Appeared on April 11, 2009
Management Professor and Associate Dean for Strategic Initiatives Donna De Carolis’, Ph.D., business commentary covered lowering price to attract or retain customers. She started by mentioning the three components of the customer relationship, price, service and quality, and how crucial they are in making this decision since by lowering one you might be lowering another . If lowering the price is not an option she recommended business owners to show how their product is different, better and how it contributes to the customers bottom line and goals. Competitors also may lower their price which requires owners to show how their product adds more value and is different than the rest.