A Quote by E. Joseph Cossman
If you are ready to put a product or service on the market, look at that product or service and see how you can test it inexpensively. Keep in mind, you'll only need one; you don't need 1,000 to get the answer.
Related Quotes
Your business should be defined, not in terms of the product or service you offer, but in terms of what customer need your product or service fulfills. While products come and go, basic needs and customer groups stay around, i.e., the need for communication, the need for transportation, etc. What market need do you supply?
What characteristics are most important in creative workers? One quality you need is inventiveness. You need to be able to take whatever product or service you are providing and figure out ways of making it better, faster, cheaper. The other quality is empathy and insight into what people might want, even though they don't even know their wants, probably because there's no product or service to test their wants.
If you think of the product as a service, then the separate parts make no sense - the point of a product is to offer great experiences to its owner, which means that it offers a service. And that experience, that service, comprises the totality of its parts: The whole is indeed made up of all of the parts. The real value of a product consists of far more than the product's components.
Four things have almost invariably followed the imposition of controls to keep prices below the level they would reach under supply and demand in a free market: (1) increased use of the product or service whose price is controlled, (2) Reduced supply of the same product or service, (3) quality deterioration, (4) black markets.
Now, if you want to get rich, you have only to produce a product or service that will give people greater use value than the price you charge for it. How rich you get will be determined by the number of people to whom you can sell the product or service.
The key to growing a business is that you need to be meeting some segment of the consumer's needs. If you've got a small business and a product or service that is not popular, you simply have to change your product or service to be more popular.
No product is an island. A product is more than the product. It is a cohesive, integrated set of experiences. Think through all of the stages of a product or service - from initial intentions through final reflections, from first usage to help, service, and maintenance. Make them all work together seamlessly. That's systems thinking.
Launching a successful product or startup has little to do with luck. Any business that gains traction on the market is the result of very careful strategizing and market analysis, not to mention the development of an original product or service.
A successful business must have a sound knowledge of its market and work on how its product or service will be different, stand out and improve people's lives. If you can ensure it responds to a real need in the market place, your business can punch well above its weight.
The only reason I was able to accomplish things is the great people willing to work with me. A company is a group of people organized to create a product or service, and that product or service is only as good as the people in the company - and how excited they are about creating it. I do want to recognize a ton of super-talented people. Without them, I would have accomplished very little. I just happen to be the face of the companies.
Suppliers and especially manufacturers have market power because they have information about a product or a service that the customer does not and cannot have, and does not need if he can trust the brand. This explains the profitability of brands.
I think the critical thing is the product or service that you're trying to raise money for. And probably the best description of that, people should say when they hear, "This is what I want to do. This is what I want to bring to the market." They should say, "Gee! That's a great idea" or "Gee! Why hasn't somebody else thought of that before? Well, that's an incredible idea!" In other words, the more a person is delighted, or astonished, or happy with your product, or service, or idea, the more happy they are to put up money for it.
The answer is the disruptive innovator, an outsider, who creates a product or service for the non-existing consumer in a non-existing market for almost no profit.
New product and new types of service are generated, not by asking the consumer, but by knowledge, imagination, innovation, risk, trial and error on the part of the producer, backed by enough capital to develop the product or service and to stay in business during the learn months of introduction.
Most companies, 97 percent or more, put all their focus on clever advertising and clever taglines to get people to buy average or mediocre products. You need to back off and offer a really good product or service.
It's interesting - what are you willing to give up in terms of your privacy for access to other people? For access to things you think you desperately need. Ultimately, it's that old saying, isn't it? If the service is free, then the product is you. The thing being sold is you. There's a product for sale in you and your data.
Related Authors
Bill Gates Quotes
American
Businessman
Charlie Munger Quotes
American
Businessman
Dieter F. Uchtdorf Quotes
German
Businessman
Henry Ford Quotes
American
Businessman
Jim Rohn Quotes
American
Businessman
Joseph B. Wirthlin Quotes
American
Businessman
Mark Cuban Quotes
American
Businessman
Mark Zuckerberg Quotes
American
Businessman
Peter Drucker Quotes
American
Businessman
Richard Branson Quotes
British
Businessman
Russell Simmons Quotes
American
Businessman
Sam Altman Quotes
American
Businessman
Steve Jobs Quotes
American
Businessman
Tom Peters Quotes
American
Businessman
Walt Disney Quotes
American
Businessman
Warren Buffett Quotes
American
Businessman