Some people think that the only way to have success in business is to have a unique product What factors do you think influence the success of a company

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Different types of strategies can be adopted to establish a successful business. An ample amount of people suggest that a person should come with an extraordinary design of any
product
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to sell. According to my perspective,
besides
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uniqueness, there are some other factors which should
also
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be considered before starting a company. On the
first
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hand, price is one of the main factors which everyone considers before making a final decision about their purchase. Most people prefer to buy from a cheap store unless someone is selling a better
quality
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product
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. A company should compare the cost of its
product
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with other relevant brands in the market.
For example
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, one of my friends is running a successful business, and his company is growing rapidly because he always prioritizes the customer's budget.
However
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, some of his goods are expensive, but in those, he is providing better
quality
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than his competitors.
On the other hand
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,
quality
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is something for which a buyer never compromises. There is a number of luxurious brands available which use the best material in production.
For instance
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, I used to purchase non-branded products as I thought that brand does not matter, but later on, I realized that
quality
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is something which can make a massive difference both in sales and in usage.
Furthermore
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, I believe that the return rate of customers directly depends on
the
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apply
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product
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quality
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. To conclude, I would say that selling a unique
product
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without considering the rest of the factors is not enough. One should focus on other important factors like price, customer support, and
quality
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.
Submitted by sumant2000 on

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Topic Vocabulary:
  • unique product
  • market demand
  • innovation
  • value proposition
  • target audience
  • market research
  • brand awareness
  • customer retention
  • word-of-mouth referrals
  • financial management
  • budgeting
  • profit margins
  • strong leadership
  • motivated team
  • productive work environment
  • embracing technology
  • competitive advantage
  • fast-changing market
  • effective marketing strategies
  • customer service excellence
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