Hello again, amazing people. I saw that some people liked the first economic lesson, and I decided to continue with the second one. I know that it`s Friday, but we are still alive, so let`s start.

In the first lesson, I was talking about the law of demand and supply demand and supply (if you missed it you can review it here).

Today I choose to talk about something more important, the product or the service you may offer. Why does it need to be unique? Is it the quality or the quantity important? How do I know if my product will attract clients?

Why does it need to be unique?

It`s simple, because unique doesn`t mean that it must be the only kind of product in the market. It means that it has certain qualities or characteristics that makes it unique. Yes, but why does it have to be unique? Because you have bigger chances of selling it, there are thousands of burrito shops all around the world, but does all of them taste the same? No. Why? Because each one of them have something unique. And that something unique, it`s called USP or Unique Selling Point, something that makes your product different from the other ones in the market.

Is it the quality or the quantity important?

I suppose you already know the answer, the quality is the most important, as an economic term says, the clients need to obtain the maximum satisfaction in order to become loyal. But this term also says that it should be with minimum efforts, which means as cheap as possible. So, wouldn`t it be a disaster for me to create the product with the best quality and sell it with a crap price?

Yes, it would bankrupt you. What do you have to do? Set your own price, adjust it to fit the market, find the cheapest supplier for your product, so the costs would not be such a big burden.

There is another thing that may happen, even if there isn`t so much quality in your product, you may still sell it. How? Because the society is divided on levels, not everyone can afford to buy a Mercedes, some may have to buy a Toyota. So you may create different products for different segments of the market.

How do I know if my product will attract the clients?

You don`t. It`s always about testing the water, you have to test the market and see if there is a need for your product. People are very different are easy changing, you will never know if your product or service will be successful or if your product will fail to attract clients.

It`s like in life, you never know what`s going to happen tomorrow, but you still live, right? It`s the same here.

Hope you found it useful, don`t forget to check my blog if you need more posts.

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