10 Business Management Guide

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.

Upgrade

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.

Demote

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).

Included

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.

Business

Separated

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.

Move

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.

Narrow

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.

Think big

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.

Think narrowly

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.

ยฉ Ruchie Verma. Unauthorized use and/or duplication of this material without express and written permission from this siteโ€™s author and/or owner is strictly prohibited.

Disclaimer โ€“ This article is an informative piece. Before investing in any financial issue kindly check with a financial advisor.

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Ruchi Verma

Certified parenting teen practitioner, multiple Award winner, mother of two active kids believes in sharing the right source of information to readers which could help them in every possible way!!

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17 Comments

  1. Do you mean 10 ideas or tips? Coz they look like nice tips for someone to start a business. Surely this blog will help someone doing a start up. Cheers!

  2. This post was a swift brush up with the basics of my post-grad course. These points do work well in business work models and implementations.

  3. Great informative post with impressive infographics. you had shared really good ideas, I like upgradation most. indeed, it is a smart way to add value to already existing products and nowadays it is trending too.

  4. Quite a motivational and helpful post for businessmen and women.It will be very helpful for the startups to take a note and ideas from your blog.

  5. positioning it right and pricing it right is always good. These are good tips you have mentioned.

  6. After reading the post one thing I understood this is the game of demand and the best supply. One who can add the best with their creative and unique ways to satisfy the customer is definitely lead a business successfully.

  7. This is a great piece. I agree that at times. it is important to reimagine the product so as to reach a wider audience

  8. Lovely post Ruchie!! The pointers are unique and very helpful not only for start-ups but any business for that matter.

  9. Good points one most beat in mind when doing a business buddy, another good article

  10. Plenty of relevant information for business people. I tried to understand and found a few tips good for 2020.

  11. Its really important to take note of such necessary pointers for business management. It will be helpful for startups.

  12. This is such an informative post. The pointers you’ve given are all on point. The audience must be kept in mind while selling the product.

  13. A lot of my friends aspire to start their own small businesses. This is a great article for them as well. Sharing right away. #Bookmarked !

  14. Such a different topic, i have read it twice to understand and absorb. I liked it, i like reading self help management books and blogs.

  15. Wonderful post! I have zero knowledge about business management yet what you wrote sounded so meaningful and right.

  16. This post is helpful guide for the basic business management tips. Bookmarking it for reference

  17. This was quite informative Ruchie, thank you for sharing this. A quick brush up to management pointers and impressive infographics.

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