(Abstract) 100 Great Business philosophy: Concept 17: Market Experiment

Concept 17 market trials

The best place to develop profitable businesses and the best way to create success are often found during your business operations. From the market and your customers, you can learn from the experience and lessons and guide you in a timely manner which methods are feasible and which are not feasible.

Concept

Julian Metcalfe and Sinclair Beecham successfully created the mancho sandwich chain store (Pret A Manger) 20 years ago ). It has made considerable profits and is considered a "complete transformation of sandwiches" and is widely known in the UK, New York and Hong Kong.

However, they initially ran not a sandwich shop, but a licensed liquor-selling shop named "Hair of the dog" in Fulham, London. They soon realized that selling wine could not make much money. Although there are a lot of stores, but the profit is very low-"We found that low prices like sandwiches have a lot of room for high-margin food development," said sinclay bisham ." By listening to the customer's suggestions, they made bold preparations to completely change the business direction, and finally achieved success.

This experience is learned directly when they are actively doing business in the market. Because any market has a certain degree of unpredictability, the best way to find a high-profit business is to "learn while walking ". This experience won't be forgotten by sinclay pilham. At the end of 2006 when the center of London was preparing to set up an innovative luxury-budget hotel, he said, "The hotel is just an experiment. We want to see if it is successful. There must be some things that need us to make changes. To do this, we will listen to the customer's opinions ."

Practical application highlights

When starting a new industry, don't want to learn the perfect business method at once. No matter how many abstract preparations you have made in advance, there are often things you can only learn in practice.

Do not be discouraged when encountering difficulties. Do not regard it as a roadblock or failure, but as a valuable learning opportunity. Analyze the causes, meanings, and impacts of the difficulties.

§ Be prepared when making major changes to your business. Although it may have attractive concrete models, it is not always the same. in a particular situation, if it can get higher profits, it can also be discarded.

§ Combine abstract knowledge with practical experience. These two concepts are not mutually exclusive.

(Abstract) 100 Great Business philosophy: Concept 17: Market Experiment