Due to the uncertainties surrounding tariffs, it's becoming increasingly risky for businesses to depend on simply raising prices or absorbing costs to achieve the necessary profit margins. To navigate this challenging landscape successfully, management must adopt a more expansive approach to pricing strategies. By doing so, they can not only weather the fluctuations of tariffs but also uncover opportunities for profit and growth, regardless of future tariff changes.
Relying solely on raising prices or absorbing costs to cover new tariffs is a risky business strategy. Managers must broaden their thinking on pricing.
In today's turbulent times, it's crucial to explore innovative pricing strategies that not only adapt to tariffs but also open avenues for new profits.
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