False Assumptions and Business Errors
According to Warren Buffett, hindsight in business is always 20/20. Most businesses in retrospect understand where they went wrong. It is a rare business that can anticipate shifts in market demand and problems which arise. According to Mackay (2014), even though a business cannot predict the future, it can take proactive steps to at least better secure its position in customers lives and hearts, including having an easily remembered and identifiable brand name and image, offer a unique service that customers desire, and to know how to communicate the products and services work for customers and how the products and services are used in customers everyday lives.
Quite often, businesses assume that customers know the value their products offer, but this is not always the case. The first fatal business error of many organizations is the assumption that the business knows the identity of the right target customer, and that customers are aware of the business. But customer needs and demographics are always changing. An excellent example of this is the declining consumption of soda. While once a popular...
Assuming that companies do not have to consider their
business processes and the options...
…name suggests, were originally designed to be toasted. But the company also knows that people eat the product on the go, and the companys packaging of two tarts in a silver container makes it easy for people to grab the product and run. The website even includes recipes involving Pop Tarts to encourage creativity with the product, such as freezing the tarts or topping them with
ice cream. This reflects an attempt to both reflect the reality of how consumers eat the product, not just the original intention, and also encourages greater consumption of the product by acknowledging the fact many people use it as a treat. In contrast, cereals (another breakfast product) are…
