in October 1929, there was complete despair among people. However,
introduced the Fortunemagazine for considerably high price of $1 inFebruary 1930. Fortune became so successful that by 1937, the magazinenetteda half million dollars on its circulation of 460,000.
Don´t decrease the price, but increase the value of the product.The way to solvethe problem isn´t decreasing the price. Decreasing the price will serve to lower the
of the product, therefore, if even the recession is over, the product will be expected to have lower cost. Consider a wine brand that sells its product with a classy looking bottle for $30. If that price goes down to $10, thenthe customers would be feeling as deceived. However, as a marketing strategy,there still stand some exceptions as
. The product was launched with a$600 price, then in about a month, the price was pulled down to $400. Eventhough many first purchasers protested the lower cost, it seemed to work prettyfine because of the initial perceived value, which made the customers feel like buying a higher value product for lower cost. Therefore, the total value(including the need in the market) may be considered independently for each product having the common sense in mind.
Much like getting in shape, people get creative when they have to.Consider theTV series, Lost. The crash survivors had nothing to do, but to innovate tosurvive. Even though this may sound a bit extreme, recessions are just one stepaway from depressions. The creation of an innovation starts with an idea, but therealization requires tireless and passionate work on the project.
,one of the biggest innovators of all time, who has a world record of
under his name, give maybe one of the most valuable lessons to be aninnovator by saying as: ´´I have never failed, but I´ve just found 10,000 ways