Sample Essay
The answer to this question lies in the concept of distribution of money income. It is this distribution that determines who will be getting what. The richer people of course end up being able to buy the more expensive items. For instance, a Mercedes-Benz owner would definitely be a well-to-do sophisticated rich person rather than an average income earner.
When coming up with a new product a company needs to research into the market and find out the requirements and needs of the customer. First of all it should decide upon what their target market is. Following their decision they need to research into that particular market and find out what suits those people, what they are looking for and how they intend to use the product. If this research is conduced carefully the company has a very good chance and probability of actually selling their innovation and making profits.
Subway has managed to cater to people of most statuses. The restaurant deals with a range of food items at different prices, therefore an average middle-class person is also able to afford a meal at Subway. Thus, Subway is an option for most of the people around the world. Through this strategy it manages to attract customers and this is one of the reasons behind its success and such rapid expansion, such that it gained the first position in the top 10 list of global franchises for 2010 by the Entrepreneur Magazine (Entrepreneur, 2010).
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