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Post by katiebourgeois on Sept 4, 2013 8:28:25 GMT -6
INSTANT MBA: Think Smaller Than Your Competitors
The company that can make the same type of product as its competitors' products, but cheaper and easier, will probably be the more successful company. Consumers can purchase whatever they are looking for from multiple stores in today's world. With the way the economy is today, consumers are usually looking for the lowest price. If a company has the products the consumers want and can produce and sell it cheaper than the competitors, I would be willing to bet that most consumers will buy that product first. However, a company needs to try to produce products the cheapest, but they should not neglect the products quality while trying to go cheap. If consumers buy a cheap product that is of lesser quality than they wanted, odds are they won't purchase from your company again and they will tell everyone they know about their issue with your company. That could potentially be harmful to a company as well.
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Post by trey on Sept 5, 2013 12:59:39 GMT -6
INSTANT MBA: Listen To Everyone But Don't Take Advice From Just Anybody
That industry changing invention is not always what you need to become successful. Sometimes taking an existing, possibly complex, product and making it into something versatile and easy to use is the answer. Some consumers in the market may be shying away from a product just because of the complex usage and design. By making it simpler, it therefore makes the product more marketable.
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Post by sbardwell on Sept 7, 2013 15:13:03 GMT -6
INSTANT MBA: Think Smaller Than Your Competitors
This article makes sense to me in several ways. First, I love simplicity. I attempt to make everything in my life simple because I do not like anything that is complex or overly complicated. Secondly, simplicity can reach a much broader consumer base. Third, keeping a product design simple can save on design cost, manufacturing cost, warranty cost, and marketing cost. The CEO of SiSense has a great strategy of outsmarting their competitors by way of simplification.
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Post by stephaniemeyer on Sept 8, 2013 8:41:06 GMT -6
"Trying to build a better version of a competitor’s product is not the way to get in the game." This quote from the article reminded me of the philosophy of the fast food chain that I worked for. They are number one, and quite often, other chains are trying to build a bigger, better version of their top sellers. This has been going on for years, yet these other chains still have not been able to take over the number one spot. Why? Obviously, as the author of this article says, it's often better to have the simpler version of the product-----give the consumer what they want for the best price------if you want your business to be a success.
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Post by beccabourgeois on Sept 8, 2013 15:56:39 GMT -6
This article talks about keeping your business simple. Bendov says to make your product easier, simpler and cheaper than your competitors'. He says, "your product needs to be the one that extends across the industry from the larger corporate companies to the smaller businesses. The versatility and usability of your company’s product or services keeps you current and competitive with other players". This statement is so true. Often times we are thinking big but sometimes when it comes to solutions, we need to think small. Sometimes simplicity is what will make you successful.
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Post by brentgruber on Sept 8, 2013 17:34:03 GMT -6
This article discusses the importance of not over complicating things. It is important as a business to remember what the reason for your product or service is. It's not necessarily a good thing to offer more. This can sometimes lead to over complication and a less desirable product. Stay ahead of your competitors by offering a better product that is fully developed yet less complicated. In the long run it could really make a difference.
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Post by katiesnyder on Sept 9, 2013 11:48:22 GMT -6
Instant MBA: Think Smaller Than Your Competitors In my opinion, to make a product that is similar to the competitors but cheaper for consumers is the easiest and laziest route to take. It’s given that customers are going to settle for the cheaper brand but they want to get more for their money. Companies take the ideas from others and twist customers minds into thinking it’s the better buy. Companies need to work on their own level. They should create their own twist to a concept. Build your fortune 1,000,000 companies from the bottom up and not at the middle of someone else’s idea. I understand that its all about the money and that’s it the easiest way to do that, but its not fair to the companies that worked hard and did all research for someone else to gain all the wealth from that.
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Post by Holland Bussell on Sept 9, 2013 20:24:39 GMT -6
Great business plan approach for that company. I think it is safe to say that today everyone enjoys things that are more convenient and easy to use. No one wants to have to sit and decipher how to use a product for an elongated period of time. An idea that all businesses or companies can learn to amass a large business would be to meet the needs of the many like Amit Bendov says. Smart yet simple thinking like that can deliver a strong customer demand and a dedicated consumer fan base that will continue purchasing whatever product.
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Post by kformaggio on Sept 9, 2013 23:08:14 GMT -6
INSTANT MBA: Think Smaller Than Your Competitors
In terms of increasing profitability, the logic in this article is dead-on. Instead of creating a product that is unique and difficult to manufacture, create products that are simple and cheap that will overcome any competitor's products. Creating base products and creating a simple business plan can decrease overhead and, in the long-run, increase profits.
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Post by jameciadavis on Sept 10, 2013 10:23:37 GMT -6
Great article, but I think it is very important to be selective of the people that you take advice from. Also, you need to be selective of the people in which you give advice to. I do not agree with Joel Bomgar when he says Always be willing to listen to anyone, but trust your own intuition. Some time you can steer yourself the wrong way. I think that it is best to get advice from a variety of sources to get really sound advice. From there you should be able to form a better solution to your problem.
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Post by brittanyfury on Sept 10, 2013 10:29:15 GMT -6
INSTANT MBA: Think Smaller Than Your Competitors
This article demonstrates how sometimes smaller is better. In order to beat your competitors, your product has to be something that the competing product is not. Instead of thinking how can I make my product bigger and better, you could say, how can I make my product simpler and easier for consumers. The JitterBug cell phone came to mind after reading this article. The JitterBug is an extremely simple, idiot-proof cell phone. There are no apps, no cameras, no bells or whistles. This product was very marketable to the senior citizen age group. It did well at first because there was no other phone like it, in terms of simplicity. To stay current and competitive with other companies, your focus should be on the versatility and usability of your company’s product or services.
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Post by dipanjali1 on Sept 10, 2013 19:53:20 GMT -6
INSTANT MBA: Think Smaller Than Your Competitors
This article talks about what needs to be done in order to get ahead of the competition. It is not the complexity of the product that makes it successful. A product has to be simpler and easier to use by just everyone. Remodeling and restructuring the competitor's product with added features is not the right way, you need make products that are completely new and simple to use.
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Post by tyancey on Sept 10, 2013 19:53:20 GMT -6
INSTANT MBA: Think Smaller Than Your Competitors
I somewhat agree with this article. I do believe that products should be made simple and easy for the customers to use. However, I do not feel that success it mainly simplifying product and designs. I feel that in the business industry you must always be able to stay a step ahead of your competition. Businesses need to be innovative and evolve with the ever changing world of technology. Businesses cannot just produce the same products only simpler, they must introduce new and advanced products. However, it is very important that these new and advanced products are simple and easy for the customers to use.
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Post by banessau on Sept 11, 2013 9:40:44 GMT -6
Think Smaller Than Your Competitors
The article title says something important that most companies still don't understand. A great example would be Apple. Apple has a great phone that honestly, does not really change dramatically; it contains simplicity every time. Customers return and new ones emerge because of simplicity. Android and Windows will always be stressed in competing because they are looking for something big and complex for their devices when the answer was right there the whole time; be simple. Same goes for math problems, we try to figure it out in some over complicated way when it is the simplest solution.
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Post by danielleolivier on Sept 11, 2013 12:11:10 GMT -6
I think the SiSense business strategy is on point, customers aren't looking for a product that is just like one that is already available and more expensive, they're looking for something that is versatile, easy to use and inexpensive. Instead of a new, unknown product, companies are making simpler versions of products. This is the reason why you can go on Amazon or eBay and find an iPhone charger for $5 rather than spending the $40 in the Apple store. Thinking bi and new and improved is not always the right answer.
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