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Posted: 8/26/2004 1:46:07 PM EST
In your opinion is it easier to offer a new product, process, or service to the public or industry or elbow your way into an existing market?

Try to do it cheaper, better, faster, more personal or look for something new to sell?

There is a chain store called Publix that seems try to pamper it's customers and sell a little bit better quality items. The parking lot is full. There is obviously a need for this marketing.

Just curious. I might be looking for an alternative source of income if Kerry gets in the whitehouse.
Link Posted: 8/26/2004 3:48:47 PM EST
Historically, companies that sell products which already exist in the marketplace tend to have better chances of long-term survival. Convincing prospective customers of their need for an entirely new kind of product opens up a second battlefront, besides the traditional one of convincing them to buy YOUR particular product. Establishing demand for an entirely-new product or service tends to take extra time, often causing upstart companies to run out of cash before they can become profitable. Put of a hot dog stand, and you'll be selling hot dogs 15 minutes later; put up a Tacos Al Pastor stand, and it may be several weeks before word gets around about how tasty they are...

If you've ever read The Millionaire Next Door, you already know that there's plenty of wealth to be made in providing even the most mundane of goods and services.

OTOH, if you can tolerate some profitless initial months (or even years!), you'll often get better price margins on unique products or services. Also, some folks get extra satisfaction out of selling something unique that THEY invented.
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