○ Minimizing the cost of production
A method that everyone knows is to produce a product at the lowest price, from the price of the product sold in the market, called the minimum cost of production, as well as the maximum profit. How about it? because we produce it at a low cost from our market price but sell it at market price. For example, using advanced technology to produce that lower price compared to the market price.
○ Maximizing market share
Instead of making a profit by raising prices too much, lower the price of the product and sell more products; you can also get profit through this. This means, for example, selling 20 pens for three rupees instead of selling ten pens for five rupees.
○ Limiting a supply
Don't overproduce a product; it makes you lose. So always maintain some stock value; it means no overproducing and, at the same time, not underproducing. Under the demand and supply equilibrium point, you can produce. For example, if 50 kg of cement is required in the market, we have to produce only 40 kg. Because then the product demand will be greater than supply. It causes the automatic price hike in the market for your product; you can profit from this. Competitor tracking is very important in this because they will want to react to the advantage of your program. So keeping an eye on competitors is very important.