You should spend about 40 minutes on this task.
Some people think that the only way to be successful in business is to have a unique product. Do you agree or disagree?
Give reasons for your answer and include relevant examples from your own knowledge and experience.
Write at least 250 words.
It is often considered by some that only those who market unique products can become successful in today’s business. Even though I tend to agree that their success rate is much higher, I cannot completely digest the statement as it is.
The first reason why I think why a product with distinct features would assimilate more profit share than the popular consumer goods is because of the fact that every customer is curious to experience uniqueness. This is common whether it is the selection of food products like KFC or the purchase of a Rolls Royce car. At present, the strategy is highly adopted by the smartphone companies, which expand their sales by announcing features which are not found with other manufacturers.
Another reason for the increased success rate is because of the change in the consumer behaviour in the modern market. To be precise, the needs and desires of the customer changes as the years advance and as per the changing attitude of a person to life. The number of households which owns more than one TV has reduced considerably when compared to the past. TV manufacturers now focus on features like virtual experience to survive in the market.
On the other side, one can see many successful businesses which are constantly prospering even without any of these unique features. This is made possible by exceptional advertising, promotional offers and excellent customer satisfaction graph. However, I feel the effort they have to make to move further in the current marketing scenario is much greater.
To conclude, albeit uniqueness can bring success most likely, I cannot say that is the only factor which brings it in business.