- Business and Employment
BEST COST THEORY: TO AT PAR WITH THE CONSUMERS DEMAND
It has been a rule that “Costumers are always right." In business, we didn’t just sell any goods or products without consulting the needs and wants of our customers. We, therefore, tailor fit our products to match their needs and wants not only we lure them with low price but quality as well. This is what best cost theory comes into action.
When you’re already in the business arena, and you want to stabilize your earnings or maintain your profit you need to satisfy your customers. We have to bear in mind that “a satisfied customer is an all-time customer”
Usually in low cost theory the quality of the product is not been given a concentration. The mentality of the businessmen on this theory is the lower the price the more the demand, the bigger the volume but the latter is not constantly true. Consumer or customer needs and wants are invariably changing from time to time. Best Cost theory is optimum when your consumers want low price and at the same time quality. How can we able to maintain this scenario as business-minded people or entrepreneur?
Below are some of the suggestions that I can see fit to answer this dilemma.
a.) RIVAL’S PRODUCT FLAWS ARE YOUR BEST CLUE.
If all the products have the same consumers end, then the competition is too tight. How can you able to beat their product and let your future costumers embrace your merchandise? As a key, a businessman should look at the flaws of competitor’s product or see what others don’t have then you can add it to your product while maintaining lesser cost. This will ensure the mindset of your consumers that they get the best value of their money, why? Because of the add-ons they think that they get more than they want or need.
b.) VALUE CHAIN REVIEW FOR COST.
It is hard to maintain the quality of the product without affecting the price of your product. In order to beat or at par with your rivals, you need to review and check in your value chain. See where you can minor your operating cost while maintaining lesser price of your product and at the same time quality.
c.) SOMETIMES IT’S GOOD TO BE A COPYCAT.
For any other reasons that you can’t add on or enhance your product then copy what your rivals have. What I mean, if you are selling a phone without camera but your rivals have, then put a camera in your phone. The catch is that you’re offering a product that has the same features with your rival but with lesser price.
Business is a game of chance, once opportunity comes to grab it in order to succeed. The main key to business is to earn a profit while satisfying your customer.
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