Business trend has changed allot. its not an easy task to start a new business in such a competitive market. In early age when every product was new to the world everyone who started making new product could easily got monopoly on that product. And trends were very long term once a product has introduced in the market, it started selling and remained profitable for a very long period. Because people at that time were very monotonous they didn’t need any change they had limited desires, limited thinking and limited approach of getting that product usually from shops.
But now days the trend is almost opposite to that one, people need change, change and change.
The product’s life is short we can’t start making new product easily because there must be some related products in existing market. We cannot have the attention of the people easily.
On a very high level when a very big industry wants to launch a new product it has to do a lot of work. It first of all collect a lot of data about product including research, comments of people, requirements of people, desires of people, trend, season, fashion and a lot more things that it kept in mind before lunching a single product. Infect industries make an entire department named “research and development” (R&D) and spend million dollars on that department so that it may launch a new product.
but if you want to lanch a new product with small investment you should kept in mind the following tips
- start launching the product with the new IDEA.
- marketing strategy should be different not traditional.
- product price should be lower then existing product in the market.
- etc.
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