Adapting existing products, services and ideas
Aside from inventing a new product or service, an entrepreneurA calculated risk-taker who sets up a business in return for financial gain. may also consider adapting an existing product or service to satisfy a demandA request for something to be sold or supplied. for a new or previously unknown customer trend.
Adaptation
Adaptation is the process of changing an existing product or service so that it is suitable for different customers. This can often be seen as a less risky business option than launching a brand new product.
One form of adaptation is when a product is changed or altered to appeal to different customers. For example, a restaurant may change its menus and serve a wider range of foods as customersâ tastes change. One example of this is the move by some restaurants to offer a larger range of vegan dishes.
Types of adaptation
Types of adaptation include:
- Changing a productâs brand imageHow a business or product is perceived by others, including consumers. name, packaging or logo to keep it up to date. Subtle changes to a brand name or to the packaging of a product might be all it takes to boost sales of an already successful product into a new market.
- Changing the format of a product, for example, a cereal manufacturer might start selling cereal snack bars. Altering the colour or style of a product in response to new fashions and trends in the market. For example smartphone manufacturers continually improve on the original design of the first smartphones, each year making improvements on design and performance in new versions of their products.
- Adapting the strategies used for promoteUse advertising and publicity to increase the sales of a product. and advertising of goods and services. This might be achieved through special offers, discount codes or changing advertising to focus on social media Social media is an interactive computer based technology that allows the user to create and to share information and ideas through virtual communities and networks. or TV.
- Some products can be adapted with new innovationNew methods, ideas or products.. For example, the sausage roll has been adapted and modified to suit vegan consumers in response to the growing demand for meat-free products.