for me to decrease the size of the products and also increase the price ,and someone can choose which one is suitable.

 

[Kvngsammy]

It's either the price is increased or quantity decreases, nothing should affect the quality. Though reducing the quantity seems the most viable because I've seen it more around here.
You keep the quality to maintain your standards

 

[Mayox25]

At no point in time should the quality of your products be reduced, due to increase in the cost of production. But rather the quantity may be reduced or the price may be increased.

 

[Setfragil]

It is not advisable to reduce or compromise the quality of your product at any time. Once you do that, you will lose the trust your customers have in your products. It is better to increase the price of your product.

 

[joy101]

I think it is very good to increase the price of the material instead of reducing the quality because is not good to reduced the quality of material,

 

[kayode10]

I am not going to tamper with the quality of my product. I will only increase the price to the barest minimum. Those who know the value of my products are going to buy it anyway.

 

[Alexandoy]

It is not advisable to reduce or compromise the quality of your product at any time. Once you do that, you will lose the trust your customers have in your products. It is better to increase the price of your product.

That is true especially with a food business. When the quality goes down the price is not considered by the customers anymore. What they remember is the bad quality of the food.

 

[Dowenship]

To me i think both is good you decrease both the quality and the quantity.... But when decreasing this two it wont be significant but profit will still be obtained....

 

[Georgeadawara1]

I will increase the price and increase my quality

 

[Richard92]

I will increase the price and increase my quality

When the price of raw material increase in the market one thing you must do as a manufacturer is to increase the price of your product not the quality or quantity of a product.

 

[Yusuf1]

The best thing to do as a business owner is just to make a survey and see the opinion of those you are selling to. If they are ready to buy with high price and good quality you know what to do and if other wise you also know what to do

 

[Setfragil]

When the prices of raw materials increases it will surely tell on the production of what you produce. You will need to reduce the quantity because the reason why people patronises you is the quality.

 

[Alisco]

This is why some find it difficult bto Excel in manufacturing company because they are not calculative enough if the price if raw material increase and you know if you increase the price the lower the demand,you can reduce the quality and still maintain the quantity or reduce the quantity and maintain the quality.

 

[Kelly5]

It is only common sense that when the price of a commodity increase in the market that traders tends to increase their own price too. But to go further to reduce the quantity is outrightly wicked

 

[Solutionav]

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

In my own opinion when raw materials increase in price, I will look at the product am producing and see if the people can appreciate it if I increase the price if not , I will just reduce the quantity