© 2005 Dream Merchant Dream Merchant • 2309 Torrance Blvd. #104, Torrance, CA 90501 (310) 328-1925 email: Jkm316@aol.com Kids Kreative Korner
HOW IS YOUR PRODUCT BETTER? In Today's Business World, You Must Not Only Fill a Need, You Must do it Better Than the Competition. By Bonnie Drew Cathryn Murray has some advice for young people who want to start a business. She says, "Find a need and fill it."
Now you will learn another principle that goes along with that: Find a need and fill it BETTER THAN YOUR COMPETITOR. If you can do a better job satisfying the customer's needs, you will outsell the competition.
Psychologists say people buy to satisfy emotional needs (feelings) and rational needs (thinking). If you want to satisfy customers' emotional needs, you help them look better, feel better, be happier, and have more fun. If you want to satisfy customers' rational needs, you give them products that are low in cost, efficient, last a long time, and get lots of work done.
What needs does your product satisfy? Let's look at a breakdown of customer buying decisions.
BUYING DECISIONS BASED ON FEELINGS
- * Feels good
* Looks good
* More fun
* Pride of Ownership
* To be part of the crowd
* Increases self-esteem
- * Durability of product
* Lower price
* Higher efficiency
* Better performance
* Dependability
* Special features
BUYING DECISIONS BASED ON THINKING
After you've analyzed what needs your product satisfies for your customer, you will have a very good idea why your product is better. Make a list of all the ways your product is better. Then include that list in your business plan.
Bonnie Drew is the author of FAST CASH FOR KIDS (2nd edition), published by Career Press (1-800-227-3371). She is also the creator of the KIDS BUSINESS software for young entrepreneurs, available from Homeland Publications (713-332-9764).
Drew is also Editor of YoungBiz online magazine, published by Kid's Way, Inc., a company that helps youth prepare for business and the workplace of the 21st century. For more information, write to Kid's Way at 5589 Peachtree Rd, Chamblee, GA 30341 or call toll free 1-888-KidsWay (1-888-543-7929). YoungBiz magazine can be found at http://www.youngbiz.com
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