Nov 5

Strategy of Development of New Products

Posted in Product

The search for new product ideas should be systematic rather than casual. Otherwise the firm will find a number of ideas, most of which are not appropriate for this type of business. Senior management should determine which products and markets stressed. Should state what you want to get signed with new products, if this is the goal of having a high cash flow, predominantly in market share or some other goal. Shall provide the effort to be spent on the development of original products, modify existing products and imitate competitive products.

To generate a continuous stream of ideas for new products, the company must actively cultivate many sources of ideas. The main sources of ideas are:

Internal sources. One study found that more than 5 5% of all new ideas are given the same company entered i.e. It can find new ideas through formal research and development. You can choose carefully to its scientists engineers and manufacturing personnel. The company’s sales are another good source because they have daily contact with consumers.

Consumers: Nearly 28% of all new product ideas come from an analysis of consumers you. The wishes and needs of consumers can be monitored by consumer surveys and focus groups. The firm can analyze the questions and complaints from customers to discover new products to better address consumer issues

Competitors. About 2 7% of all new product ideas come from analysis of competing products. Companies regularly buy new products of competitors, disarming to see how they work, analyze their performance in the market and decide whether the firm should respond with a new product itself.

Distributors and Suppliers. Resellers are closer to the market and can provide information about consumer issues, opportunities for new products and the market for wholesale products. Providers can inform the company about new concepts, techniques and materials that can be used to develop new products.

Other sources. Other sources of ideas include magazines, exhibitions and seminars, governmental agencies, nongovernmental organizations, consultants, new products, advertising agencies, commercial and university laboratories and inventors.

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Aug 23

Innovative business ideas and creative to design a small apartment

Posted in Business Ideas

Creativity has no limits and often very simple concepts can become big business opportunities.

A friend in her Facebook account recently published in its wall a video about a Chinese architect named Gary Chang, who has made a small apartment in Hong Kong in a big apartment blocks through a system of folding and sliding.

These folding and sliding blocks make the small space in several rooms specially designed to take advantage of all places without losing comfort or care of the harmony of the spaces for the benefit of the occupants of the apartment.

It is a concept that any architect or any creative person could adapt the design of other departments or even quarters and thus create a business opportunity to make money by offering a service processing small departments in large departments.

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Jul 2

Business Strategies: Cost leadership strategy

Posted in Business Strategies

Cost leadership strategy The first case is what is called “cost leadership strategy” and consists in taking as the main concern of the company the maximum reduction of costs by avoiding wastage, choosing lower-priced raw materials, locating its facilities where it is cheaper reducing transport costs, etc. all with the aim of achieving a low cost product can be sold at a price below that of competitors.

Clearly, concerns about costs should not allow them to forget other aspects of the product and the quality has to be minimum, in other words, customers are attracted by cheap products provided meet their needs.

In the current situation which is causing a decline in prices may seem a convenient option because perhaps the cost of inputs is lower. But cost leadership has major drawbacks: one is that the reduction in costs of production resources is an advantage for all companies in the sector and it is likely that all the profit, so it will be impossible to lower selling prices below than they get the competitors, another is that at present the means of communication and transport are developed enough to arrive products from countries with costs of inputs (raw materials, labor or both) actually well below those in force in our environment and for which it is virtually impossible to sell cheaper.

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May 13

Dealing With Competition (Part II)

Posted in Business Ideas

Differentiate from competitors

Another way to deal with competition through differentiation, ie by offering a product or service that has different characteristics that make other products or services from the competition.

But to compete not enough to offer something different, but must also be unique, novel, innovative, something that is difficult to copy by competitors, something that allows us to distinguish ourselves from it, and is the reason why consumers choose us to us before her.

For example, we differentiate ourselves in the design of our products, customer care, in providing extra services, the speed of our attention, to offer a personalized service, etc.

Constantly innovate

If we want to prevent competition we reach and maintain leadership, we must constantly innovate.

To innovate means to launch new products, which do not necessarily have to be entirely new products, but can be based products we already have, but with new designs, new models, new brand, new logo, etc.. Click here to read more.. »

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Jan 1

How to promote a virtual store

Posted in Promotion and advertising

Having a virtual store or online store gives us the ability to count millions of potential clients, but if nobody knows about our business or not there are sufficient reasons to buy our products, it is unlikely that someone will.

So to succeed with an online store, is not enough to have a good design or sell good products, but also to ensure good visitor traffic to our store, and encourage consumers to buy our products. And how to achieve this is through promotion.

Then see what the main ways to promote an online store are: Click here to read more.. »

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