If you want to stay in the business you need to adapt to the market demand and make your product and service relevant. I will give you some examples, how big businesses failed when they were unable t stay relevant. Blockbuster was the biggest video rental service, but they didn't switch to streaming like Netflix did. They refused to buy Netflix when they had the chance and ended up going bankrupt in 2010. Nokia is another company that failed because it didn't adapt to the new market. It was the biggest phone manufacturer but it refused to launch smartphone, thus, lost its market share.
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How to Adapt to the Market Demand?
- Thread starter Nomad
- Start date
Niyi Brixx
New member
- TM$
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Businesses, online or offline need to study small cues and use that to determine how their industry would evolve. That would help them to have sufficient time to plan and adapt. One thing that businesses have to know is that the market is dynamic and keeps changing.
That's very true. Market keeps on changing. The products that were in high demand in the past might not be wanted any more. The product that people did not find interesting might all of the sudden go viral. As a business you will have to understand the market demand, and also the supply
To adapt to market demand, you need to regularly monitor trends, customer feedback, and competitors. Also, Stay flexible with your product offerings, adjust pricing, and improve customer service. Utilize data-driven insights to pivot your strategy, ensuring your business stays relevant and meets evolving consumer needs.
You can adapt to the market demand, when you regularly monitor trends and customer preferences. Stay flexible by adjusting your offerings based on feedback and data. Innovate your products or services to meet emerging needs, and be ready to pivot quickly to stay competitive in a dynamic market.