10 Business Management GuideDecember 16, 2019
The business world is full of charm but also very dangerous. You are determined but not necessarily lucky. You are talented but not sure you can adapt. Everyone knows that successful people create a superior product. But how to find this product is a difficult problem.
The following 10 suggestions will help you find new business ideas. This is the first step before you embark on building strategies to survive and compete with competitors in the marketplace.
Choose a basic product and make it special by adding values or marketing efforts to make it a lifestyle icon.
Luxury cars and jeans are an example. These are basic products in everyday life, but with a little adjustment, you can reach them to a completely different customer segment.
Handicraft is also a popular trend. But hand-made products if raised to an art product will cost a lot more.
Turn a product that is considered “class” down to a popular product, mass.
For example, People Express Airlines has eliminated all things that increase airfare prices such as snacks, magazines … and became the first company in the world to provide low-cost airline services from the past. 80. (30 years later most firms do not do so, but they still keep prices high).
There are many products and services that often come together. Instead of forcing consumers to consider choosing individual items, put them into one package. For example, every smartphone now has a camera, printer, and fax, scan and photocopying functions.
In contrast to the above method. There are some things that are easier to sell.
Life insurance is a good example. Previously, an insurance product had both protection and savings benefits. But short-term insurance products provide only the increasingly popular protection benefits because today’s customers no longer care much about saving through insurance.
The core of import and export is to meet the needs across geographical boundaries. When bringing products and services to different regions around the globe.
Try to categorize customers as accurately as possible to find a “gap” to get in. You may also notice that there are many TV channels that only specialize in certain topics. That is also the path that many entrepreneurs choose. Attack on niche markets and focus on areas of strength.
Instead of just focusing on product development, you should also take time to imagine the bigger picture. Everything related to the product such as manufacturing, distribution, display, after-sales, customer service, marketing, policy, law … needs to be carefully researched.
Selective products to meet the needs of discerning customers. They also do not have well-trained, knowledgeable staff to give advice.
Don’t be afraid of giants, you can also succeed if you open a small store, focus on selling a few types of items and own unique products.
Review the price
For those eager to start a business, price competition may not seem like a good idea. However, it is truly the simplest and most effective competitive weapon.
What is the biggest difference customers can recognize between you and your competitors? The only answer is the price. This is a risky strategy because you have to reduce profits, but it’s worth a try.
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Disclaimer – This article is an informative piece. Before investing in any financial issue kindly check with a financial advisor.
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