From the course: Developing Business Acumen
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Define your products and services
From the course: Developing Business Acumen
Define your products and services
- You need to know what products or services your organization sells. Businesses exist to solve problems. You have to ask, what problem does your business solve? What product or service do you offer to solve that specific problem? Who has this problem and why are they going to choose your product or service to solve it? Finally, what benefits do they get from using your product or service versus others? A simple example is a car manufacturer. The problem that that car manufacturer solves is people wanting to get somewhere more quickly than walking. And they also want to bring some of their stuff with them. The product to solve this problem is obviously a car. Let's look at a more complex example. How about a light truck manufacturer. The problem gets more narrowly defined here. People who have that problem are people that need to haul equipment or they do heavy off road driving. The market is much narrower. You may be looking at plumbers and farmers and repairmen. Perhaps construction…
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