Identification of Specific Product Offering Role of Entrepreneurs: While the environment inspects leads to the innovation of more comprehensive business opportunities, there is a need to zero in on to a specific product or service idea. For example, trade liberalization since WTOs has resulted in export opportunities, but the question is what to export and where? You may be required to compile a country-product matrix to be able to decide. New products and services are the lifeblood of all businesses. Investing in their development isn’t an optional extra – it is crucial to business growth and profitability. But embarking on the development process is risky. It needs considerable planning and organization.
This way you may arrive at the product-market combination showing the fastest growing import and from your point of view export potential. Deciding on the product offering makes the highest demand on the entrepreneur’s creativity and innovativeness. Yet, in a competitive environment, it is possible to differentiate your product offering even if the generic product is the same and serves the same need. To thoroughly understand what you’re getting into, perform an extensive market research project to determine the feasibility of your business. In addition to gleaning statistics of trends and current customer buying patterns, you need to know who your customers are, where they are located and what kind of competition exists in your area.
You can extend the lifecycle of a product or service by investing in an “extension strategy”. You could:
- increase your promotional spending
- introduce minor innovations – perhaps by adding extra features or updating the design
- seek new markets
But ultimately this only delays a product or service’s decline.
Noticeably decision on particular product offering necessitates decisions on who is buying, why, and what are the value expectations. You will be able to succeed when the value delivered not only meets but also exceeds customers’ opportunity and create a ‘Vow!’ impact.