Products and services are the heart of your business. In this training video, learn how to define your product or service and understand how your customers perceive it and why they value it. Core questions to answer include the following: What problem does your business solve? What product/service do you sell to solve it? Who has this problem and why do they choose your product/service? What benefits do they get from your product/service?
- 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 workers and delivery drivers,…
- What business are you in?
- What's your market and who is your competition?
- What problem does your business solve?
- How are your products and services created? What are your pricing and growth strategies?
- How do you measure performance?
With the answers in hand, you can be assured your have the knowledge to make the best decisions for your business.
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- Define and explain business acumen.
- Describe different types of growth horizons.
- Identify critical elements of knowing your business.
- Explain the effects of price changes on profits.
- List common growth methods.
- Evaluate your initiative pipeline.
- Define common business terms.
- Assess trends and your competitive environment.