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▶ Managers and consultants always talk about can ▶ Managers and consultants always talk about cannibalization and how companies should be careful and avoid eating away at their existing sales by introducing a new product. But if they don't put the new product on the market, someone else probably will, right? And then they lose big time. So that's a problem. What can they do? Well, they can 1) protect their business by preempting competition, 2) differentiate their new product from the existing one, and 3) introduce new products continuously to stay ahead competition, even if that reduces the sales of their older products. For example, when Apple introduced iPad, it quickly started to eat away at Apple's higher priced computers. Soon, iPad produced billions of dollars in revenue, to which Tim Cook said: "If this is cannibalization, it feels pretty good."
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#marketcannibalization #productdevelopment #productinnovation #productdifferentiation #businesscompetition #productmarketing #businessstrategy #businessknowledge #businessgrowth #startuptips #businessownertips #entrepreneurshiptips #businessadvice #startupadvice #startupskills #businessskills #entrepreneurshipeducation #businesseducation #businessstudies
▶ Your pricing can determine many aspects of you ▶ Your pricing can determine many aspects of your business. And the pricing itself can also be determined by your strategy and target customer segments. Which pricing strategy are you using? Have you ever asked your (potential) customers how much they would pay for your product/service? Are you just taking the market price and using that as your pricing basis? Or do you calculate your costs and add a margin?
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#infographic #businessinfographic #pricing #pricingstrategy #pricingtips #businessstrategy #businessknowledge #businessskills #startuptips #businessownertips #entrepreneurshiptips #businesstips #businessconsultant #businesscoach #businesseducation #entrepreneurshipeducation
▶ Targeting too big of an audience leads to your ▶ Targeting too big of an audience leads to your product or service being ok for everyone but not excellent for anyone. Unless your product is a vaccine for Covid-19 ☝️
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#quoteoftheday #billionairequotes #newbusiness #businessknowledge #businessgrowth #targetmarket #businesseducation #entrepreneurshipeducation #businessownertips #startuptips #entrepreneurshiptips #startupadvice #businessadvice #businessdevelopment
▶ Minimum viable product is a concept stemming f ▶ Minimum viable product is a concept stemming from the Lean Startup method (Ries, 2011). It is built very early on to test customer reactions, interest, and preferences. Building something cheap before the final product allows you to iterate multiple times, learn from the customers, save costs, and avoid "waste" (time and resources spent to create products that nobody wants). The concept can be applied to physical products, software, and services. And it's also worth mentioning that MVPs are not prototypes. While prototypes are built to test technical feasibility, MVPs help to develop products that people actually want.
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#businessinfographic #infographic #leanstartup #minimumviableproduct #prototype #ericries #customerdata #customerpreference #iteration #productdevelopment #businessdevelopment #startuptips #startupfounder #businessownertips #newbusiness #businesscreation #entrepreneurshiptips #entrepreneurshipeducation #businesseducation
▶ I post a lot about emerging markets, new techn ▶ I post a lot about emerging markets, new technologies, and innovative startups. If you ask me about the best business opportunities it's difficult to say, because it depends so much on what you like to do and what you can do. But replacing established unsustainable businesses or creating completely new sustainable businesses is an opportunity for almost everyone, because there is a huge need for that in almost every industry.
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#sustainability #sustainablebusiness #sustainableentrepreneurship #sustainabledevelopment #zeroemissions #zerowaste #foodwaste #plasticwaste #startuptips #newbusiness #businessdevelopment #businessideas #businessopportunities

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