Successful Strategy For A Business Essay

1204 Words Jun 6th, 2016 null Page
My research this week concentrates on successful strategy’s for business, (Wit, & Meyer, 2010). In order for a business to be successful it requires a sound business system that is unique and not easily copied, (Wit, & Meyer, 2010). Competition is always at the forefront, the challenges facing several companies are to find that competitive edge. The competitive edge sets them apart from other business, builds resiliency and inspires growth. In order to capture that edge business need to focus on the market, identify their product or service and market it in a manner that separates them for their competitors, (Wit, & Meyer, 2010). This can be achieved through a variety of methods that have proven to be very beneficial when effectively implemented. Reducing the prices on products or services can increase profits and provide the customer a cost savings. This has proven to be very effective as long as the there is a sound business system in place. The company can choose to refine their product by adding more features, therefore providing the customer a more advanced product. This can be achieved through technological advances in product innovation, thus providing advanced capability. Another marketing strategy that is widely used is bundling. Bundling provides the customer with additional services at a reduced cost when compared to single purchases. This method is very effective and is also quite common, therefore the overall effectiveness is marginal. Bundling is a…

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