Murphy Ben International has been around since the early 2000s. With a company that has been around this long and have stood the test of time of radical changes in technology and has adapted with the rise of the Internet and mobile phones, it is quite clear they know what they are doing. The most important aspect in any company is to first focus on the customer. If you offer them a compelling product and give them what they need, they will keep being a great customer and even an evangelist if they get treated the way they want.
With growing number of competitors across various numbers of industries, it has become very easy to copy another company’s business model and provide customers the same product or service. The right way to do business is to offer customers a good reason to keep them coming back for more. This is what is called the competitive advantage; providing customers something different in your service or product that other companies are not offering and is hard for them to replicate. Once you have that down, it would be easier for you to be in business for a longer period of time since you have a unique product. This is why Murphy Ben International has been around for so long.
How the change in technology bring about new products
We already settled the fact that product differentiation is important but it is not the only thing needed to keep your company from being successful. There are changes to the market that need to be taken into consideration. For example, the way we produce a lightbulb now is different from the way we did so 20 years ago. We have figured out a way to make it more eco friendly by not taking up too much energy. Another example is looking at companies that were making cassette tapes. They had to adapt to the market or close shop since no one was buying them anymore due to a change in technology. Same thing applies to Murphy Ben International. As soon as the Internet became popular and more and more people started using it, placing all the content onto a website has become vital be different from competition. If companies don’t have website now, they would have to get on that soon to keep up with the way younger generations consume content and even find problems to their needs. Websites and social media are important ways to be found online.