Product or Service diversification

In todays scenario this product or service, which is being offered by a company in market, was not a key performance indicator in India 5 decades back, but with paradigm shifts happening today this is categorized as critical performance indicator.

Today customer segment has undergone such huge changes with changes in purchasing power and the demand for having variety has made every company, which is either product or service or in manufacturing has to give new variety and it keeps changing with customers taste.

This is required as this can bring catastrophe if not adapted and this type of strategy gave rise to Change is only constant, today’s market is very in change happens very fast and adapting to change is essential for a business to succeed.

Lets understand with e.g. a pant and shirt brand which was pride to wear is not known as today’s generation or customers perspective is changed to what it was 2 decades back and this lead to extinction of the brand. Every product even in technology has to keep updated with changes having a mobile app doesn’t end things but it starts where in you need to keep updating and changing as the need of requirement keeps changing.

The same being with manufacturers also the product has to keep evolving and suiting to the requirements for e.g. having one model for air cooler cannot be a market winner for a company no matter how good it is the product but still variations are looked at by the end consumer. With changing thought process of customer and satisfying the needs of customers, which is ever changing, is essential to be looked at for any company, which wants to succeed and keep changing to being alive in market or else perish.

For e.g. a well know car, which ruled, every aspect of market is not to be seen in today’s scenario.