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How much it is easy or difficult for a manager to increase the price by 1%?...

How much it is easy or difficult for a manager to increase the price by 1%?

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Abdul-Rahim Taysir

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Answer #1

Answer - As a manager , the price increase task for the manager is not an easy task. The manager has to consider the conditions in market , price charged by competitors for the same product and the most important thing , elasticity of demand. Price should only be increased if demand is less elastic or inelastic , so that we do not loose the grip on market as well as revenues. However the decision related to the price increase should be carried out in a very generous manner and the consumers need to be informed beforehand , like 1 month before the price has to be increased so as to prepare them as per their budgets and this also builds up a good brand image.

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