Which product will make profit the best?

[Don]

I was thinking of selling a new product in the city. And I was wondering is it possible to somehow know which product has "the greatest demand" or "greatest profit" in beforehand, before I start producing it? Or is it supposed to be "trial and error": I should just read graphs (lets say rival company makes profit for selling cars --> maybe I should start selling cars too?) or if I bring a new product in the market, then it's just "trial and error" basically because nobody knows how well the new product will sell..?

[Stylesjl]

I don't think there is any feature that does this. Generally speaking though it is probably a bad idea to go into an industry which already has a rival company, as you will be competing against them and they will take some of your market share.

Some indications of what products could be profitable:

I think high income areas are more likely to purchase goods that have a lower necessity index. So don't try to sell computers or cars in poor cities but do sell stuff like bread or milk.

High margin products (computers, cars, etc) also tend to be more profitable and harder to compete against in general, especially if you have a quality advantage. However they have a high starting cost.

[Don]

Thank you for the answer and examples!

...they will take some of your market share.

Could you possibly tell why market share is so important factor? Let's say I have the 50% of market share (half circle) and making "very good profit". Then if I had 100% market share (full circle), let's say I would make "less profit".

Should I stick with 50% market share if I get better profit than having 100% market share? Are there any "modifiers" or benefits for having 100% market share if I still make less profit? Only I found was that the greater market share I had, the better brand loyalty I got. Correct me if I understood it wrong.

[Stylesjl]

All other things being equal you should prefer higher market share as you just sell more in general, it is of course possible that the cost of obtaining market share might be too much in terms of extra store coverage/advertising costs/lower prices/higher quality costs in which case lower market share might be more profitable. My main point was that it is better to start in an uncontested market so that you can obtain maximum market share and enjoy good profits at least until competition starts to jump in (which always happens in the long run if competitors exist).

[foran]

Select YES for " Trade Secret " then you'll see everything you want.

[maff]

Select YES for " Trade Secret " then you'll see everything you want.

I never understood this trade secrets, what does this allow me to see? I always put YES in this option, can I see their product and such? in corporate details

[Timofmars]

You can also look at the "overall" quality of the products being sold. The lower the quality, the more you'll probably be able to raise your prices and still be able to offer a higher overall rating.

You can also look at the concern % levels for products. If consumers care a lot about brand, you maybe be able to make a lot more money after advertising for a bit (raise your prices as brand improves the overall rating). If they care about price, you can do well to make the product as cheaply as possible using cheap low quality materials. If it's an item that is easy to ship (high cost compared to the weight or size, like jewelry), then you could manufacture it in a city with low labor costs and export it to the high cost countries. If they care a lot about quality, it'll be harder to raise that, since you may only be able to choose higher quality raw materials, but technology improvement would require investing in R&D, or possibly buying tech from a competitor that has already researched it.