In response to increased costs and expenses, what three pricing options might a business consider to maintain their profit margins?
1. Increase the prices of their products or services: The business can simply raise the prices of their products or services to offset the increased costs and expenses. This can help maintain profit margins without sacrificing quality or cutting back on expenses.
2. Implement a tiered pricing structure: The business can offer different pricing tiers for different levels of products or services. This can help attract price-sensitive customers while still maintaining profit margins on higher-priced offerings.
3. Offer bundling or subscription services: The business can create bundled packages or subscription services to generate a steady stream of revenue and maintain profit margins. This can also incentivize customers to purchase more products or services from the business.