by Dr Greg Chapman
Henry Ford once said about the colour range of his cars “They can have any colour they want, as long as it is black”. His strategy was built around price. Choice was a cost to his business and he wanted to mass produce so he could get economies of scale.
If you have a low price strategy, you may also offer a one size fits all solution as introducing choice also increases cost.
If, however you wish to increase your margins, having a wider range creates value for your customer.
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Dr Greg Chapman is the Director of Empower Business Solutions and is Australia's Leading Advisor on Emerging Businesses and provides Coaching and Consulting advice to Australian Small Business Owners in Marketing & Business Strategies Planning & Systems. He is also the author of The Five Pillars of Guaranteed Business Success and Price: How You Can Charge More Without Losing Sales.
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