• Understand the reasons for the price increase. The first step is to understand why the firm is considering a price increase. What are the specific cost increases that the firm has experienced? How much will the price increase need to be in order to offset these costs? It is also important to consider the impact of the price increase on the firm’s customers. Will it make contact lenses unaffordable for some people? Will it drive customers to switch to a competitor?
• Consider the alternatives to a price increase. There are other ways to offset cost increases, such as reducing costs or increasing efficiency. The firm should carefully consider these alternatives before deciding on a price increase.
• Choose the right approach to the price increase. There are different ways to implement a price increase. The firm could raise prices across the board, or it could target specific products or customers. The firm should choose the approach that is most likely to be successful in offsetting costs while minimizing customer backlash.
• Communicate the price increase to customers. It is important to communicate the price increase to customers in a clear and transparent way. The firm should explain why the price increase is necessary and how it will impact customers. The firm should also provide customers with an opportunity to ask questions and provide feedback.

Here are some additional considerations that the stakeholders should take into account when making their decision:

• The competitive landscape. How do the prices of contact lenses from other manufacturers compare? If the firm’s prices are too high, customers may switch to a competitor.
• The economic climate. If the economy is weak, customers may be less willing to pay higher prices for contact lenses.
• The firm’s financial situation. Can the firm afford to absorb the cost increases without raising prices?
• The long-term impact of the price increase. Will the price increase damage the firm’s reputation or make it more difficult to attract new customers?

Ultimately, the decision of whether or not to raise prices is a complex one. The stakeholders should carefully weigh all of the factors involved before making a decision.

Here are some specific suggestions for how the firm can implement a price increase in a way that minimizes customer backlash:

• Offer discounts to loyal customers or to customers who purchase a large quantity of contact lenses.
• Provide coupons or other incentives to encourage customers to continue buying from the firm.
• Make it easy for customers to switch to a different product or brand if they are unhappy with the price increase.
• Communicate the price increase in a clear and transparent way, and be prepared to answer customer questions and concerns.

By carefully considering all of the factors involved, the stakeholders can make a decision about whether or not to raise prices that is in the best interests of the firm and its customers.