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B283 Journal lesson 6

June 7, 2013

This week I worked on my security pouch prototype for my $100 challenge business and did more market research.  I felt a bit discouraged as I did research because I found another product that was very similar to mine but was made out of better material.  The one good thing about my security pouch compared to the other one is it was designed to have two attaching straps that high behind the belt loops on pants.  The competition’s pouch used one strap and you could see it on the belt.  It was a bit discouraging to find a product better than mine and about the same price I was hoping to get.

In the reading material called “Value Your Customers”, I learned about two aspects of this essential element of business.  The first is to give good service.  This can only be done by understanding each customer’s needs, wants, and preferences. Then try to surpass their expectations. It is much easier and cheaper to keep a customer than to get a new one.  The second is to think about the financial value of each customer and figure out a way to increase it.  You must understand this in order to grow your company.

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