In simple terms:
- Can more profit be gained externally(i.e., from the market)?
- Can sales volume be increased?
- Can the price be adjusted (i.e., raised)?
- Can product profitability be improved at the present selling price by raising efficiency internally (i.e., through cost reduction)?
And, make sure that you have constant access to accurate market information. Gather market information at regular intervals. For, no proper business strategy can be built on fragmented knowledge or analysis…