Businesses faced with rapidly rising raw materials costs should consider the following strategies:
A)Communicate with customers and focus on improving efficiency everywhere in the company.
B)Emphasize the value your company provides to customers.
C)Anticipate rising materials costs and try to lock in prices early.
D)All of the above

Question

Quizplus · Accepted Answer

All of the above strategies are important for businesses facing rapidly rising raw materials costs. 
- Communicating with customers helps to manage their expectations and build trust. Moreover, focusing on improving efficiency everywhere in the company can help reduce costs and minimize wastage.
- Emphasizing the value your company provides to customers establishes the uniqueness of your company’s brand and products or services. It is important to showcase what differentiates your business from competitors.
- Anticipating rising materials costs before they become too high and trying to lock in prices early can help businesses to mitigate risks, plan for the future and manage costs effectively.

Businesses Faced with Rapidly Rising Raw Materials Costs Should Consider