All our choices are dependent on the various criteria we consider before making a decision. Deciding a product for your business is an important step, yet selecting the right product requires knowing of all the different criteria, as your single product would involve a heavy investment and act as a major factor for the future of your business. Let us have a look at some of the significant Criteria.
The primary goal of any business is to earn profits. Good profits help to run the business smoothly and also aid for expansion goals; hence the selected product should help you earn good profit over the production cost. Along with production cost, it is important to have easy access of the raw materials and the resources required to form the product, as it can help to avoid miscellaneous and unnecessary expenses.
In one of the above points, we talked about the criteria of making good profits, however, the product as a whole should be affordable for the consumers, as the price is an important factor which can overturn the demand of the consumer itself. A high price can cut the target audience belonging to a middle-class family whereas the opposite can gain a wider audience. Product should be affordable for all, along with the quality. Stepping in consumer’s shoes, helps us realise that the quality of a product should never be compromised. Which is why affordability and Quality count as an important criterion.
Planning for a business requires a huge investment and immense dedication and effort. A product act as the root to any business and it also accounts as the only tangible value or a connector between a business and a consumer, hence it acts as the first step of success for any organization. The above points can help you analyze and select your product accordingly.
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