Last week, We delved into two ways an organization can strategically position itself in the market, Differentiation and Competition analysis. This week we will round up our discussion on strategic positioning by discussing the third way an organization can strategically position itself in the market.
MEETING CUSTOMERS NEEDS.
The success of any product or service is hinged upon its ability to address a specific need or solve a problem for the customer. Essentially, businesses exist to identify a problem and provide a solution for it. Some of the most successful companies have achieved this by creating a need and then fulfilling it. A notable example is the introduction of smartphones, which successfully addressed a need that consumers were not even aware of until the product was available. Similarly, electric car manufacturer Tesla tapped into a need for sustainable transportation that consumers didn’t know they had. Additionally, Netflix pioneered a platform that fulfilled the need for convenient access to a wide array of entertainment content.
The primary objective of any business is to cater to the needs of its consumers. To achieve this, businesses must be adept at anticipating and effectively responding to these needs. Essentially, entrepreneurs should view themselves as the initial consumers of their product or service. If a product or service successfully meets its own needs, it is likely to have the potential to fulfil the needs of other customers as well. However, it’s crucial to recognize that not every product or service will be suitable for every customer; rather, they will specifically serve those for whom the product provides a viable solution.
For more tips on Business Development Strategies follow our LinkedIn: @The Stewward and Instagram: @the_stewward_Ltd
The Sttewwards Limited 
Leave a comment