BUS 210 Week 1 Discussion Question 1 Many things make some companies more profitable than others. Careful market research and demographic studies regarding industry trends and consumer needs and wants often helps companies design their products to be successful, other factors are also involved. The ability to look at the industry and determine what products or services the industry lacks or consumers want from the industry is also quite important. A good marketing system, which knows how to reach the targeted consumer, is also important, as is a thorough understanding of consumers. Much research and study is required to properly design, invent, and sell products or services. But there is something more that successful firms seem to have. While many studies can be conducted, the ability to pinpoint one consumer need or desire is difficult and involves more than just careful study. Luck, while often overlooked as a factor which makes some companies more successful than others, is very important. A certain amount of luck, in addition to hard work,
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