3 factors to be considered in product selection

[Expensivejoy01]

3 factors to be considered in product selection are:-

*} Supply Gap:- The selected products should meet the needs of those who will exchange it for money. I.e the size of unsatisfied market demand which constitute a source of bussiness opportunity should be satisfied.

*} Funds:- Capital needed to develop, product, promote, sell and distribute the product selected must be reasonable and affordable by entrepreneurs.

*} Available and Access to Raw materials:- Will there be enough raw materials to produce the product now and in the future? Where are the sources of raw materials located? Are they accessible? Could they be sourced locally or imported?

 

[Starmix]

They are important factors everyone must consider to avoid wastage. Proper checking of the products requires time. Money is at stake so the investor must be smart and customers will believe in him.

 

[Fidelia]

One thing I always do when it comes to ensuring that raw materials would be able to produce a particular good in the future is that I always explore alternative raw materials and formulae that can be used to produce such goods.

 

[Suba]

If you only consider three factors in product selection, such as the supply gap, currently the supply gap will be very difficult to find unless you can monopolize the market, such as providing cooking gas which has a high supply gap and is really needed by consumers.

 

[eLdavis]

When selecting a product to sell or produce, the nearness to raw materials matters a lot. There have been cases where business owners had to change to a different product due to being able to find the materials needed to compete the job.