Answer:
There are several strategies that a company can implement to meet increased customer expectations while still earning a profit on high cost recycled materials. Some of these strategies include:
Pricing strategy: The company can implement a pricing strategy that reflects the cost of using recycled materials while still being competitive with other companies in the market. This may involve charging a premium for products made with recycled materials.
Innovation: The company can invest in research and development to find new ways to use recycled materials that are more cost-effective. This could include finding new ways to recycle materials or developing new products made from recycled materials.
Cost reduction: The company can look for ways to reduce the costs associated with using recycled materials. This could include finding new suppliers, streamlining production processes, or implementing more efficient recycling methods.
Marketing and branding: The company can use marketing and branding to differentiate its products made with recycled materials and to educate customers on the benefits of using recycled materials. This could include emphasizing the environmental benefits of using recycled materials, or highlighting the unique characteristics of products made with recycled materials.
Diversify: The company could look for ways to diversify their offerings and not rely solely on recycled materials. This could mean to produce other products which are more profitable and use the profit to subsidize the production of products made with recycled materials.
Ultimately, it's important for the company to find a balance between meeting customer expectations and earning a profit. It may require experimentation and trying different strategies to find the right approach that works for the company and its customers.