Answer to Question #143035 in Macroeconomics for allyssa

Question

You are currently selling a product in a mildly competitive market, You know your product is of higher quality and is a much better product than that of your competitors. How might you let your potential customers know this, so that they may make their decision? List and explain 3 ways in which you can signal this information to your potential customers.

Answer 1

A mildly competitive market requires a smart approach towards making your products more appealing to customers and increase sales. If your products are of high quality than your competitors, there are various ways you can embrace to let your customers know

·        Embrace attractive packaging. This will make your products neater and more attractive to your customers compared to that of competitors.

·        Offer free samples. You can decide to offer free samples to your customers for them to try out. Once they realize your products are of high quality, they will return and make a purchase.

·        Slightly lower your price. This small change in price compared to competitors will trigger some reaction from your customers and they will try out your products and have a return purchase in future