How can a firm reduce it's selling price and product costs without sacrificing the quality standards ?

- Performance Development

- Market expansion

- Higher Efficiency

- Revision overhead and eliminate unnecessary cost centers

- Production in an area where labour costs ar low

1. Use competency based recruitment system.

2. Apply competency based compensation and benefits package.

3. Reduce unnecceasy operating cost.

4. Ensure comptency based performance management.

5. Use Total Quality Management or QC system to reduce cost.

By Exploring new Market Demands and Increasing your Production to new peaks--so that you will get economy in purchasing raw materils  goods at a comparatively low price.  At the same time you can also source out rawmaterials by liquid cash payments buy utilising bank facilities at a cheaper rate so that you can avail various discounts.  You can also eliminate intermediaries in between (if so).  Capitive production of raw materials also possible if the problem can be sort out.........

All the benefits derived can be utilised for improving Quality and Standards with Standard customer service.

Good answers given by all.. To reduce production costs and selling price, company's need to become more efficient where they utilize resources to the optimum level, increase the sales...

It will be beneficial to analyze your cost structure (visible/direct or hidden/indirect) and decide the value contribution of each and every element in this cost structure. You can then apply such concepts as äctivity based costing (ABC), seeking alternatives, and pursuing improvement ideas and suggestions in all things related to your product and its associated costs

Through the implementation of Value-Creation and TQM concepts.

i,e, what we can call blue ocean stratgey or Genius of the and

Very good question for sure and realy it,s a hard  EQUATION

Agreed with both answers given by Mr.:Vridavan & Mr.:Nishant  as well too.

Agreed to all