Is it wise for a startup to produce similar product to the ones in market?

[Filicit]

We are in a social economy so one can choose to produce whatever he or she so pleased what would be unwise is producing the same product without strategy to draw customers

 

[Senator]

One common truth here is that, if you are not the first to make that product in the market, then you're certainly not going to be the last person bringing such ryp similar product ronthe market. So, just focus on how you're going to be making sales for your product

 

[Ghost1]

You don't have to create something new, there's no business plan that can go wrong provided you have devise means that'll make it successful

 

[Good-Person]

I am quite sure that not every one is inventing new products daily, soyes, there are many people who do launch similar kind of product in the market. So unless you are good at inventing new things, you may want to stick to launching the products that are similar to those that are already in the market.

 

[Kunkun]

Yeah it's normal to do that but as long the packaging and some other things are different too so nothing wrong and definitely no penalty too but still bring something new is better

 

[Alexandoy]

Yeah it's normal to do that but as long the packaging and some other things are different too so nothing wrong and definitely no penalty too but still bring something new is better

Maybe I can agree with the unique or different packaging. That is what I see in medicines. There are several antibiotics that have the same efficacy and effect but the packaging is different for each. As they say the presentation takes 50% of the product which means a good packaging would sell.

 

[ahmedo24]

Packaging means a lot in business there are some products that have same quality but the way they have been parked need them more expensive.

 

[Richard92]

The human mind has been created to showcase one thing in diverse ways. It mignt be a similar product but you can turn up your wn products. Let there be something unique about that particular product, something peeople has never seen before.

Yes it is wise for the start of the produce similar products like the ones in the market but you should make sure that yours is unique and the brand is attractive

 

[Sotherefore]

Personally I will try to make my product to be as unique as possible because this is what will make my product to stand out on what the society is doing especially if I am doing an online business.

 

[Maayong]

Yes it is wise so that you can start an early competition and to make name for your business and to also make your business to grow faster

 

[Yhubee]

I agree but still it doesn't stop you from producing the same product found in the market if you can compete successfully with the already existing brand.

 

[Ceeny007]

It depends on the industry, there's nothing wrong with floating your own company and flooding the market with your own Product

 

[Kubiat-Abasi]

You see innovation is one way to attract customers from diverse areas. You have to creative and have a critical thinking mind if you must stand out in business.

 

[Joseph212]

That's just the Best you have said cos building up a business is just not a day job and it really takes time before someone can beat the race of competitive product in the market

 

[Mentor]

I don't think it is wrong to produce a similar product to the one in the market.You can also use price cutting as a strategy and therefore offer a better price.

 

[Seno inyang]

Either ways are quite encouraging because even if you introduce something new to the market, someone else will follow suit and there'll be room for competition. The best thing that matters is rebranding.

 

[Ghost1]

It is very wise for a Start up to to bring in the same product but he'll have to be creative and make sure the product is an upgrade of what's in the market

 

[Elfinito]

Producing the same product is not a problem but your uniqueness and professionalism would be the main factor of seeing your business progress
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Producing the same product is not a problem but your uniqueness and professionalism would be the main factor of seeing your business progress

 

[Immilash]

yes it is possible, human being are show caseing many things ,but not been able to do it ,but you have to make the product look good even more than it is at first and give it a unique quality

 

[Sisinsefi]

I asked a mentor in business same question some years back and he asked if I truly want to make it in business.

To be successful in business you need to think of something new. Whatever product you have in mind as an entrepreneur must be new. That is the only way to make it and have fair chance to succeed. An entrepreneur should be ready to compete with the brand or product dominating the market if your brand or product is similar to the ones available in the market. As a startup, the business can’t compete at such level if your output is not backed by economics of scale.

For an entrepreneur to be successful you must be willing to do something new.

What are your views?

Thinking of something new is quite ok.
But a new manufacturer can also produce what is already in the market. But before then, he should not fail to carry out a market survey...find out what the other similar products do not have or what the consumers do not like about those products. Then try to produce a product that will beat the ones in the market in all ramifications.