The Main Idea of Business - Assignment Example

The paper "The Main Idea of Business" is a worthy example of an assignment on business. The main idea of the business was to establish a strategy that will ensure that there is the stability of the business even if there are instances of substitutes or entrants of new companies into the industry. That will ensure that the business gains brand royals that will ensure that there is a smooth running of the business. There is also an attempt to ensure that the quality of products is maximized so as to reduce the bargaining of customers. 

The best customer experience I had was when I was in a supermarket that sold wrapped sandwiches. The wrapping was in an attractive package that was eye capturing. I did not expect that I would ever find sandwiches that had been wrapped in such a manner. The packaging was attractive far much than my expectations and that is the first thing that caught my sight and that made me be attracted to the product. The product stands out as my best because I was able to get a product that surpassed my expectations. I was also able to get a thing that was of a high product and equally attractive and that made me be excited about the whole thing.

The worst thing customer product experience that I have ever had is after I purchased a local juice from the streets. The juice was packed in a good manner; however, the taste did not match the packaging. I expected the drink to b awesome but that turned out to be contrary to my expectations. The product counts to be the worst because I was not able to gather the satisfaction that I expected (Gietzmann, 1996). 

It would be hard for the company to succeed without any scientific proof. This is because the patients or customers would not want to try out on anything that has not been scientifically proven. People would prefer scientific approval of the products that they use. The product’s cost is reasonable because it is easily affordable for the consumers or customers. The annual quantity can be estimated by forecasting based on the market estimates that are available for the substitute products (Furlong, 1997).

The marketing strategy that can be applied can vary based on the approach that is proffered. The company can use the pricing strategy. That can involve a low penetration cost that is backed by high low levels of advertising. That would ensure that the consumers are attracted to the company products by the low prices. The other strategy could be the use of high prices and high levels of advertising. The high prices would compensate for the high advertising costs that are incurred by the company. The company should not rush into manufacturing because the amount of investment could end up as a loss if the products are not approved. If I was the CEO of the company, I would first wait for the approving of the product before I go ahead with manufacturing. Read More