Businesses facing rapidly rising costs should consider:
A) offer products in smaller sizes or quantities.
B) communicate with customers about the cost increases.
C) anticipate rising material costs and try to lock in prices early.
D) All the above

Question

Quizplus · Accepted Answer

All of the above options are viable solutions for businesses facing rising costs. Offering products in smaller sizes can help mitigate costs by reducing the amount of material needed for each product. Communicating with customers about the cost increases can help maintain transparency and avoid alienating them. Finally, anticipating rising costs and locking in prices early can help minimize the impact of inflation on the company's bottom line. Therefore, all of these options should be considered by businesses looking to manage rising costs effectively.

Businesses Facing Rapidly Rising Costs Should Consider