American Intercontinental University
Unit 1 Individual Project
MKTG 205 – Principles of Marketing
7 October 2012
This paper will give a brief description and analysis of the impact of three market forces on a product. It will also touch upon strategies to overcome these threats, as well as different ways to capitalize on the opportunities.
Varying forces can serve to derail a marketing plan if you are not prepared for them. Just knowing and researching what they are can change an outcome. Discover how a few simple ideas or changes to the current plan can change the outcome of three of the five marketing forces.
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Market Force 3: Competitive forces
In this day and age competition can be extremely fierce, from where you get products for the restaurant, to who has the best product at the best price. In some cases, it is someone who opens up and decides to sell the same thing you do but at a less expensive price for the consumer. Introduce the concept and cite the resources DO NOT use the exact words… be sure to indent the first line of the paragraph. Using direct quotes does not show your mastery of the subject.
Strategies to Overcome the Threats
There are a couple of different things that Jamaica Jamaica Cusine can do to overcome the economic forces. One of the easiest is to send out coupons or to have loyalty cards. Something a little more costly would be to put a deal on Groupon, Living Social or any of the rising group deal sites. These are great tools to offer a great discount to the consumer. Another idea would be to have a discount night or discount family night. Parents would bring their children but the kids eat for free.
To overcome the multiple and vastly differing social forces in the San Antonio area the décor should have the vacation island feel and vibe. All of the varying social groups can identify with a vacation and hopefully would want to have the experience without the expense of the actual vacation.
Competition is a healthy component to business but to make sure that the business comes out on top you must have something positive that sets the establishment apart from the competition. Jamaican restaurants are...