Question

Shobha is a small scale entrepreneur manufacturing chocolates in the name ‘Yummilicious’. She had started this venture in the year 2012. She attended various start-up meeting where several Angel Investors and Venture Capitalists shared their success story and mentored the new budding entrepreneurs. In one of these sessions she heard a mentor say that every entrepreneur should constantly and consistently aim to improve the products and services already existing in the market. 

Taking this cue, Shobha decided to introduce wafers, lollipop and hard candy under the same brand name. Explain the benefits as to why Shobha is doing so?

Answer 1

She is bringing changes in the existing products. 

The benefits of doing so are: 

a. Keeping up with the competition: The products or services in an industry are continuously changing and it is important to stay aware of the latest in industry trends so that we can keep up to the competition. 

b. Increase sales: the main reason people will improve or add to the product line is to take the company in a different direction by increasing sales.