Question

What cost effective techniques will you follow for your product

Answer 1

1)Using raw materials & input that are low in cost.
2)Using machines & labour in most effective manner such that maximum output is produced.
3)Optimum utilization of resources & inputs with minimum wastage.

Answer 2

Answer:

The cost-effective method is the one that benefits the product with a lower cost.

The cost-effective techniques which can be followed for a product can be the following:-

• Promotional techniques such as television ads should not be done to save cost, and social networking sites should be used to promote the product where promotion is inexpensive compared to television or billboard advertising.- The location where the product is made matters a lot; it should have access to all the raw materials and the labour needed to produce the specific product.- While making the product, the element of social responsibility should be kept in mind, too, that the product should be produced according to the customer's needs and demands so that the product can be produced under environmentally friendly circumstances.- Being socially responsible will make the people care more about the product, and it will have more respect in the eyes of the consumers as it satisfies their needs.
• Direct selling- direct selling is a type of selling where the person can directly contact the customers and make them understand their products. They can support the objective of their products directly.

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