There are 90 guns for every 100 people in the united states, making it the most heavily armed country in the world. Second placer India has 4 guns per 100 people.

Wilson Ng
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visit my blog at www.ngkhai.net/bizdrivenlife

I was discussing to a successful entrepreneur whose beauty product line has been quite successful.  One of the things that he did very well was to diversify his product line ( his product range including different products, different packing ) which  total hundreds.

As a person who probably do not quite understand the astonishing array of products that women buy, but who understands that the wider choice means also more business cost and stocking units, I asked him whether it was viable to make ‘all in one’ products.

He looked at me, and somehow did not quite understood what I was trying to imply.  However, since I popped that question to him, the more I think my proposal to him was not as out of whack as it seemed. 

Products that simplify lives and choices has to be prized by those who are equally stumped by all the choices.  In an era where a store may stock hundreds of different kinds of vitamins, minerals, and supplements, I know many of my friends just automatically want to buy one kind of medicine - Centrum, a vitamin that is successful as being ‘complete’ and containing dozens of the essential nutrients necessary for most people.  So while many manufacturers increase their cost by providing so many choice, a product or service that takes into account the majority of the needs very well should be your first target.

In this case, the 80/20 rule may apply.  For most companies, 20 percent of their product ( or even less) makes up 80 percent of their sale, and the fastest way to increase your top and bottom line is to make sure you produce or make available these product lines in an efficient, and excellent manner.

Provide choice, or limit the choice.  Both presents a viable way to success for the entrepreneur.

Related Posts:

- The challenge of Providing Choice 

- Uncomplicating our Lives 

- The Importance of Simple   

As a businessman, there are couple of thoughts that is triggered reading this:

It is always important to note that as a company, your market value will always be tied into your ability to charge a premium over similar products.  The reason for Apple’s great stock price was because of the high premiums they are able to charge.

Thus, it comes as no surprise that when they cut prices, their stock fall by almost 7 percent, notwithstanding that their ability to do so might allow them to corner greater market share and prices.

This is always food for thought because most new entrepreneurs always have the strategy of charging the lowest price in order to get into the market, but as usual, I believe increasing sales or market share by charging the lowest price is not a sustainable strategy unless you are able also to enjoy the lowest cost.

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