The business may be to provide more of an existing product, or innovation — introduction of a new product, new markets or different way of using it. It could also be necessities, or luxury goods or services.

Necessities include products that individuals buy the same quantity, irrespective of the price or level of income. People will not buy more if the price decreases, or incomes rise or buy less if the price increases or incomes decrease. Luxury items are the opposite. They include products that are not necessary for survival but are desirable at higher income levels. People may buy more of the product if the price falls or incomes rise or less if the price rises or incomes fall.

While luxury businesses are businesses of margins, necessities are businesses of numbers. You can increase revenue for necessities by sales volume, and for luxuries by sales price.