BUSINESS AND ENTERPENURSHIP
Hello #scifimultiverse, Happy new month and new week. Business, as enumerated, involves identifying gaps in society and filling those gaps through the provision of products or services. At one point in my country of origin, a predominant telecom company was billing customers on a per-minute basis. While citizens were crying foul about the tariff plan, there were no other competitors to challenge that status quo.
Suddenly, a national telecom rose to the challenge after conducting a SWOT analysis and market feasibility study. They launched a per-second billing and swooped their rival by the legs. That single action changed the narrative in the telecoms space in my country of origin. It brought competitive advantages to the new business and millions of subscribers after the launch. The business also attracted customers, while it witnessed sporadic growth. Market gaps like this can bring fortunes to businesses.
Secondly, planning, creativity, and leadership skills are needed in running a profitable business. Not long ago, we imported products, and after costing, sales started selling the products. The next thing, we got filtered information that the forex price had fallen drastically. At that point, we were dazed by the options. During the management meeting and brainstorming session, we unanimously agreed to play a waiting game and stopped selling the products on all fronts. We warehoused the products. At that point, we have the time value of money and cash flow issues. The finance was keen and focused on waiting while other products with a reasonable profit margin received approval for sales.
After a few months, the product became very scarce in the market. Businesses stopped importing it because of the low price. At that time, it became very scarce in the market. Customers started searching for the products everywhere. This tripled the prices of the products. Our sales personnel did well in alerting the accounts and the warehouse. The products went through cost analysis again using the present market value, and were sold very profitably.
However, some products cannot really work with this waiting game. This is because of their expiration date. Therefore, the ability to navigate market forces, with a good market combination, while using the tactics of demand and supply, together with the 4Ps of marketing at every point of disposal, will bring the benefits of competitive advantage to the business.
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