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High Rate of Business Failures
Select one of the reasons for failure and develop an outline of a step-by-step plan for overcoming that reason for failure.
One of the most common reasons that 8 out of 10 businesses fail within the first eighteen months is that they product or service they are offering has no real differentiation in the marketplace. That is to say that the products or services are not that unique or sufficiently different from other products or services that are already available.
"Meaning? Plenty of noise and chaos for those without uniqueness fighting for the bottom scraps. Most times this is a slow killer of businesses. Barely hanging on, entrepreneurs with some customers and some revenue skimp along for months or even years. Every painful inch wondering to themselves if this is all there really is (Wagner, 2013).
Without a unique value proposition, many business just cannot gain a big enough margin or revenue stream to fully support the business.
To combat this trend, entrepreneurs most innovate. They must create a product or services that is truly unique in some way. The product or service must add significant value to the customers' life. There are many strategies to creating...
For example, a business can have truly innovative products or services that are not otherwise found in the local market. Or a business can create differentiation with customer service, with their product mix, or even with a great location. The entrepreneur must really be able to put themselves in the shoes of the target market and create a realistic analysis of the value that they can add to that market.
2) Agree or disagree with the following scenario: Imagine that someone told you that today's global marketplace and the ability of potential customers to easily compare the prices and services of firms means that business owners must always compete on the basis of price. Develop a response to this person that clearly illustrates your position and explains why you feel that way.
Many consumer are certainly price conscious. However, there are many consumers that value other marketing elements beyond just price. For example, customer service is a key consideration for many consumers. If a consumer buys an appliance or some larger consumer good, they will want some assurance that they will be taken care of if they have a problem. Therefore the company's reputation and dedication to customer service…
References
Aliza, E. (2015, May 5). More Consumers Are Opening Their Wallets for Eco-Friendly Products. Retrieved from Survey Monkey: https://www.surveymonkey.com/blog/2015/05/11/more-consumers-are-opening-their-wallets-for-eco-friendly-products/
Wagner, E. (2013, September 12). Five Reasons 8 Out Of 10 Businesses Fail. Retrieved from Forbes: http://www.forbes.com/sites/ericwagner/2013/09/12/five-reasons-8-out-of-10-businesses-fail/
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