Home Business Bono Regional Minister Advocates Fair Pricing for Traders and Businesses

Bono Regional Minister Advocates Fair Pricing for Traders and Businesses

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Madam Justina Owusu Banahene, the Bono Regional Minister, has delivered a pragmatic message to traders, particularly those dealing with products approaching their expiration date. She emphasizes the importance of adopting a competitive pricing strategy to not only remain economically viable but also to attract new customers and thrive in the marketplace.

Madam Owusu Banahene firmly disapproves of the practice of overpricing products in an attempt to maximize profit margins, which often leads to unfavourable outcomes.

She underscores that it is a misjudgement to prioritize hefty profits over affordability, especially when the product in question carries an impending expiration date. This approach, she emphasizes, invariably results in financial losses, as the product’s shelf life is finite.

In her statement during an interview, Madam Owusu Banahene urges business owners to be conscious of the perishable nature of their goods and to consider the long-term consequences of holding onto higher price points. She emphasizes that overpricing is counterproductive, as it discourages patronage and ultimately results in a loss of valuable customers.

The Regional Minister advocates for a more sustainable and customer-centric approach. She maintains that maintaining lower, more accessible prices, even with smaller profit margins, is a prudent choice. The ability to maintain consistent business operations, cater to customer needs, and continue serving the community far outweighs the allure of higher but unsustainable profit margins.

Madam Owusu Banahene further dismantles the fallacy that overpricing lends an air of exclusivity or greater value to products. She rejects this notion and emphasizes that such practices not only alienate potential customers but also tarnish the reputation of the business. She stresses that a well-balanced approach to pricing fosters trust, customer loyalty, and the long-term prosperity of the enterprise.

The Regional Minister’s counsel serves as a reminder to businesses that prioritizing affordability and value for customers is a sustainable and ethical business practice. In the competitive world of commerce, she highlights the significance of considering not only short-term gains but also the lasting reputation and success of businesses within the community.

Madam Owusu Banahene champions a fair pricing approach that benefits both businesses and consumers, fostering a harmonious and thriving economic landscape.

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