How Can Entrepreneurs Respond to Changes in Customer Demand?
Entrepreneurs can respond to changes in customer demand by being flexible and adaptive. Some strategies include:
Product Innovation: Developing new products or improving existing ones to meet changing customer needs. Dynamic Pricing: Adjusting prices based on demand fluctuations to maximize revenue. Targeted Marketing: Refining marketing campaigns to better reach and appeal to the target audience. Customer Engagement: Engaging with customers to gather feedback and stay informed about their preferences. Diversification: Expanding the product or service range to cater to different market segments and mitigate demand risks.