Question

What are the lessons for the many firms who have strong competencies as component suppliers but wish to enter a market under their own brand name? Consider this in a number of different industries such as food televisions, gaming devices, and white goods

Answer 1

We are in a generation where every day a new product or service is introduced in the market.There are number of new firms that are launching every movement with a new brand.Its very important for current generation to come up with innovative and informative products that can best substitute to the products that are already available in the market.

Not only in one brand or products each and every firm or industry is having strong competition,because of the increase rate of industries and the component suppliers are wishing to enter the market with their own brand to increase their market sales for their brands.Instead of supplying the goods to some other firms wants to start their own brand as a best market supplier for their brand.In order to do so they have to learn the market and need deep analysis for continue in the market.Lets discuss few industries that want to set up their product as to brand and wish to enter the market with their own.

• Any firm before entering into the market it needs to learn the market and need complete knowledge on the market to start a new firm or want to set up their product as a new brand in the market.It need complete analysis on market demands and needs.

• Building strong firm is important in the current market as long term sustainability.Sustainability is even more important for entrepreneurs who want to build a firm that is capable of renewing itself through changing generations of technology,employees and customers.Every organization needs to bring with new technologies and ideas to increase their product performance in order to start their product as a new brand in the market.

• It need to analyse the available products and services and know about their competitors in the market.because without the knowledge of their competitors the product cannot be succeeded.The firm wants to start their product should be unique,innovative and fulfills customer needs and demands.One should have clear idea about their product success and implementation.

• Their goals and objective should be clear about their future of their organization.One should have a clear idea about their goals,personal aspirations and risk handling.As anything can happen in the market should be ready to face any kind of consequences.One could able to identify their product future.

• They should have a right strategy to set up their firm and lead towards success.One should have potential and profitability for growth durability.

• Able to execute the strategy in a proper way in terms of using resources,infrastructure and play a key role for strategy execution.

• There are so many firms fail at the startup stage,so needs to learn from the failed organizations.And able to identify the errors where it got failed.

• Can have the capability to take individual decisions at any stage to overcome the loss and how strong is the organization.Need to invest on firm infrastructure on selecting the best place to start a business.

• Needs to handle risks and sacrifice their personal benifits.As most of the organizations could not able to yield immediate results.Needs to wait and it will take time for getting profits.

There are so many products industries first they started with the help of supplying their components to other firms.Later they started their own brands in the market.The huge market demand and confidence on their product leads to start their product as a new brand in the market the above rules needs to be followed in order to set up or start their product as new brand in the market.

For example Patanjali products Indian market brough the great revolution by bringing all products under one roof become the brand name for healthy and organic products in the market.It almost supplies all varieties of products.It not only supplies groceries but also medicines home needs and other products.become the top most brand in India.

When it comes to softwares google developed its android with only few devices later they started their own software with their own devices.Android become one of the top most brand OS which is almost used throughout the world with huge number of mobile devices.Top most brands are tie up with google to use their android ios in new mobile every mobile that introduced in the market.

Every day a new game is introduced in the market every game is not same with the available one in the market.Most of the organizations give support to the top gaming firms.But after that they started developing their own gaming softwares few of them are temple run,subwaysurf etc.

Even home appliances like refrigerators, washing machines,LCDs,LEDs,Home theaters,Music systems and Other goods.Started manufacturing their components for best brands.After that they started using their own components for their own brands.Most of the organization in japan and korea used to supply components for big top brand firms.After generation they started their own brands with great success in the market.

This is only possible by learning and analysing the market with all its up and down and strategies and performance.If one can able to understand the market needs and demands than they can start their components as their brands and bring in to the market.