Define your product or service
Having identified your target market and your main competitors, you need to develop a product or service that fills the requirements of this market, and to write a clear definition of what that product or service is.
This Define your product or service Info Guide explains why you need to clearly define your product or service.
You may think that you know what product or service you are going to provide but, as your business develops, it may progress in unexpected ways. This can happen early in the business and it can spell trouble if it brings you into waters that you and your team are not skilled to navigate.
For example, you may start in the pub business offering limited food. This may develop into a business with more emphasis on catering, and you may not have the skills and facilities for this.
Having a clear product or service definition will help avoid this scenario.
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Customers will form impressions of your business based on your trading name. Ideally the name should express the essence of your product, attract customers’ attention, be easy to remember and it should work well as a website URL and as an email address.
You should be able to apply your business name to an extended product and service range as the business expands and diversifies.
Remember!
For most customers a product is not only the core product itself but also the product surround - the services and intangibles that surround it, eg service quality, setting or scenery, ambience or facilities. These aspects need to be incorporated into your design.
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This Define your product or service tool can help you to clearly define your product or service.
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