The Right Way (and the Wrong Way) to Increase Prices

by George Cressman

Yes, the current business environment supports the ability to raise prices. And that's where the challenge emerges: many of the price increase announcements are being poorly executed. Mistake number one: The majority of announcements cite higher costs as the reason for increasing prices. The problem with this approach is that it sets the stage for future price sensitivity and demands for price concessions. So what's the right way to increase prices? ... cont'd

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