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

[Syldan]

I think there is nothing absolutely wrong with producing similar with something in the market. business is all about competition and the satisfaction of your customers at the best time.

 

[Alisco]

Yes it's good idea starting a new business with a similar product available in the market but not exactly as in the market. In some conditions where necessary ,it a good idea to start with same product as the one in the market. But ideally a new business is supposed to come with product of higher quality than the ones available in the market

 

[Joseph555]

Your product should be better than the one in the market if you hope on penetrating the market and displacing similar existing product. When your product is exactly similar to the one in the market, it would be hard to penetrate the market and get customers because your brand is yet to build credibility.

 

[Shigobad20201]

Packaging is all what matters , most business we are doing nowadays is already existing somewhere , for example sellings provisions and food items is very common ,but the way you do and handle yours can be far better than others .

 

[Sotherefore]

There is nothing wrong with that as I see. But in situations like this you need to understand that there will be a lot of competition for you to face if your product is exactly what is available in the market.

 

[Eli342]

In marketing, there has always been competition between sellers of the same good in the same place under different firm owners. In some ways, it is beneficial that it lowers market prices. If there is no competition in the market, prices will be high.

 

[Ayojesu]

It is good, at least it will look familiar, but it is advisable to add more value to your own product, the pricing and quality, your product must have a competitive edge so as to standout and gain massive recognition and acceptance

 

[Shaffy]

If you want to make similar products to what is in the market, you should be ready to make it a bit unique. There are some niches where this is possible, especially with groceries and everyday items. In this case, you may have to lower prices a bit to gain customers.

 

[Skysaint]

There's really no business you would want to do right now that another person bus not already into so that shouldn't even be a limitation. You just need to make sure you make use of a different brand.

 

[Good-Person]

There's really no business you would want to do right now that another person bus not already into so that shouldn't even be a limitation. You just need to make sure you make use of a different brand.

There are many companies that launch a product in the market and then they tend to market it. It might be similar to some other kind of product. One such example is packaged yogurt in here. It is promoted by a few companies only. However, only the branded ones are the ones that are sold more.

 

[Skysaint]

There are many companies that launch a product in the market and then they tend to market it. It might be similar to some other kind of product. One such example is packaged yogurt in here. It is promoted by a few companies only. However, only the branded ones are the ones that are sold more.

Well, all I know is that branding actually helps in marketing your products and making it easy for the public to identify your business and products for those who are in love with your product quality.

 

[Shigobad20201]

Most of the business we are starting nowadays as an entrepreneur has beennin existence before , like bread and egg buns business are the same thing everywhere but you just need to make sure yours is a little different and better .

 

[Sotherefore]

If you want to make similar products to what is in the market, you should be ready to make it a bit unique. There are some niches where this is possible, especially with groceries and everyday items. In this case, you may have to lower prices a bit to gain customers.

Without making the product unique then you will have to face a lot of competition trying to market your skills.
Personally I would not want to be in such situation because nowadays there is a lot of competitions and passing through all this competition to start earning profitably is not always an easy thing.

In most cases avoiding situations that you copy exactly what is in the market will prevent and saves you the stress of competing.

 

[Good-Person]

Most of the business we are starting nowadays as an entrepreneur has beennin existence before , like bread and egg buns business are the same thing everywhere but you just need to make sure yours is a little different and better .

I think that it also depends on how rare the product is! Some companies might be manufacturing some sort of rare product but their product might be demanded by many people.