Deciding on a Product or Drug to Enhance Sales and Make It More Inexpensive
Finding ways to increase sales while keeping a product or drug inexpensive in tough times necessitates carefully balancing several criteria. First and foremost, it is crucial to undertake a thorough cost analysis to find areas where prices can be cut without sacrificing quality. This can entail optimizing supply chain management, streamlining production processes, or negotiating affordable prices with suppliers. Additionally, looking into joint ventures or collaborations with other businesses, academic institutions, or research institutes may open up chances for resource sharing and cost reductions. Understanding client wants and preferences through market research is a critical step in developing the best pricing strategy (Nollet et al., 2012). Increased revenue may be achieved by implementing tiered price structures, providing discounts or subsidies to vulnerable groups, or looking into additional revenue sources like licensing or intellectual property agreements (London, 2023). Combining these strategies enables businesses to traverse the complicated terrain of affordability and revenue growth while guaranteeing that individuals who need their goods or medicines may still get them.
References
London, S. (2023). Strategic Uses of IP: Applying Learnings from Large Companies to Start-Ups. Management for Professionals, 213–236. https://doi.org/10.1007/978-3-031-16993-9_11
Nollet, J., Rebolledo, C., & Popel, V. (2012). Becoming a preferred customer one step at a time. Industrial Marketing Management, 41(8), 1186–1193. https://doi.org/10.1016/
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changing organizational structure and formulating a new action strategy or plan. Both of these may be very difficult to change or redirect.
Deciding on a Product or Drug to Enhance Sales and Make It More Inexpensive
In difficult times, how would you identify your product, or drug, to make it affordable but also increase revenues?
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