Gary's Gym holds a patent on a unique exercise device and faces a downward-sloping demand curve for its services. If the gym's management is considering increasing the price of gym memberships, which of the following strategic considerations should they prioritize to ensure that the price increase does not lead to a significant drop in quantity demanded?

When Gary's Gym thinks about raising the price of its memberships, it needs to carefully consider how this might affect the number of people who want to join or stay. Since the gym has a unique exercise device, it has some power to set prices, but it must remember that higher prices can cause some customers to leave. To avoid losing too many members, the gym should ensure that the benefits of their unique offerings are clear and appealing, highlighting features that competitors might not offer. For example, if they promote special classes or personal training sessions that are only available at their gym, customers may feel the price increase is justified. Ultimately, the gym should also consider how sensitive their customers are to price changes and possibly test the increase in small steps to gauge reactions.