Why are some businesses succeed while others fail? What is the direction some companies take, which allows them to thrive in selling their products or services, when their competitors struggle?
Actually, they only have to fulfill a handful of requirements that can be summed up in five simple words. So, what are those five terms? They are the properly set...
product - price - market - team - communication
If those conditions are all met, then the business will find a strong foothold in its selected market. The opposite -- when one or more of the demands aren't satisfied -- surely results in continuous struggle or a slow (and sometimes surprisingly fast) demise of the particular product or entire business if the lack of attention is chronically compounded.
The examples of failure are many in the world of commerce even among successful companies. Do you remember 7-Up Gold? Don't feel bad; very few people do because it was a product nobody cared for even with its well-established consumer base. Chevy Volt? Everything is relatively good about that car, except its price. McDonald's Arch Delux: a rather poorly chosen market segment. I mean, who goes for an upscale burger to Mickey Dee's? PC Club: probably the worst sales team that ever existed in American retail. Kristie Alley's Jenny Craig endorsement? An unfortunate way to communicate the brand's benefits to lose weight. And still, some companies just never learn...
I bet, the next time you come across a terrible product, poorly set price or targeted market, horrible customer service or weak message, you will recognize that one or more of the above listed terms have not been properly attended or come to fruition.
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