When there is a time to cut prices, do the homework first. Don't trim prices across the board, but instead, apply the cuts to only those price-sensitive products that demand it. Resist the urge for knee-jerk behavior. They simply drive down overall pricing and margin, as competitors quickly follow suit. Don't devalue the currency .
Customers are much more willing now to ask for a price cut.
Resist the urge to acquiesce at the first request. Point to the premium value of your product or service and fight to maintain the value of that premium. Remember, too, that some companies' brands develop reputations for price cutting. It doesn't take long for the word to spread. Correct pricing structure is too important an element to be left to guesswork.