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Big drive auto is facing difficult industry situation. This is evident in the low-pecuniary activity and reduction of sales. It is noteworthy that the upgrading of the business strategies would help Big Drive Auto triumph over such a circumstance.
The reevaluating of pricing strategies is an opening for the maintenance of profit margins. This is to ensure the downturn does not affect profit margins. In any successful commerce, well strategized pricing has always been the main constituent (Oliver, 2000).
At the downturn period, price is the factor that can uplift the business or contribute to the degradation. Penetrating pricing method attracts more clientele in that lessening of the product’s prices will make consumers prefer Big Drive Auto, as associated firms.
The connecting factor between consumers and the business is the fact that both will be affected by the monetary recess. Reduction of prices will be in line with the consumer’s low pecuniary standards (Holloway, 2008). In the end, prices contribute significantly to the stature of the organization consequently illuminating weaknesses and points of strength.
The product collection pricing make the business sustain prices of main products. This technique protects the business from making loses that can bring about the collapse of the business. Bundling of more than one product with reduced pricing will encourage consumers to consider Big Drive Auto products.
Discount pricing makes consumers build confidence in Big Five Auto. As other firms will be increasing their prices to over come the short comings brought about by the slump, Big Drive Auto will offer discounts that will augment sales (Oliver, 2000).
Evaluation of non-pricing strategies will increase sales as more consumers will come on board. Production of most appealing, convincing and detailed advertisement will enable consumers to be up to date with the dealings at big drive auto. In the advertisement, there will be the inclusion of all pricing and non-pricing strategies that Big Drive Auto has adapted.
A well produced advertisement will always speak for itself. It will be understood and comprehended on the spot. Improvement in the customer service and warranty of products is a convenient way of securing the interest of the consumers (Brewer, 1990). The consumers will feel appreciated and respected; this will increase the sales at Big Drive Auto.
Business managers should have a solid understanding of revenues and costs as it is the most vital element of business. Revenues and costs constitute a large fraction of business accomplishment strategies.
Solid understanding of revenues and costs enables a manager to estimate the profits the business is to achieve during a period of low pecuniary activity (brewer, 1990). At Big Drive Auto revenues and cost is mainly considered, during price strategizing the level of requirement is put in to deliberation. Demand schedules, functions and elasticity, are mainly considered.
Solid understanding of revenues and costs plays a key function when the managers at Big Drive Auto are strategizing for the bundle pricing of the products. They will know what products will fetch more revenue at less cost when bundled together (Holloway, 2008).
Big Drive Managers will have revenue and costs in mind during discount strategizing, to help them beware of the right products to place discounts on and the cost involved. Offering of warranty on products will largely depend on the revenue and costs that come with the products.
References
Brewer, J. (1990).The sinews of power: war, money, and the English state, 1688- 1783. Massachusetts: US. Harvard University Press.
Holoway, S. (2008). Straight and Level: Practical Airline Economics. Hampshire. England: Ashgate Publishing, Ltd.
Oliver, L. (2000). The cost management toolbox: a manager’s guide to controlling costs and boosting profits. New York.US: AMACOM Div American Mgmt Assn.
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