When Should Entrepreneurs Consider Lowering Prices?
Entrepreneurs might consider lowering prices in several scenarios: 1. Increased Competition: When new entrants provide similar products at lower prices. 2. Market Penetration: To gain market share quickly. 3. Economic Downturns: When consumer spending power is reduced. 4. Product Lifecycle: As products move from the introduction to the maturity stage, price reductions can help maintain sales volumes.