Trade and Tariff information and support

  • Home
  • About Us
    • Board of Directors
    • Our Staff
    • Members
    • Work With Us
    • Contact us
    • BOOK A CONSULTATION
  • BUSINESS DIRECTORY
  • Member services
    • Security Services
    • Accounting and Financial
      Planning
    • Training and Skills Development
    • Website Services
    • Business Toolkit
    • Business Health Check
    • Best Practices
    • Health & safety
    • Move here/Leasing Opportunities
    • Book a Consultation
    • Hr & Workforce Development
  • Promote your business
    • DUKE Perks
    • Billboard Ad program
    • Digital Marketing program
  • Planning & Development
  • EVENTS
    • Events Calendar
    • Submit Your Event
    • Sponsor an event
    • OUR RECENT EVENTS
  • News
    • Newsletter
    • What’s Happening
    • DUKE Featured
    • Press Releases
    • Toronto Economic Calendar
  • Shop Here
    • MERCH STORE
    • DUKE Perks
Menu
  • Home
  • About Us
    • Board of Directors
    • Our Staff
    • Members
    • Work With Us
    • Contact us
    • BOOK A CONSULTATION
  • BUSINESS DIRECTORY
  • Member services
    • Security Services
    • Accounting and Financial
      Planning
    • Training and Skills Development
    • Website Services
    • Business Toolkit
    • Business Health Check
    • Best Practices
    • Health & safety
    • Move here/Leasing Opportunities
    • Book a Consultation
    • Hr & Workforce Development
  • Promote your business
    • DUKE Perks
    • Billboard Ad program
    • Digital Marketing program
  • Planning & Development
  • EVENTS
    • Events Calendar
    • Submit Your Event
    • Sponsor an event
    • OUR RECENT EVENTS
  • News
    • Newsletter
    • What’s Happening
    • DUKE Featured
    • Press Releases
    • Toronto Economic Calendar
  • Shop Here
    • MERCH STORE
    • DUKE Perks
Search
Close this search box.
Search
Close this search box.
Search
Close this search box.
Home | Evaluating your Product or Service – What are you really offering?

Evaluating your Product or Service – What are you really offering?

September 3, 2019

 

duke-heights-bia-small-business-help

 

 

Written by: Atul Oka, Senior Director of Strategy and Business Development, DUKE Heights BIA

September 01, 2019

In our last article, we discussed some of the initial steps when looking at starting your own business. We asked the important questions around the initial motivation for starting a business and getting an idea of our individual financial needs before starting a business. We left off with some questions which were aimed, at better evaluating the feasibility of our business idea, and gaining a better understanding of the possible business model for our business.

We should have had some time since the last article to mull over the question around what product or service we want to offer our prospective clients. If you haven’t, take a few minutes to think about it now.

Ready? Let’s now try to further define that so we know exactly what we are offering. First, create a short list of the products/services you are thinking of offering. Now ask yourself what business you are in or planning to be in.

Confused? Let me explain.
Most business people often think about identifying the product or service that they think will be in demand. Then source or create it, and finally attempt to sell that product or service to their customers. But this overlooks something very important - The real underlying need that they are trying to meet.
Take Amazon as an example. While Amazon creates a marketplace where you are able to find almost any product, their main business is not selling products (It’s true), but actually selling convenience. Stay with me here.

The convenience of being able to buy whatever you need, and have it conveniently delivered to your home without getting up and spending half a day moving from store to store looking for that specific item, is greater than any marginal product or delivery cost. In the age of convenience, Amazon has the lead while others are furiously trying to catch up.

If you can’t relate to that example, here is another. Have you ever bought or used a drill? At some point or other you probably went to the local hardware store, (or your neighbours’ garage), looking for a drill. It is a fairy useful tool, but what actual need did it fill?

Was the ability to make a hole or two? So, in essence you were not looking for a “drill” but a means to make a hole. If there was a competing product that could make a hole faster and at a cheaper price, you would be wondering why everyone was still using a drill and not this fancy new gizmo.

Charles Revson, the founder of Revlon famously said, “In the factory we make cosmetics, in the store we sell hope”.

Find your equivalent to Revlon’s “hope” and you will be well on your way to understanding your market and satisfying a real need.

  • The Latest DUKE Featured
Loading...

Tracer Golf

  • June 17, 2025

Experience the future of golf at Tracer Golf, Canada’s first fully automated indoor golf facility!

Learn more
  • Small Business Help

Empowering Business Through Artificial Intelligence – Targeted tools to help your business succeed

  • June 12, 2025

June 16, 2025 … By Atul Oka, Senior Director of Strategy and Business Development, DUKE Heights BIA … The reaction to

Learn more
  • Councillor's Corner, What’s Happening

Councillor’s Corner- Ward 7: June 2025

  • June 10, 2025

June 16, 2025 … Dear Resident, Happy June! As we coast through the warmer months, I hope you are all

Learn more

DUKE Heights BIA between Dufferin & Keele and Steeles & Sheppard. It’s the northernmost business hub of the city of Toronto powering business growth and opportunities for the city and beyond. We promote the potential of the area, provide support to businesses in the area and inject new resources to tap into the potential of the community.

#WeAreDUKEHeights

Follow Us!

Terms of Use / Privacy Policy

DUKE Heights BIA

1275 Finch Ave W
Suite 303
Toronto, ON M3J 0L5

TEL: (416) 739-1621

DUKE Heights Newsletter

The DUKE Heights BIA newsletter is published every month to provide useful updates on news within the BIA and beyond, unique offers, and free events.

Newsletter

About Us

  • DUKE Heights BIA
  • Staff
  • The Area
  • We Are DUKE Heights
  • Work With Us

Our Services

  • Services
  • Employment Hub
  • DUKE Security
  • DUKE Perks
  • DUKE News
  • DUKE Talks
  • DUKE Events

News & Resources

  • News & Resources
  • What’s Happening
  • Featured
  • Newsletter
  • Press Releases

Planning & Development

  • Planning & Development
  • Public Realm Strategy
  • Area Studies
  • Area Development

Connect

  • Explore
  • Opportunities
  • Members
  • Connect
  • Contact Us

DUKE Heights BIA between Dufferin & Keele and Steeles & Sheppard. It’s the northernmost business hub of the city of Toronto powering business growth and opportunities for the city and beyond. We promote the potential of the area, provide support to businesses in the area and inject new resources to tap into the potential of the community.

Join Our Newsletter

About Us

  • Board of Directors
  • Our Staff
  • Members
  • Work With Us
  • Contact Us
  • Book a Consultation

Business Directory

Member Services

  • Security Services
  • Accounting and Financial Planning
  • Training and Skills Development
  • Website Services
  • Business Toolkit
  • Business Health Check
  • Best Practices
  • Health & Safety
  • Move Here/Leasing Opportunities
  • Book a Consultation
  • Hr & Workforce Development

Promote Your Business

  • DUKE Perks
  • Billboard Ad Program
  • Digital Marketing Program

Planning & Development

Events

  • Events Calendar
  • Submit Your Event
  • Sponsor an Event
  • Our Recent Events

News

  • Newsletter
  • What’s Happening
  • DUKE Featured
  • Press Releases
  • Toronto Economic Calendar

Shop Here

  • Merch Store
  • DUKE Perks

Terms of Use / Privacy Policy

X
X