Synergy Corp.is large seller of energy-efficient bulbs that uses extensive promotional strategies to stimulate sales.Synergy has noticed that a competitor is doing well and is steadily gaining a large market share.The marketers at Synergy want to counter the competitor immediately by increasing the sales of its bulbs.What quick step can Synergy take to stimulate the sales of its products?

Question

Quizplus · Accepted Answer

Changing the pricing strategy is a quick step that Synergy can take to stimulate the sales of its products. By adjusting the price of its bulbs, Synergy can potentially make them more competitive with the bulbs from its competitor and attract more customers. This strategy can also help to increase brand loyalty and customer retention. Adopting new production techniques, entering into new supplier contracts, and adopting a divesting strategy would all require significant time and resources, which may not be immediately available to Synergy.