Many times someone will have a good idea for a new business or innovation, perhaps an invention then as they do research they realize someone else already thought of it and in fact are already selling it. But they never heard of it until they checked on the Internet to see. But you must ask yourself why didnt they know about it; well, probably because who ever is doing it is not marketing their product of service very well. Recently a business-marketing student came up with a new innovation for the carwash sector. To recycle the waste wash-water and recycle and reuse it for landscaping, pressure washing the property and even flushing the toilets. Paul Chavis, our brilliant and out side the box thinker then after seeing such systems already existed she stated; But I guess it really has been thought of already. Paula, well indeed it has, as it is an excellent application of course. But being first to market is a positive factor in a business, but it is not necessarily as important as you might think in business. For instance read this: http://worldthinktank.net/wttbbs/index.php?
s=71308611d13a40cb6cb4e8d6dc524201&showtopic=597 In my business career I have been first to market several times and also have taken market share rather easily being tenth to market, but executing the marketing plan better. You do not have to be first to market to win market share in a competitive business environment so please remember this lesson. Consider all this in 2006. |
