Business is a single word or a subject, when analyzed gives a bundle of meanings and explanations. We define business in various ways on diverse circumstances.
Generally, business is a profession of producing goods and services for a profit. When we say production, this involves the human labor primarily and machinery as a labor saving device and raw materials for conversion into consumable products.
Products are too many:
These products are commodities or goods of human needs. They may be wholesome products or spare parts or semi processed materials for being assembled, merged or integrated into the final product.
These may be solids, liquids or gases; may be vegetative in origin, metals, or chemicals in nature; they may be naturally grown, cultivated with agricultural techniques or produced with engineering expertise. They may include living beings, birds and animals too.
Products are enormous:
To understand the enormity of the products, let us visit some of the places.
Sweets and savories:
Let us go to a sweet stall! Just see the sweets and savories made out of flours of cereals, say rice and wheat and protein rich grams like Bengal gram and green gram etc. You can see at least one hundred items there. Here, the main ingredients are sugar, milk, spices, and essences with the flours.
Bread, butter and jam:
Now, move into a bakery, where you will see hundreds of items made with the combination of wheat, sugar, cream, spices and essences.
Grains and spices:
The next is a grocery store, selling all food grains, pulses, spices, condiments and their bye products, besides cooking oils. They sell processed, semi-processed and Ready-to-eat food packs also.
Fresh and juicy:
The nearby ‘vegetables and fruits’ stall supplies all the vegetables, fruits and fresh fruit juices. Instant coffee, tea and other beverages are also available if you wish to drink sip by sip.
Hot and tasty:
The next is a hotel, where you get food cooked and supplied instantly. See a fast food counter also. The menu says about 100 items of mouth-watering dishes.
A petty shop selling toffees and chocolates along with biscuits and homemade candies is a common feature.
Food alone too many:
We have been trying to list only food products sold in a few locations. There are very many more varieties and brands in food products alone.
If you make a list under basic clothing, building materials, plastics, cosmetics, stationary, drugs, chemicals and many more categories, the list will go infinite.
Engineering goods immeasurable:
If you enter into engineering industry, there is boundless number of machines, spares and products needed by countless industries like agriculture, automobile, building construction, medicine etc.,
Now, as an entrepreneur, feel the vastness of goods, enormity of products, immensity of bye products and sheer size the market. The man made goods available for the humankind in this large world is huge, its requirement is massive and the market is mammoth.
Please understand that these products are for you to produce. If you wish to become a product oriented entrepreneur, the scope is wide and the choice is vast.
You need to select the best suitable for you.
Characters of products:
Monopoly with no competition:
If you get an agency for kerosene or gasoline, you are lucky. People will come in queue to buy your product. This is a monopoly product, available only with you as a licensed dealer in that area.
Duopoly with one competition:
Selling toffees and chocolates in the market is not an easy joke. If you are a dealer of a good branded chocolate like ‘Cadbury’s’ and biscuits like ‘Britannia’, you are comfortable. These are all duopoly products, distributed only by two marketers with minimum competition.
Even in branded popular toffees also, there are similar products having same taste. Those like “Lacto king” will buy “MahaLacto” also as a choice. There will be a market shift in favor of a brand if there is inadequate supply of another brand of similar kind.
Oligopoly with too many competition:
If you are a seller of a ‘brand less’ item, your competition is high. As a number of persons will distribute the products, you have always-tough time to sell your goods. This is oligopoly market. There are too many competitions. You are at risk financially.
Primarily the business is product oriented:
In general, the business is product oriented. The wants are unlimited. Likewise, products availability is also boundless. The human population and the market are ever growing. The demand, supply and the population are too big and they offer great opportunity to the entrepreneurs.
To make all these things favorable to him, the entrepreneur must select a suitable product with unique features. That should have good potential demand and easy manageability in the market. This is very common suggestion.
We have tried here only to reveal the “open secret” that business is primarily product oriented.
In course of time, we shall release very good business strategies, sale techniques and business ideas highly suitable to the budding entrepreneurs.