Business Errors and False Assumptions Essay

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False Assumptions and Business ErrorsAccording to Warren Buffett, hindsight in business is always 20/20. Most businesses in retrospect understand where they went wrong. It is a rare business that can anticipate shifts in market demand and problems which arise. According to Mackay (2014), even though a business cannot predict the future, it can take proactive steps to at least better secure its position in customer’s lives and hearts, including having an easily remembered and identifiable brand name and image, offer a unique service that customers desire, and to know how to communicate the products and services work for customers and how the products and services are used in customers’ everyday lives.Quite often, businesses assume that customers know the value their products offer, but this is not always the case. The first fatal business error of many organizations is the assumption that the business knows the identity of the right target customer, and that customers are aware of the business. But customer needs and demographics are always changing. An excellent example of this is the declining consumption of soda. While once a popular beverage, because of health concerns and the availability of more options, a much smaller and narrower demographic than in the past consumers regular soda. Assuming that companies do not have to consider their business processes and the options the organizations offer customers is why…

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But the company also knows that people eat the product on the go, and the company’s packaging of two tarts in a silver container makes it easy for people to grab the product and run. The website even includes recipes involving Pop Tarts to encourage creativity with the product, such as freezing the tarts or topping them with ice cream. This reflects an attempt to both reflect the reality of how consumers eat the product, not just the original intention, and also encourages greater consumption of the product by acknowledging the fact many people use it as a treat. In contrast, cereals (another breakfast product) are declining in consumption, as fewer people….....

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