984 — Competing in Business

If times are tough for your business, you may need to make some changes. Learn about your options in this episode.
Slow Dialog: 1:18
Explanation: 3:08
Fast Dialog: 16:28
Yoko: We used to be the only game in town. Now we have three competitors and they are luring away our customers.
Cedric: I know. We need to do something before we go under. What about price matching?
Yoko: Our prices are already competitive. If we want to focus on price, we’ll need to undercut our competitors.
Cedric: Slashing prices would be really hard on our profit margin, but these are desperate times. What do you think of a two-for-one deal? We could offer it for a limited time.
Yoko: We can do that if lowering our prices doesn’t work. I’m thinking we could go in another direction. What do you think about offering freebies or gifts with purchase?
Cedric: I think that’s a good idea. The more frills we include the better our services look. What kind of frills?
Yoko: I’m not sure, but the more bells and whistles the better.
Cedric: And if all of this doesn’t work?
Yoko: Then we’ll be up the creek without a paddle!

Script by Dr. Lucy Tse