Strategies for selecting a product in Business

Overview

Selection of product is not a easy task in this days but if you follow the particular steps and methods you will success in this step. In India there are most of the seller's ans machine manufacturer they push and force you to Buy machine and earn lacks but actually no one will tell about the sales and marketing concept to create a product and how to sale.

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This is actually big thing if you manufacturer a product from the factory. After you have to sale the product but most of the manufacturer they don't know how to sale the product. No one tell you about this they getting the profits through selling the machine.

If they tell u strategies to sale the product then you will grow.they influence only to take the machine. This is one of the worst thing in buying the machine from a manufacturer.

Most of small and medium scale industries are increasing to fulfill the needs of coustmers. Before starting any enterprise must you have to Know the sales procedure that how to sale a product to the coustmers, how to maintain supply chain management system, audition, maintaining Business operations etc,,... Will play crucial role in any type of business.in this article we clearly explained how to choose the product.

There are 4 factors that influence the selection of products are competitor research, your strength, awareness about the product, research and development. We clearly explained below.

1. Competitor research

Competitor research is the main fusion in the selection of business. For an example if you are going to start the scrubber Business. Then research about who are in the market related to this type of scrubber Business, what was the price of the product, how is the quality of the product, product features, products manufacturing, what is the manufacturing cost of the product. They are called as branded competitor.

There are 2 types of competitor in the market

First one is all over the country level manufacturer that they are in this type of manufacturing industry. They are called as the branded competitor. Know how they are serveiving in the market, price of the product, features and advantage of the product, design of the product.

Analyse the difference between the top 5 branded companies  and analyse the difference and advantage of top 5 local competitor. Like design of the product, it's supply, how they are maintaining the product stock.

Know the product pricing, plan, sales, distributor, is the product selling successfully in market or not, then after execute a perfect unique plan and give the best quality output of product.

Packaging and branding is the main aspect for attracting the coustmer. First 80%-85% of coustmers wants to purchase by seeing product design.

Brand your product with unique design. Set up a good brand name for your product with easy way to understand to coustmer.

Must know how Brandes companies designing the product prices, design, weight, packaging, also check the non- branded companies. So you know the difference between the branded or non Brandes products. 

Record bot of the two competitor sales, turn over of top 5 competitor of branded and non branded competitor. Then you will understand the strengths and weakness of products.

2. Your strength

Before doing any business you should know strength, my strength are enough to do the business or not and requires any more. Know how could I develop a product according to the market and giving the good quality.

Manufacturer or machie seller force you to purchase this product you will earn lakhs in with in span of time. In that time any one will have to choose and purchase the machine and start making product.

But the main matter how to sale product to coustmer. But this thing they doesn't tell you. After purchasing the machine they can not help you and you can't do nothing.

Keep recording your financial transactions, Business operations and invoices. Maintain transparent transaction. Also you should know the technical knowledge.

3. Awareness about product

You have yo know your product features, advantage, uses, who can use this product widely. For a exanple if you are dealing with the scrubber industry.

Explore about the weight if a each scrubber what is actual manufacturing cost of the product, demanded product or not etc,... Should be well known to you. 

Know the availability of product in market. What is the present demand of the product in rural or in city. You should know the supply chain management system to deliver the product to the coustmers in various places across district or city or state.

4. Research and development

If you are dealing with the scrubber, you must and should research about the product how it's made, where should I require the machine and raw material, where should I sell the product, how to analyse the features of product, etc,... Make a project report and record all the Business information you collect through the different ways.

Before starting the product selection. You have to choose the resources and study about the product. Consider all things for product require.  Consider above points and also choose your own ways to choose the product.

First asking questions

1. These points will influence the product really.

All are thinks it doesn't work. But no one provides this type of information. You may see most of the business information In many ways they tell about business Only. But no one told you like this. Think and do. All things based on you.

2. Compare my product with another product is necessary.

Comparison makes your product how to improve. But I'd doesn't mean your product is not nice. You have to improve it only.

3. Name of the product will Influence coustomer to purchase.

Yes, of course name and design of the product will Influence coustomer to purchase.

4. Is there any other key points.

Yes, lot of them but we provide some if them you have to do research to get more.

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Note

The above Article is created and posted for information and education purpose only. If any one want to start the any business. We suggest you to go deep market research before starting any business.we at Ourbusiness4us are not responsible for any loss, profits, problems, mistakes during your business lifecycle.