This blog aims at equipping individuals with business and finance tools in simplistic terms. It convers both business finance and personal finance. It also looks at the actions that can help you run a business successfully. It has some juicy flavour in it. It also aims at getting individuals closer to Allah (SWT) Enjoy!
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What you should remove from your product portfolio
Hello readers, hope you are all good. Today, I will be writing about products that you should remove from your product portfolio in order to increase profitability especially in situations whereby your cost exceeds those of your peers. Here they are
When a product continues to fall below the break-even point after the predicted number of years it will take to break-even, since its contribution to profit does not cover the fixed cost then the product should be removed from your product portfolio . Removing the product will help boost your profit.
When you introduce a new product to your business market and realise that the product is stuck in the introduction stage of the product life cycle you should remove such products from your portfolio as such products are more likely to be making losses.
Products that are making losses
You should identify products that are bringing you losses and stop producing them. Since your aim is to increase profit. Thank you for reading this article. Keep checking out my blog regularly. Cheers!
Hello readers, today I will be writing about buyers behaviour when it comes to purchasing products (goods and services). I hope your week has been good. A buyer is an individual that makes a purchase. That purchase can be influenced by his/her emotions or his/her rational mind.
For your marketing strategy to be successful you have to truly understand the buying behaviour of your customers. Some customers buy goods based on trust and loyalty which falls into the emotional reasons. Thus, you have to build trust between your customers and yourself so they can return back to you. Trust is built when you offer good quality for reasonable prices.
Some products are bought regularly while some products are purchased seasonally. If your products fall into the seasonal category, you should only purchase them to be resold during that season. At times buyers purchase products on behalf of another individual. In that situation, you have to capture the mind of both the buyer and the actual person tha…