Most people are thinking of doing business but don’t realize the power of research and development to stay ahead. Most of us are aware of coca cola and its products. But at most we know Coca Cola and of course we know Fanta, Sprite, Coke Zero, Coke Diet but how many of us are aware that coca cola has more than 650 brands?
So you might know Minute Maid or maybe one of its many products. Depending on the country Coca Cola will have a number of products which are viable or market friendly for that country. So a country like Angola can have 9 products from Coca Cola whilst the USA can have over 100 products. The difference is in the size of the market and how ready that market is for a particular product. Remember business is about providing solutions that people are prepared to demand for.
Now if you are thinking of starting a business you must at least be aware of what products will sell. One product maybe enough for the market that you are serving whilst another market may need more than just one product. So different variations maybe necessary. So it’s not just a bottle of coca cola, it is recognizing that some people may prefer a bottle, others a plastic bottle and others may prefer a can.
A market such as Germany can have 30 or so products, whilst a market like Zimbabwe can have 15 or less number of products. As a business one has to think about the preferences and the profitability. Never close the Research and Development section of your company. It may not be a department but at least there must be a function which is responsible for R and D.