I have been promoting a product that has been doing effectively. Nevertheless, it had flaws in it is design which resulted in issues when utilizing the product.

As a result of my product was distinctive and didn’t have plenty of competitors, these flaws weren’t as detrimental to my gross sales as it might have if there was a competing product with no flaws. Nevertheless, I need my product to be close to excellent. So I have been engaged on enhancing it and have efficiently designed a more moderen model that has no flaws, is best high quality and is total superior.

That is my dilemma.

I nonetheless have 3000 items of this previous product in stock. I want to promote each the brand new and improved model and previous model alongside one another at totally different costs. My competitors on-line sells their product very low-cost. My tactic is to promote my previous product at a less expensive value than the competitors while promoting my newer product at full value. My hopes are to permit the purchasers to gravitate in direction of the newer product that represents my model the perfect, while getting those that usually purchase from my competitor (as a result of it is less expensive) to purchase my older product which is now priced even cheaper than my competitor. An essential observe to make is that each my opponents product and my previous product posses the identical flaw in design.

My query is; Ought to I even proceed promoting this previous product if it is less than my manufacturers requirements, however in hopes of making another cheaper product to take out my on-line competitor? If that’s the case, what are some issues to think about so as to preserve my model picture and to not take away from my new main product.

Thanks.


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