This week we look at tailoring business models to existing conditions and differ

Question

This week we look at tailoring business models to existing conditions and different industry environments. But I thought that in starting a business, or in fact growing a business, you need to “stand out” from the crowd. You need to distinguish yourself and your business. So just how important then in your opinion, is tailoring the business models? Select a business that that either already exists, or you would love to start, and support your thoughts. Show us why it is, or is not, important to tailor the models!

Explanation / Answer

Tailoring a business model is very important if you want to stand out from the group and from the competitors. Some of the factors that needs to be considered why tailoring a business model is very important.

First the purpose for which you are doing the business must be clearly identified. Your business must be clearly strategy just as for the purpose for which you have modified your business. But you can choose to present it in a different way from the regular way of doing it. But the purpose of doing the business must not be changed

You need to modify and stand apart from the general design of the business. The own design must be created and the approach needs to be different in taking the business to the end user.

The customer always says, I want what I want. You cannot change the customer's wants, instead, you need to change the way you present same receipe to the customer in a different way. The product seems to be different, but it performs same functions as the old one.

Customer's become more demanding nowadays, and the products and the services that you provide must also satisfy their demands accordingly. There is always a constant play off between the demand and innovation.

With amount of technology available and the kind of economic growth, the country is witnessing, there is tranparency in all the business models. The way the company adapts to the varying demands and the customization of the products and service, will be very successful in satisfying the customers.

Let us consider a business of a training institute and see how we can tailor its business model to satisfy the demands of the customer.

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