How Can Businesses Adapt to Changes in Consumer Income?
Businesses can adapt to changes in consumer income by:
Product Diversification: Offering a range of products at different price points to cater to varying income levels. Cost Management: Implementing efficient cost management strategies to maintain profitability during income fluctuations. Flexible Pricing: Adopting a flexible pricing approach to attract consumers despite changes in their income. Market Research: Continuously conducting market research to stay updated on income trends and consumer preferences.