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

[maventiger]

Yes it's possible to create a product that is already in the market with your own brand if you think the demand for the product is high. All you need to do is just that you need to add more uniqueness to the product to make it look different

@Nurudeen making different is not enough when we have alternatives in the market at a much lesser fee. What about the cost of producing similar product? It will cost more to create similar product considering the demand in terms of production cost compared to when producing large quantity.

 

[Ralphjoe]

It is normal for startups companies to produce products that are similar to the ones that are already in the market. All startups cannot produce new and unique product in the market. They will have to produce products that have already been produced before but they will make sure they produce their own product in a very unique way.

 

[Oluwasayofunmi]

Answering the question on Is it wise for a startup to produce similar product to the ones in market? To be honest if one wants to be successful in any business in this world, one has to be different, one has to produce something that is different and has an high quality

 

[Neta Sam(Samuel Odunlade)]

A start up business, starting the same business in a market of completion is good if he has a well laid down purpose and plan with a niche od his target audience. The ones in the market might have been produced for adult, he may try to produce for children, there by creating his own market in a competitive industry.

 

[mubinadaddy]

Yes it is and it will be of best advantage for you producing similar products that is already in the market, what you need do is to make the quality of the products higher than your competitors.

 

[Anas Chaudhary]

By talking about your startup ID, again, with the people you trust, you are able to gather feedback. By sharing your thoughts with people, you may be aware of competitors you may not be aware of, challenges you may not be aware of, or potentially flawed marketing strategies.

 

[Godleads1]

It isn't a must that your products or production should be the same as the goods in the market. Diversification in production, product and goods is very important.

 

[Mandypaul]

it is possible for you to use the same that the environment you are living in his producer must make him stand out different and others experiencing because this is what we we all have cancer in your organisation, I think that's what you should do. This will help you

 

[Goodday]

Right now l can say over ninety percent of business niches are highly competitive and you always have to take into consideration the competitive nature of the market before getting into the business. You can not say because similar organizations are producing the same product it's not wise to also start similar business, to me it's very wise to start such businesses.

 

[Olubayo12]

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?

Truth be told, there is nothing new in this world, this also applied to business. If you choose not to deal in any products that are already in the market, it will be very difficult for you to he able to penetrate the market as people are wary of trying new products.

 

[maventiger]

Truth be told, there is nothing new in this world, this also applied to business. If you choose not to deal in any products that are already in the market, it will be very difficult for you to he able to penetrate the market as people are wary of trying new products.

@Olubayo12 that's the gist, choosing not to deal in product that are available in the market with various substitutes gives you an edge. It gives you the opportunity to build your product's quality without competition. When your product is known for quality, the customers who appreciate the quality and uniqueness of your brand will buy. ok, think of limited edition cars, luxurious goods and Japan product as a whole.

 

[Igbokwe chidera]

product from others; it may be with your brand, packaging or taking your product to your customers door post. You must stand tall from other competitors in the market for one to last long

 

[Setfragil]

Most times there is no way you will start a business or introduce a new product to the market without finding the same type of products. It is not an unwise thing to introduce products that is already saturated in the market. It is how you brand your own products that will make it to be more acceptable to the people.
Innovations and ideas also go a long way in helping a new product among its competitors. So also affordable price with the same quality can determine if a product will be accepted in the market will stop

 

[Kinglegend01]

I don't think there is anything wrong with selling or producing the same thing that is already in the market. It is not actually compulsory you produce or sell a new thing, although it would be cool and probably more profitable if you do.

 

[unhappy triad]

Most of the new products that come into the market are not entirely new. They are usually existing products rebranded. So this doesn't matter. What gives advantage is really branding and advertising.jus give that product a new touch.

 

[adazeez1995]

I don't think it's wise to do that, because the competition is already very stiff. Except if it's a product that will always be in high demand in the market. A product like food item where by as the population grows, the demand also increases. But in any other sector like It sector, it wouldn't make much sense to go producing a product that has been already made. Except you would be able to add some unique features to it.

 

[Alexandoy]

I don't think it is an issue to produce an existing product. One example is the bricks that are used for the house construction. There are many bricks in the market but if that is my new product then I have to promote it or do marketing so that I can compete with the existing bricks. It is not a good mentality to produce only unique products.

 

[btaliat]

There is nothing new under the sun. What you think is new is what someone else is trying to implement as well. You can sell the same thing as a new business owner, you only need to be unique and diffrent. Everything needs packaging and branding. This is what makes the difference.

 

[Judee201]

YOU MUST UNDERSTAND YOUR MARKET:

As a startup entrepreneur you must have an in depth knowledge of your potential market which will help you in your market penetration and retention strategy. Some of the basic things you are expected to know about your target market includes your target market segment, how large or big is your market size is, and the consumption behavior of your potential future customers. This study should be contained in your market research which will guide you in the marketing of your products and services. It is always advisable to involve professionals so that you can have a professional perspective of what your market segment is like.

 

[Bilal0087]

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?

It is better to start to introduce a new product in the market but if you don't have any idea or skill to introduce a new product then you should go for a similar product but improve its efficiency and its qualities to ensure the heavy attention of buyers.