Appeared on March 19, 2009
Mark Loschiavo, senior executive in residence and executive director of the Baiada Center at Drexel University’s LeBow College of Business, has pinpointed the following four questions as the most important to consider when thinking about a price change.Are you offering something your customers need? If not, you may need to drop prices to get a percentage of the customer’s wallet. During recessions, must-haves almost always trump nice-to-haves.Are you offering an affordable luxury? During a recession, most consumers may still be willing to indulge a little.