ESSAY: Strategies for Profit

Instructions: After reading this weeks material, address the following:

– What strategies would you implement for stimulating profit?

ANSWER

The ultimate goal for any business venture is to ensure that it makes enough sales that can guarantee profits. It is therefore important that every possible strategy that can help organization realize profits is used. There are many strategies that can help stimulate profits. The first strategy should be customer based since the customer is central to the volume of sales that any organization can make and consequently the amount of profits that can be made. It is therefore important that the quality of products is to the required standards as that is what will eventually attract a bigger market. The pricing strategy should also be very competitive to meet the different market segments which will ensure that maximum sales are made (Goodman, 2019). Other than consumer centered approaches, another strategy is to ensure that companies cut down on their operational costs. If there is a way that products and services can be produced at a lower cost as compared to competitors, it will imply that the amount from sales will be way above the expenses incurred which is a good strategy for stimulating profits. It is also important that a company embraces technological superiority as compared to other players in the market. By advancing in technology, a company will be in a position to produce more using less costs, improve the quality of products as well as employ less manpower…