Abhishek had joined HOI as an assistant in 2011 after earning a master of business administration degree with a focus on finance. After gaining an in-depth understanding of the business affairs, he took over from his father in March, 2014. Nevertheless, he continued to consult his father on every critical issue.
“At this rate we will be running losses in a few weeks’ time. Our price is too low,” Abhishek blurted out. “The price of mustard seeds has skyrocketed. Our price cannot absorb the high production costs any longer.”2 Ashok looked at his son thoughtfully and remarked, “This is the third time in a week that you have brought this up. We have always sold our product at a price considerably lower than that of the market. That has been our strategy from the beginning. Who will buy our product if we price it so close to that of major national brands?”
“We are priced too low,” Abhishek repeated. “Our brand has earned the reputation of being a quality product for all these years and it’s time we leveraged that reputation in the present situation. I disagree that an increase in price will affect our revenue adversely.” Abhishek paused for a moment and then concluded, “I shall get back to you after some calculations.”
Ever since Abhishek had joined the business, he had meticulously maintained monthly records of all the business transactions in a spreadsheet. He regularly used this along with the tools and techniques he had learned in college to take business decisions. However, the current dilemma was new to him, and he wondered if he could combine some of the theories of microeconomics with demand-modelling techniques to resolve the issue.
1 Asansol was the second-largest city in West Bengal after Kolkata and was ranked the 42nd-fastest-growing city in the world by city mayors in 2010.
2 The cost of mustard seeds accounted for around 75 per cent of the total production costs of Maa mustard oil.
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