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You should always be asking yourself the question: “Is our current product or service mix appropriate and suitable for today’s market and customers?”

Products and services have life cycles consisting of five distinct phases:

• Development
• Introduction
• Growth
• Maturity
• Decline

It is important to reinvent the product or service mix to stimulate more demand as it moves through maturity phase and approaches the sales decline phase. You need to have the right product or service mix and it is worth considering expanding your current product mix by diversifying and increasing the depth of your product line. In developing the right product or service, you have to answer the following questions:

• What do my prospects or customers want from my product or service?
• How will they use it?
• Where will they use it?
• What are the minimum features required to meet the needs of the target market?
• Are you going to create additional features that add to your costs? Do these add meaningful benefits to the prospects or customers AND differentiate you in the marketplace?
• Do you have a good brand name, design etc. that stand out in the market?

Ideas for how we might help...

• We could help evaluate your existing products and services and their suitability for the current and future marketplace.
• We could carry out carry out competitive analysis and help refine your offerings to help you gain market share or become more profitable.
• We could help increase or decrease your product/service mix and explore complimentary offerings that could be developed or added to differentiate your business.
• We could help you explore and quantify international opportunities and suggest what adaptations may be required to enter those markets.
• We could help you identify potential sources of grant support to cover product or service innovation where appropriate.

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