How will you manage a product sales parcentage if your products margin is 20% And compititor product margin is 30 %

Question

Accepted Answer

To manage a lower product sales percentage with a 20% margin compared to a competitor's 30% margin, focus on value proposition, customer relationships, and differentiation.

Emphasize the unique value and benefits of the product to customers.
Build strong relationships with customers to understand their needs and provide personalized solutions.
Highlight any additional services or features that differentiate the product from competitors.
Offer competitive pricing strategies or discounts to attract customers.
Invest in marketing and promotional activities to increase product visibility and awareness.
Continuously monitor market trends and competitor strategies to adapt and stay competitive.

Accepted Answer

I must be offering better product in terms of value, quality, design, packaging and durability.

How will you manage a product sales parcentage if your products margin is 20% And compititor product margin is 30 %

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