Synergy Corp., a large seller of energy-efficient light bulbs, uses extensive promotional strategies to stimulate sales. The marketers at Synergy Corp. have noticed that a competitor is doing well and is steadily gaining a large market share. They want to counter the competitor immediately by increasing the sales of Synergy Corp.'s bulbs. In this case, which of the following steps is the quickest step that the marketers at Synergy can take to stimulate the sales of its products?

Question

Quizplus · Accepted Answer

Changing the pricing strategy is the quickest step that the marketers at Synergy can take to stimulate the sales of its products. By reducing the price of the bulbs, Synergy Corp. can make its product more attractive to customers than the competitor's product, which will help to increase sales quickly. Creating complex production techniques, entering into new supplier contracts, or adopting a divesting strategy are not relevant in this specific situation and may take longer to implement.