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How to carry out a market development with Bayo Omojola Ex MD of Mr Biggs
I would like to know what to do (how to still sell same product and same size) where existing competitors have lower selling price than I bearing in mind that my cost of production would not permit me to have such low price.
Depending on the type of product, which was not specified, the producer may have to add some non monetary value to the product offering, or link up with a complimentary product as a joint offer. If the product is as good or better than the competition, once consumers use it, it will begin to have it's own loyal customers.
Hmm?
ReplyDeleteThank you sir for this eye opening interview.
ReplyDeleteI would like to know what to do (how to still sell same product and same size) where existing competitors have lower selling price than I bearing in mind that my cost of production would not permit me to have such low price.
Depending on the type of product, which was not specified, the producer may have to add some non monetary value to the product offering, or link up with a complimentary product as a joint offer. If the product is as good or better than the competition, once consumers use it, it will begin to have it's own loyal customers.
Delete