Blog Assignment #2 Knowledge is an important element of good products or services.

In this world, knowledge is the key of business. The psychology of business has changed. This revolution of knowledge creates a kind of threat for those companies that were not done any preparation for it. We have seen many products, service or company that is no longer competitive, such as Compaq. Once upon a time, there was a computer brand called Compaq. It was one of the largest sellers of PCs in the entire world in the 1980s and 1990s. Compaq no longer exists primarily because it lacks some kind of knowledge. So, those who use old methods of production and old styles, eventually, they and their products will be out of the business circle. Nowadays, companies that have brain to create innovative ideas, they not only survive but also gain profit. These days’ people have lots of way to know about styles products and new trends. Therefore, those who maintain and up to date can survive in this competitive world.

Sometimes it is working but it needs more homework and struggle to do this. Main reason is that every market has its own atmosphere. In this atmosphere, old business trend are not fulfill the requirements. Organizations and firms do not know market knowledge completely, customer’s nature, market competition and profit trends. Those who research well they definitely earn abnormal profit. Another reason is market risks; if they apply new ideas and indulge informative, they definitely reach people and grasp the market very well.

 If an old firm or product creates a network in new markets, they definitely survived and dominate the market as well.  We have seen such examples in this regard like Bank of America and Hertz. If firms and organizations use modern techniques, hey survived in this competitive market. If companies and organizations improve their competitive power, controls the business elements and production process, they can achieve new market demand. Another thing is that if companies reduce its cost it reduce price and risk as well this act help firms to stand in the market.

   In conclusion, knowledge and better marketing will make the firms or organizations survive and competitive because it accommodates the new market demand. Moreover, new ideas will definitely click and overcome company’s status. Marketing with new technologies like TV, Internet and print media including pamphlet, flexes and new ideas makes old products survivable in the competitive market. 

Sources :

-    Dollinger M.J. (2006). ‘Entrepreneurship strategies and Resources' 3rd eddition. New delhi: Pearson Education.

- Kay, Z. Z. Building The Business Plan:Beginning Considerations.

-  Wunker, S. (November/ December 2011). ACHIEVING GROWTH BY SETTING NEW STRATEGIES FOR NEW MARKETS. Ivey business journal .