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    Name: Clarence Chessty Anak Kumbong Matric No: BG19110143 Section: 105

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    chesstty
    A critical factor for business success is offering products and services that meet customer needs better than competitors. Businesses must understand customer needs and how alternatives might meet those needs. They should develop offerings that provide more value to their target market than other options. Pricing is also important - products should be priced to achieve sufficient profit margins while attracting customers, not so high that sales suffer nor so low that profits are inadequate. Positioning the business appropriately in terms of price points, like as a discounter or luxury brand, also influences success.

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    Name: Clarence Chessty Anak Kumbong Matric No: BG19110143 Section: 105

    Uploaded by

    chesstty
    54 views2 pages
    A critical factor for business success is offering products and services that meet customer needs better than competitors. Businesses must understand customer needs and how alternatives might meet those needs. They should develop offerings that provide more value to their target market than other options. Pricing is also important - products should be priced to achieve sufficient profit margins while attracting customers, not so high that sales suffer nor so low that profits are inadequate. Positioning the business appropriately in terms of price points, like as a discounter or luxury brand, also influences success.

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    A critical factor for business success is offering products and services that meet customer needs better than competitors. Businesses must understand customer needs and how alternatives might meet those needs. They should develop offerings that provide more value to their target market than other options. Pricing is also important - products should be priced to achieve sufficient profit margins while attracting customers, not so high that sales suffer nor so low that profits are inadequate. Positioning the business appropriately in terms of price points, like as a discounter or luxury brand, also influences success.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    54 views2 pages

    Name: Clarence Chessty Anak Kumbong Matric No: BG19110143 Section: 105

    Uploaded by

    chesstty
    A critical factor for business success is offering products and services that meet customer needs better than competitors. Businesses must understand customer needs and how alternatives might meet those needs. They should develop offerings that provide more value to their target market than other options. Pricing is also important - products should be priced to achieve sufficient profit margins while attracting customers, not so high that sales suffer nor so low that profits are inadequate. Positioning the business appropriately in terms of price points, like as a discounter or luxury brand, also influences success.

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    Name : Clarence Chessty anak Kumbong

    Matric no : BG19110143
    Section : 105

    Title: Factors Contributing to the Success of a Business

    Before paraphrase:

    A critical factor for the success of any business is a product or service that
    meets the needs of target consumers. The consideration of whether or not this is
    true involves understanding, not only potential customer needs, but also the
    availability of alternatives to what you have to offer--your competition. Competition
    can be both direct (McDonald's is a direct competitor for Burger King) or indirect
    (McDonald's indirect competition could be a sit-down restaurant, a deli or even a
    grocery store). Successful businesses develop and deliver products and services
    that reflect value for their target audience that is above and beyond anything else
    available.

    Product and service pricing is an important and often challenging aspect of


    business success. A low price is not always the best price. The decision will depend
    on how the business wishes to position itself--as a discounter (WalMart, for
    example), as a luxury brand (Lexus), or anything in between. In addition to the
    impact that pricing has on the product brand, businesses must also consider price
    in terms of their desired profit margins. Selling a product at a price that does not
    yield sufficient revenue for continued operations is obviously not a good decision.
    Conversely, selling a product at a price that is too high may result in fewer sales.

    After paraphrased:

    A product or service that serves the needs of target customers is a vital


    consideration for the performance of any business. If it is real or not means
    knowing, not just the future desires of your clients but the availability of choices
    for what you must sell when you are in competition. Competition can be both overt
    (Burger King specifically competes with McDonald) or indirect competition may be
    hotels, delicatessen shops, or even convenience stores). Effective organizations
    create and offer-value based goods and services that are beyond and above their
    other available target markets.

    Pricing goods and services is an important part of market growth, often


    daunting. Not all the right price is a cheap price. It would rely on how the company
    wants to put itself. For instance, as a discount (WalMart), as a premium brand
    (Lexus), or something of them. Besides, the effect of pricing on the product brand,
    companies need to take price into account in terms of their requested profit
    margins. Obviously, it is not a smart idea to market a commodity at a price where
    the production does not deliver adequate profits to market a commodity at a price
    that is too high.

    Reference:

    Leigh Richards. (n.d). Chron: Factors Contributing to the success of a


    business. Retrieved from https://smallbusiness.chron.com/role-perception-
    consumer-behavior-67136.html

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