Mokokoma Mokhonoana: Cut Price
on Wednesday, July 14, 2021Mokokoma Mokhonoana Money Quote saying the common practice of discounting in place of promoting a product is the path of least resistance. Mokokoma Mokhonoana said:
“We reduce the price of a product when we lack the skills, money, or patience to increase the number of people who know about the product” — Mokokoma Mokhonoana
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Mokokoma Mokhonoana is saying that companies will reduce prices for their products when they lack other options to grow sales and revenue. Specifically, if a company does not have the skills, money, or patience to effectively market their product and increase awareness of it among potential customers, then lowering the price can be a way to boost sales in the short term.
However, growing awareness through marketing is generally a better long-term strategy for businesses according to Mokokoma. In summary, he is noting that price reductions may be a reaction to limitations in a company’s abilities to promote their products through other means like advertising, public relations, or word-of-mouth promotion.