Question

How do managers decide which products to produce and sell?

Answer 1

There are many areas to consider if you want to succeed with the product you produce. There are plenty of products and services available for customers today.And there are unlimited opportunities for you to enter the marketplace and compete effectively with a new product or service that's better in some way than what's already being offered by your competitors. The most important thing you can do before deciding what to sell is to think. And the more you think about a product or service before you bring it to the market, the better your decisions will be. There are many things to consider about this some of them is mentioned below and it will give you an understanding about it.

1) What kinds of product do you like, enjoy consume and benefit from?

2) Would you buy it and use it yourself?

3) Are you sure about selling the product for long term?

4) The need of customer and will it improve the life style?

5) Will you gain from selling the product that is are you able to cover the cost associated with the product.

6) Does the product come with recent trend and have demand?

7) Availability of raw materials of the product and channel of distribution of the product

8) To what customer you are targeting to sell the product

9) How to manufacture the product

10) How is it going to be serviced, repaired guaranteed or replaced?

11) Is your new product or service better than anything else currently available?

12) Is your product lower priced or of better quality than anything else that is available

13) Do you think you could become the number one supplier in the market for this product or service?

14) Pricing and discounts and offers of the product to attract customers

15) Trial selling before fully introducing to the market

16) Extensive research about the market

17) Design, packing and quality of product, also ensure availability

18) Always watch the actions of competitors

19) Production of the product does not ruin the environment and must follow government regulations and approval

20) And most important always have a plan