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Starting a Business
According to management studies to give success to any business there are certain principles that needs to be followed
Principle 1: Generate Attention :How to grab attention?
1) Product should stand out from other products
Example: Packing of Pringles stand apart from packing of any other chips like lays, bingos tango. So Pringles grabs more attention than other chips packing’s.
2)Information given about product should be concrete and correct
3) Product should be easily accessible
4)Utility message of the product should be very clear and easily understandable
5) Interaction principle : convert observers into participants
Principle 2:Get others to remember your product
1) Structure your message
In terms of Safety: A, B and C
In terms of Reliability D, E and F
In terms of Value: G, H and I
2) Get into the memory of customer , so that your product becomes the obvious choice
3) Advertisement of your product should generate thoughts and emotions in customers mind
Principle 3: Getting others to appreciate your product
1)Get feedback from others
2)Enhance your credibility. Customers should have trust in you
3) You should believe in your own product then only people will follow you
4)Create a message that Generates curiosity
Principle 4: Become the obvious choice: How choices are made?
1)Decision Rule : On the basis of information available
2)Customer may use many decisions rule
Compensatory : The negatives of the product can be balanced out with positive
For example: A running watch is very expensive but it provides many extra features which could be useful in not only running but also in swimming , cycling , mountaineering etc.
Non Compensatory : The negatives of product cannot be balanced out with positives
Same example if customer doesn’t do swimming, cycling or mountaineering these extra features cannot compensate for the cost of the watch
Following these 4 principles can contribute to give a good start to any business and product.
Wishing Financial Freedom to everyone!