Question

Managers have recognized declining sales of a product and must decide what has to be done to improve it. Which would be their next step?

Answer 1

Managers have several potential next steps to improve declining sales, including expanding or reducing production, setting prices, and making decisions about factories and sales facilities.

Step-by-step explanation:

The next step for managers to improve declining sales of a product could involve several actions:

1. Expand or reduce production: Managers may consider increasing or decreasing the quantity of the product based on market demand.
2. Set the price they choose: Managers have the option to adjust the price of the product to attract more customers or compete with similar products.
3. Open new factories or sales facilities or close them: Managers may evaluate the need for expanding or contracting their production or sales facilities based on market conditions.

These are just a few possible next steps that managers can consider to improve declining sales. They need to assess the specific market situation, analyze customer preferences, and make informed decisions about the future of the product.