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How quality of ingredients dictate price points in bakery
Saturday, 27 June, 2020, 14 : 00 PM [IST]
Rochelle Kapoor
The purpose of setting up a bakery apart from the love of baking, is also to ensure profitability based on a product that is of the highest quality.

This is the basic and most important law for all businesses and striking that fine balance between setting the right price whilst still ensuring record sales,  with a product that is of the highest quality, is really the “Secret to Success”

There has always been an inverse relationship between price and quantity demanded and economists call this the Law of Demand.

Simply put If the price goes up, the quantity demanded goes down and If the price decreases, quantity demanded increases!

However In order to increase demand, one has to set the right price point, and monitor minutely the quality of the ingredients used by you and their cost-effectiveness.

This is what will ultimately help determine both the taste and quality of your finished product one that you can be proud of, priced at a point wherein your customers feel that they are paying for value and not being fleeced or cheated into buying something substandard and below their expectations.

Once you build a reputation of a sound product at a price that is competitive yet does justice to the quality of the ingredients used by you, you are creating a market for yourself over time based on reputation and dependability

The first few years of your business’s operation are crucial to its success. Even for the most experienced of bakery owners, there are a lot of challenges one has to overcome and there are always lessons to be learned that help you to become a better business owner.

So choose your raw ingredients wisely... choose quality over quantity because at the end of the day, we all know that the taste of the pudding is in the eating.

(The author is the owner of Chunky's Cake Shop. She can be contacted at kapoorrochelle@gmail.com)
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