question 3

Explain 4 ways businesses can cope with a recession.



Cost reduction:- there are methods such as finding alternative suppliers who offer the product you need at better prices or moving to a cheaper location should help cash flow during a recession.



Price Reduction:- during a recession people become more aware of prices so lower prices will be more attractive to the public.



Branding:- can help during a recession because customer who are loyal to the brand will continue purchasing its products regardless of price change helping the brand maintain its sales.



Outsourcing:- the cost of production might be lower overseas so this could help a business gain a competitive price advantage and increase its profits. this will help reduce the impact of any recession in the country's market.