How to Raise Prices Without Losing Customers

Order 100% Plagiarism free paper

View the video at the link below and share your thoughts on the economic concepts that you believe are applicable. In your paper response, provide a rationale on whether or not a firm has to possess market power in order to raise prices.
The video is reflecting where a business consultant, Mr. Bob Prosen, shares his thoughts on raising prices without losing (too many) customers. Prosen gave four tips such as advance notice, adding value while raising price, etc. in this presentation. Provide other tips that you can share.
How to Raise Prices Without Losing Customers
http://highered.nbclearn.com/portal/site/HigherEd?cuecard=42019&token=rSb5K-FoEP1xMI_b2V21osTKO51TnMQa&attributes.email.value=hu9whLrJn4eVDJH4tD4Oq0cuzPnii5t7_0xKnJWeP3_dj2GQnDai2A&attributes.firstName.value=Christina&attributes.lastName.value=Davis&attributes.myrole.value=Student&attributes.userName.value=0156867