There are a multitude of principles used in business, some are industry specific, others are functions of business. But there is one that is a general principle that is used across the board in all areas of business. It is called the ‘Substitution Principle’. It works just like the substitution principle in math that we all learned about in algebra.
Product is one of the three ‘P’s in small business operations: People, Process and Product. It refers to the action outcome of the company. In reviewing or analyzing the product the owner has to look to the market to determine the demand for product and then correlate this demand to opportunity to generate profit.
Marcus Lemonis is the star of a TV series show called ‘The Profit’. He helps failing business turn around and become successful operations by fixing the three core elements of every business. He refers to these elements as the 3 P’s: People, Process and Product. It is an interesting show as it falls into the same arena as this website.