After finding a product and a supplier, you may believe that all that’s left to do is sell it online. This is not the case. With no continuous market research and product sourcng, your earnings will quickly begin to erode. There is a limit to how long a product may […]
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Do your tools and systems align with your goals? An important part of organizational improvement is ensuring that existing systems and tools are utilized to their fullest potential. Businesses across the value chain can benefit from a wide range of strategies for determining how to enhance a process. In the […]
Is it possible to simultaneously run a business and invent new products and services? This is a problem that practically every product manager encounters. In order to maintain growth, you must develop strategies to increase your product’s market dominance. But at the same time, you must maintain your eye on […]
There are so many things on our to-do lists these days that it might be difficult to do them all. Prioritization is essential. It may be more difficult to say than do, especially when everything seems to be screaming for your attention as priority number one. If you are the […]
An innovative concept is at the heart of every successful business. The process of turning a concept to reality, regardless of the amount of time and money necessary, is never simple. Because of the lack of resources, time, courage, and/or money, many excellent ideas go unrealized. It’s also common for […]
Having a marketing strategy gives your small business a clear path to success. It is important to tailor your marketing strategy to the specific demands of your busines. An effective marketing strategy begins with a defined set of objectives, a good deal of customer research, and a series of marketing […]
The process of taking a product or service from conception to market is known as new product development (NPD). It outlines a series of stages that new products typically go through, beginning with ideation and concept generation and ending with the product’s market introduction. Depending on the nature of the […]
When is it appropriate to introduce a new product or service? Well, like everything else in business, it is complicated. The answer will depend on who is asking and what type of business they are in, and can come with a slew of “ifs,” “ands,” and more than a few […]
What Is Innovation? An innovation is an idea that has been transformed into practical reality. It can be anything new – or different – that changes the game for YOUR company, filling an untapped customer need and building a new market. Innovation does not always imply the creation of something […]
The term “lean manufacturing systems” refers to the most recent manufacturing methods that maximize value while minimizing waste. It is designed to improve any company’s manufacturing line with a strong emphasis on waste reduction or elimination. When wastes are reduced, the quality of the products or services improves, so do […]
Creativity is what distinguishes a business from its competitors. Competition may kill the business, but if it’s innovative enough, then it will have an edge to survive and stand out. Innovation is a creative process. It stretches the imagination and offers limitless possibilities. A simple idea can turn into an […]
The decision to develop a new product can be an extremely difficult process for many businesses. Many sectors have failed with the failure rate reaching as high as 90%. Truthfully, there is really no secret to developing winning products. Follow these steps to perfect your product development process: 1. Generate […]
How do you determine whether your business succeeds or fails? By doing a research project. You will need to adequately research the validity of your business plan. It can be difficult to gauge what “adequate” really means. Here’s a checklist of some elements that any sufficient business research will contain: Market Research – It may […]
Businesses often employ Research and Development (R&D) to determine the consumers’ degree of acceptance of a new product. The reason behind this is the fact that launching a new product without a real demand would mean more costs than actual market research. Additionally, a failed product launch is not only damaging […]
If you don’t know where you’re going, then its leading you nowhere. The same applies to an effective product development. As an entrepreneur, you need to know how to measure your overall success. This is where Product KPIs are vital. If you are managing a team, there is a good […]
Goals are of vital importance in our lives. By setting goals, we can focus our lives and advance confidently in a definite direction. In business, a goal describes what a company hopes to accomplish or where it hopes to be at a specific future date. When a company sets goals, it makes its […]
We have seen a lot of organizations who mull and watch as their business transforms into a zero-profit condition while their competitors appear to flourish. Why is this so? Just take a look at your business and try to answer these questions: ✅ What does my company do better than anyone […]
Are you struggling with product decisions? Do you need to figure out if that great idea you are passionate about could become a successful business? A feasibility study will let you make an informed “go” versus “no-go” decision. It acts as a screening test for your business idea and can […]
As a business owner, you should know the importance of growing your business. Growth is absolutely essential for any company because without it, operations will stagnate. Your brand should also be able to keep up with the ever-changing demands of consumers. Aside from this, you need to be on par […]
Every product or service has a purpose. One of the reasons why customers buy a product or service is because of its benefits. Either it solves their problem or meet their needs. Features can also be a valuable factor but only if it can provide benefits. By highlighting your product […]