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Same Business Different Result
Posted On: Monday 13th June 2011
Summary: As if we needed more proof that businesses survive or die as a reslut of their management, here is another example
Blog Tags:
Business Failures
It seems we can't escape example fo businesses in the same sector wheer one is doing great and the other on its knees yet media and management blame the 'Economy'
Its a real handy excuse for poor management and strategy to blame the economy and the bankers and the government cuts but when you see one business turning in a 26% increase in profits next to another thats in receivership then its hard to justify.
Recently UK based drinks retailer Oddbins collapsed and today UK drinks retailer Majestic posted a jump in profits and unveiled plans to double the stores in the UK. Now the model is a little different with Majestic dealing in bulk purchase ( min 6 bottles ) but the buyers are the same.
Clearly people are still buying wines, beers, ciders etc and not always from the supermarket as majestic have proved.
They key is to recognise who your target market is and make sure you are offering what they want. Don't just open the doors and wait for them to wonder in when your offering is no different to your competitors.
You have to differentiate, be creative, find out what your markets would like from you and deliver it.
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