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Monopoly products require careful pricing strategy to maximize profits.
Consider the product's uniqueness and value to customers
Analyze the market demand and competition
Set a high price to maximize profits, but avoid pricing too high that it discourages customers
Use dynamic pricing to adjust prices based on demand
Consider offering discounts or promotions to attract customers
Monitor and adjust pricing strategy regularly
posted on 17 Jun 2024
How to make better Planning of finished product inline with RM ?
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