From Commandment #3 - "Fastlane Entrepreneurs are committed to providing value, fulfilling needs, and satisfying wants because they know it attracts money."
I don't have much experience with physical products, but am curious about novelty items. You see them everywhere you go, the grocery store, the gas station, the amusement parks, concerts, etc. Key chains, stuffed animals, candy necklaces, crazy sunglasses, etc. And then there's something like Silly Bandz that goes and sells hundreds of millions of dollars worth.
I understand they fulfill a "want" more-so than a need, but how does one go about determining that want when developing new novelties? Is it really just a matter of trial and error trying a large number of products? Make something, get it out there, and see if people buy 'em? Or is there a more scientific method to novelties? Can that "want" be created through the right marketing?
I don't have much experience with physical products, but am curious about novelty items. You see them everywhere you go, the grocery store, the gas station, the amusement parks, concerts, etc. Key chains, stuffed animals, candy necklaces, crazy sunglasses, etc. And then there's something like Silly Bandz that goes and sells hundreds of millions of dollars worth.
I understand they fulfill a "want" more-so than a need, but how does one go about determining that want when developing new novelties? Is it really just a matter of trial and error trying a large number of products? Make something, get it out there, and see if people buy 'em? Or is there a more scientific method to novelties? Can that "want" be created through the right marketing?
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