RETAIL PRODUCT, “a sure way to develop your business”





There are lots of ways through which firms can fast track their development and ensure an increase in their profit base. I think and I know one of these ways is the designation of a retail product.



What then is a retail product?

Retail products are products that are accessed by everybody irrespective of social class at a reasonable price.

You see, one of the greatest things many organizations are not doing is the inability to develop a product that can be accessed by everybody in a particular country.

Firms and organizations in my own estimation tend to make more money, leverage on economies of scale and have a wider coverage of their market base when they develop a retail product.

For instance firms like Coca-Cola, McDonalds, Mtn and other big multinationals become huge and have a large share of their respective market base just by developing and offering a retail product that can be accessed by everybody, anywhere in any country irrespective of the nation’s economy. A bottle of Coca-Cola can be bought by an American and also by a Djiboutian thus making Coca-Cola a market leader in soft drinks both in America and also in Djibouti.

Hence, for firms to be able to expand their market base and become a market leader there is a need to design a retail product that can be accessed by everybody irrespective of their social class.

Author:.

Toyin olatujayan is a social entreprenuer whose passion and vision for Africa is to see a new Africa where business development and innovation thrives and a new creative and entreprenurial culture birthed within the continent of Africa.
Toyin currently writes on economic and social issues on WWW.TOYINOLATUJA.BLOGSPOT.COM

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