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One Small Step of the Company, One Giant Leap in the Competitive Market
Several categorisations can be made based on various factors. According to me, such techniques can be divided into two groups: ‘elimination’ and ’innovation’ with reference to the competition in the market. Essentially, elimination means cutting other
s' line short, while innovation means increasing the length of one’s own line.
Secondly, let us talk about ‘innovation,' or, basically, improving one’s product/service or sales strategies to prove oneself better, while acknowledging the presence of competitors. This, according to me, can be fragmented into two sub-categories: internal improvement and external improvement. In the former, by investing in research and development, businesses improve the quality of their products or services. For example, recently, Apple, another tech giant, released its new M1 Pro and M1 Max computer bionic chips. These are claimed to be much faster than the current best chips, namely, the Intel i9 (or perhaps Ryzen 9); thus, sales would inherently increase. The ‘external improvement’, essentially, includes changing presentation tactics instead of changing the product itself. Companies may choose to provide incentives to people, such as a free custom vehicle to regular customers, or they might want to increase their sales by the inculcation of ethos(proving their credibility), logos(using logic to prove the better performance of their products), or pathos(appealing to the emotions of the users). The last option, which is widely renowned, is, of course, print and digital advertisements.
If all of the above have been successfully achieved, a company is likely to have created its brand value, which itself becomes a big factor in the increase of sales.
To me, the best option is the “internal improvement” under “innovation”. Even though it might not be possible to come up with something better every year, companies should strive to do so to prove their brand.
Thus, all in all, there are several tactics that companies can make use of, depending on several factors, such as the competition, or the economic size of the venture. I believe that the best of all is creating newer, better, enhanced products and services to grab the customers rather than solely depending upon persuasion.
~ Vivasvat Rastogi
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