How profits and revenues can be maximized

Question

Write down the ways in which profits and revenues can be maximized?

Answer 1

There are three various ways in that the revenues and the profits can be maximized by altering the price strategy that the companies are having. The ways or plans are as follows:

- HIGHEST PRICE: companies tend to decrease the hourly rate to gain many clients.

- Companies tend to appoint more consultants for the company’s plan or policy.

- AVERAGE PRICE: companies charges a premium price for a product or the product which does not have income generating aspect. Small prices are set to raise the revenues and profit for a product and the goal for a company.

- LOWEST PRICE: it is being done if the market of the product is extremely down and customers are very fewer for the business. The company fails to preserve operational efficiency and cost.