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

[Tinaconcept]

It is very important to make your product unique by branding or better packaging it will be a means of succeeding in a market where your product is new but on another page if the same product is not being sold in the location you plan to establish your business then selling similar products with be a problem

 

[Sariana23]

I do not see any inconvenience in the production of similar products. But yes, you should improve them and surpass them would be ideal, because competing with the market, when the product already exists will be uphill. Now if you have the virtue of being an innovator it will be easier for you to reach the top, which is what all startups are looking for.

 

[tyrim88]

Innovation is a hall mark when it comes to customers prefrence and wants.
But that does not mean we should go striaght out to bring out any kind of product because we feel it would be good.Research need to be properly carried out on what customers realy wants,then we can come up with an alternative.

 

[Eodine]

In types of demand we learnt that there are goods that are similar but have different names what separates them is branding. Branding is the packaging of each product, simply put so for a business that wants to produce similar existing product, branding the product and delivering more quality should help.

 

[Mostee501]

A startup business can create a product that is already in the market in their own way and advisable with higher quality. Producing products with high quality services can attract more customers.

 

[Adventurer]

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?

I would say yes and then again no, yes if you're a big brand with enough money to spend on advertisement and awareness, like when Bigi cola came into the Nigerian market they were able to battle Coke even though similar and they succeeded, but of you're a small business without much fund, you should avoid this.

 

[Tinaconcept]

Is it wise to produce same product as one in the market, I will say yes and no, if as a start up you want to produce a product which already exists its good you differentiate it a bit either by packaging or rebranding and innovation of new ideas to make marketing easy and able to differentiate

 

[maventiger]

Is it wise to produce same product as one in the market, I will say yes and no, if as a start up you want to produce a product which already exists its good you differentiate it a bit either by packaging or rebranding and innovation of new ideas to make marketing easy and able to differentiate

@Tinaconcept very true. For a startup to be successful in doing business, the commodity produced must be unique and be of top quality to compete fairly and gain a fair share of capital in the industry the startup is operating in.

 

[Eodine]

It would be unwise to offer the same product as already existing business since customers are already used to that already but if you still wish to offer that same product then you should consider branding and product quality for your target market.

 

[Sincerem]

You can deal on same products that is similar to other brands type. But ability to rebrand the products, package it to look more eye catching makes those customers to come seek same products in your business shop.

 

[Kane]

Do not, I repeat, do not launch the same product that is already in the market. If you are introducing the same product, you are destined to fail. You may launch a similar product with additional features though.

 

[Justin]

I don't think you can survive the competition. Therefore, you need to come up with new products, better products if you want to stay in the market. The best approach to the business is investing in product development.

 

[richee84]

Producing similar good like that of ur competitor will take time for such product to gain market recognition and acceptance. There will be barriers to entry for new firm to come in easily. The new firm will have to spend more fund on advertisements to gain entrance into the market.

 

[Adebayonle7]

Though it is always better to look for new products which will benefit the people thereby solving the problem of customer needs, at same time there is nothing wrong in dealing in products which are also in the market, al you need to work on are your strategies and branding methods.

 

[Deebabs123]

You can also produce similar product in the market or think of the product that better than it,if you you're producing the same product make sure that you produce best quality things even afterward those in the market can also be patronizing you.

 

[Dowenship]

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?

For any entrepreneur be successful the person must be willing to do fruitful things not just anything though, because doing something that's not frightful is a waste of time.

Be Inspired, Be informed.

Be informed always because information is knowledge and it carries power to succeed.

 

[Setho]

If by similar products you mean in architecture then I do not stand with that, yes you can copy concept while chipping your own but the whole design is wrong. You should try to brand out yourself and offer things in which would draw people attention to your business instead of copying.

 

[Adventurer]

In my opinion, it isn't wise creating a product similar to the one in the market as a startup. 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.

Yes it could be hard and you'll struggle with competition especially as an emerging brand. Also be prepared to spend a lot of money on advertisement

 

[Sheyemanu]

My take on the topic at hand is that, every start-ups business requires time to fully inject into the market gradually. Patience and persistence is are important factors in the growth of any business venture and sustainability

 

[Setfragil]

There is nothing that you produce that you will not find similar things in the market. The quality and price of your own product will determine how acceptable it will be in the already saturated market. There is a market for every products.