6/28/2017

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Products And Services

Things are changing so fast in the business world that companies are coming on the scene with innovative products and services and then disappearing as fast as they appeared.

Many companies offer multiple products and/or services to consumers in an effort to compete more effectively and to bolster their market share. This is good news for consumers because it forces companies to lower their prices in order for them to grow and stay competitive.

Companies are also providing a wider variety of products and services and they have to update and improve them constantly in order to stay competitive. It is no longer a good idea for a company to offer just one product or service because if that product becomes obsolete or another company develops something better, it may mean that people will shop elsewhere and the company will struggle or go out of business altogether.

If a company wants to compete effectively, it has to expand and improve it's products and services lines. It has to change it's marketing strategies when it becomes necessary because survival may depend on it. This is because other companies are always seeking ways to expand into a rival's territory. They are always thinking of ideas to out maneuver established companies so they can tap into that companys' market share.

Rival companies compete by offering new and more innovative services that will bring more customers through their doors. This type of competition has always been around but with technology expanding so rapidly today, many older, familiar brands are finding it harder to hold on to their core customers.

Even though some companies and their brands are still solidly embedded in the minds of consumers, there is always the possibility of an upstart coming on the scene with a new or better product and taking a large share of the market. This happens over and over again so it is wise to keep an eye on the competition.

Even the largest, most entrenched companies can't afford to let the competition muscle in on it's customers. They know that once another company finds a weakness in it's foundation, it will exploit it unmercifully. This makes stock holders very nervous.

Products and services are the life blood of all companies, big and small. If you build on what you have, you can weather any storm. But if you don't stay competitive, your company will go through hard times.

The economy has morphed into such a competitive atmosphere that it is no longer prudent to think that because you have a product that consumers love today they won't abandon it tomorrow. There is always the possibility that someone will come up with a better idea or improve on your products and services.

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