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 in the society that only those who market a unique product can become successful in their business. I too agree to the statement to a greater extent.
The predominant reason behind my view is based on a rational belief that almost every person in this world looks for varieties when they shop. This is found in the selection of simple food items and is seen even when people buy expensive products like cars. The popularity of KFC chicken and Rolls Royce cars is seen as pertinent examples for this. The unique features these products offer to their customers increase their sales, and thereby the respective company owners would benefit financially.
Another factor to be considered is that the business world is becoming increasingly competitive than ever before. When there is a ‘cut throat competition’ among the entrepreneurs, the best way to attract more customers to their products is to advertise the uniqueness of such products. Currently, this is seen common in the electronic market, especially in the smartphone business. Such companies market exclusive features such as a high definition camera to beat their competitors in the market.
I admit that there are businesses that prosper economically when they adopt innovative strategies in the marketing field, such as exceptional advertising, promotional offers and good customer care service. However, I think, they would fail to maintain their monopoly for a longer span.
To conclude, albeit there are a variety of options for businesses to become successful, I believe the only genuine option to reach there is to introduce a unique product.