Which comes first? The product or the market? Now I haven’t attended any marketing school but experience tells me that market should come first, which I think is just plain common sense. If you have a product but there is no market for it, common sense will tell you that the product will not move.
So when we want to produce something, which do we look into first? The product or the market? First of course we do market research. We try to find out if the market needs the product. After we confirm that the market need such product, we do product research. Which kind of product and if they can afford to buy such product.
I will not dwelve into manufacturing as I am not familiar with it, so let’s take something closer to home. Let’s take retailing. If we want to open a retail business in your town, what are the most lacking thing that the town needs or maybe the town lacks certain services. Like house cleaning or lawnmowing.
It may sound far fectching to some and they might ask, “who on earth will want someone to mow their lawns for a fee?” Silly as it might sound, the reason no one is paying for their lawns to be mowed is simply because no one is doing it! God knows how many are cursing under their breath saying, “If anyone is willing to mow my lawns, I will pay them anything” when they are doing it themselves.
The market is the driving force behind any products. As long as the market is present, the products will be produced to satisfy the market. The difficult part is finding the market.
Related posts:
- Make Money Mowing Lawns Rich and busy city dwellers who stays in houses with big compounds don’t find the time to mow their lawns. Their time are better spent on golf courses and posh clubs. Most only employ maids but never a gardener, so when the lawn needs mowing they get the services of...
- Verify Facts Before Making A Decision Shrewd businessmen relies on facts, not hearsay before making an important decision. There is no shortcut to this fact. The reason why sometimes your business proposals takes months to process is simply because the guy that you have made the proposal to is doing some investigation on his own. No...
- Controlling your Market In retailing, there is something that many retailers will do to control their market. Once you are able to control the market in the field you are in, it becomes much easier to manage. Educating your Customers If you re in the service sector, like a service center for cars,...
- Dabbling in the Futures market Now first of all, I have to clarify that I though I know a little bit about the stock market or the futures market, my knowledge of how to speculate in these markets are almost zero. So this is not going to be a tutorial about speculation but rather a...
- How to be a good Salesman In my line of business, which is a retail hardware store, I meet lots of salesmen. They come with their briefcases filled with catalogues and new products trying to make some sales to achieve their sales target for the month. Sometimes a salesman can be really annoying. These normally will...
Comments on this entry are closed.