Your core
business is the primary area or activity that the company
was founded on
or focused
on.
For
example, you started your business with the idea of selling
women’s wear which comprises of dresses, skirts, scarfs,
sweaters, langureau, shoes.
Your core business would
be women's wear.
But after
a few months your women’s wear weren’t selling so you
decided to start selling things that women may use in their
homes such as bed sheets, and window blinds.
That would be a deviation
from your core business.
Instead
of going out side of your core business to generate more
sales how about adding items that would compliment your core
business, such as hand bags, hats, low cost jewelry, etc.
This way you could add
more items to your lineup that your customers would be
interested in without straying from your core business.
This would both, generate more
revenues and enhance customer experience.
Straying
from your core business and venturing into areas that don’t
compliment each other could be a turn off for your
customers.
Imagne if you walked into
your local auto repair shop to get your car fixed and they
were selling fried chicken as a way to increase their
revenues.
You probably won’t find
that very appealing.
You should always re-evaluate what
you’re doing and seeking feedback from others to ensure that
you stay on track with your core business.
Other examples of core businesses include:
Southwest Airlines: Provide
short trips, cheap fares and good humor.
The Walt Disney Company: Provide
entertainment for all members of the family.
McDonalds: Serving hot and fresh
food in a clean and convenient environment.
Walmart: Lowering cost in order
to offer customers lower prices.
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