The great secret to getting rich is getting your money to compound for you ,and the larger sum you start with,all the better .As an example : $100,000 compounding at 15% for twenty years will grow to $1.636,653 in year twenty ,which gives you a profit of $1,536,653. But lets say you lost $90,000 of your initial capital before you even started and could only invest $10,000. Your investment would then grow to $163,665 in year twenty, for a profit of $153,665. This is a much smaller number.The larger the amount of money you lose,the greater the impact on your ability to earn money in the future. That is something that Warren has never forgotten. It is also the reason why he drove an old VW Beetle long after he was a multimillionaire.
Customers are always centre of attention of marketing and advertising. Customers need and wants are not easy to see or apparent, it has to be carefully researched. There is huge difference between needs and wants, like everyone needs food, but some may want hamburgers or Indian food, The same person in different situation might only want a bar of chocolate.
Understanding customer needs and wants is absolutely vital for the survival of the organization in the long-term, not everyone can spot a new product opportunity or a market trend which satisfies customers often hidden needs.
Even the top players get it wrong in understanding the difference between needs and wants.
In 1960 Decca record company turn down The Beatles, because they thought the boy band with guitars will not work.
Recently Coca Cola misjudged the wants of American people and launched New Coke, it failed because they misunderstood that how much the people loved the old cola.
Customer wants and needs changes from time to time due to change in geographical locations, change in tastes, change in fashion, attitude,lifestyle and change in disposable income.
Who would have imagined that one day people will have record players on their heads, now known as record player.
It is not just the customers who develop new requirements ,it’s also the organization who develops new requirements, In 1950 and 60’s business did not require a computer, but now no business can survive without computer.
Who would imagine that the organizations would have paper shredder to destroy information’s today the paper shredder is a common office equipment.
So from time to time the wants and need changes,
So constant research will reveal early indications of changes which will occur on the horizon, so the company don’t miss out on an opportunity.
This clip was shown to me by my ex-employer in Real-Value ,to explain me what is the pressure of Outdoor Sales.
After watching the clip i was dumbstruck & was in 2nd thoughts of pursuing the job of a salesman ,i did took that job & went through all the pressures of a salesman ,& i am glad that i took that job as now i am more experienced & that job taught me how to come out of tensions.