Question
Business owners often find themselves squeezed by rising operating and raw material costs, but they are hesitant to raise prices because they fear losing customers.
Business owners often find themselves squeezed by rising operating and raw material costs, but they are hesitant to raise prices because they fear losing customers. Which of the following strategies should NOT be considered by businesses facing rapidly rising costs?
1) differentiate your company and its products and services from the competition
2) offer products in smaller sizes or quantities
3) emphasize the value your company provides to customers
4) include a surcharge rather than raise the price of the good or service
5) pass cost increases onto customer
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