MoneyMatters101.com Home
Information About Business
A Bad Economy
Are You Ready
Back To Basics
Brand Your Business
Breathe Life Into Business
Business Definitions
Business Ethics
Business Instincts
Business Insurance
Business Questions
Business Structure
Buying A Business
Confront Your Fears
Cost Control
Cost Budgeting
Cost Estimating
Cost Management
Customer Service
Determine Value
Due Diligence
Effective Leadership
Friends In Business
General Partnership
GenY Entrepreneurs
Great Companies
Innovative Practices
Investing In Fads
High Tech Products
Hobby To Business
Home Businesses
Learn Not To Flinch
Limited Partnership
Loyal Customers
Making A Profit
Mission Statement
Money And Profit
Overnight Success
Partner With Family
Personal Branding
Selling A Business
Selling Yourself
Setting Goals
Sole Proprietorship
Starting A Business
Start From Scratch
Surety Bond
The Buck Starts Here
The Competition
The Ethical Dilemma
Types of Businesses
Visability Is Power
What Is Success
What Makes Success

Email Us

Job Interview
Buying Insurance
Solar Power

Business Quotes



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.

Book of the Month

Book about investing

Advertise on MoneyMatters101.com



Accessibility Policy| Terms Of Use| Privacy Policy| Advertise with Us| Contact Us

Use of this web site constitutes acceptance of the Terms of Use.

We are looking to create more mutually beneficial partnerships. If you are interested in partnering with MoneyMatters101.com, send us your proposal.


Link to MoneyMatters101.com