Pardon my basic economics but I am in the "Back to School' mode, so every chance I get to understand economics better will ultimately lead me to understand the world around me, and the reasons for the way things are.
Part of this desire is to understand from the school of Life, why some companies do so well, and what strategies they employ to get there in the first place.
There are essentially 5 'P's of successful marketing, and they are :
a) Price (currency and now Ecurrency)
b) Place (distribution channels)
c) Promotion (now ECommerce)
d) Position (how high up the Value chain your product is)
d) Prodcut (What is the Unique Selling Proposition of your product in the global marketplace).
Having put all these factors into place, the excellent execution of a well thought out business plan followed by Luck, enough cash reserves and the decision to continue after the initial loss or setback determines whether the company and hence its products do actually survive the first years and thrive in ever changing market conditions.
Whoever is well exeprienced with the existing marketplace better be forewarned, the going forward is going to be very very tricky !
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