Unexpected declines in demand can be managed by reducing product variety, hiking prices, and using customers to create demand.

Question

Quizplus · Accepted Answer

Unexpected declines in demand are typically managed by adjusting pricing strategies, improving product offerings, and enhancing marketing efforts to stimulate demand, rather than reducing product variety and hiking prices which might further reduce demand. Using customers to create demand through word-of-mouth or referral programs is a strategy, but reducing variety and increasing prices could be counterproductive.

Unexpected Declines in Demand Can Be Managed by Reducing Product