Many people believe that the foremost method of a successful business is to have a product no one else is using. This statement is partially true there are many factors that make the business a successful venture. Lets discuss these features in detail and understand the reason for the success of a business.
The first and most important reason for the success of a business is availability of a product in all sectors of a market. This means if the product is not widely available then it would be really very difficult to sell it throughout the market. For example TATA salt is a product, which is widely available and everyone can go and buy it no matter which part of the country one is present.
Apart from making product available another reason that enables profitability in business is communicating with audience and informing the prospecting customer about the product and its key benefits. This makes the product widely known and people consider buying the product ones enough familiarity comes with it. For example TATA tea is product whose ad we all might have seen many times and also might have considered buying it and assumed it is a good product, this is because we have seen the product and know it exist.
Another factor that makes a product successful is defining very clearly who the target audience is and who do we want to focus on. This avoids extra work and wastage of resources on the area which are not profitable and not people who we dont want to target. For example, Apple is clear that it wants to create a niche brand and target the neo middle class and upper segment hence, they dont even try to pitch in to the middle class and lower class and such is the pricing and experience of the product.
In the end, we can conclude by summing up that although unique product do increases the chance of success but that is not the only way, a homogeneous product too can create a mark. To create a mark the seller should be very clear as to who to target and how to do the targeting.
Many
people
believe that the foremost method of a successful
business
is to have a
product
no one else is using. This statement is
partially
true there are
many
factors that
make
the
business
a successful venture.
Lets
discuss these features in detail and understand the reason for the success of a business.
The
first
and most
important
reason for the success of a
business
is availability of a
product
in all sectors of a market. This means if the
product
is not
widely
available then it would be
really
very
difficult to sell it throughout the market.
For example
TATA salt is a
product
, which is
widely
available and everyone can go and
buy
it no matter which part of the country one is present.
Apart from making
product
available another reason that enables profitability in
business
is communicating with audience and informing the prospecting customer about the
product
and its key benefits. This
makes
the
product
widely
known and
people
consider buying the
product
ones
enough
familiarity
comes
with it.
For example
TATA tea is
product
whose ad we all might have
seen
many
times and
also
might have considered buying it and assumed it is a
good
product
, this is
because
we have
seen
the
product
and
know
it exist.
Another factor that
makes
a
product
successful is defining
very
clearly
who
the
target
audience is and
who
do we want to focus on. This avoids extra work and wastage of resources on the area which are not profitable and not
people
who
we
dont
want to
target
.
For example
, Apple is
clear
that it wants to create a niche brand and
target
the
neo
middle
class
and upper segment
hence
, they
dont
even try to pitch in to the middle
class
and lower
class
and such is the pricing and experience of the product.
In the
end
, we can conclude by summing up that although unique
product
do increases the chance of success
but
that is
not the
only
way, a homogeneous
product
too can create a mark. To create a mark the seller should be
very
clear
as to
who
to
target
and how to do the targeting.