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Intro to Marketing

In: Business and Management

Submitted By TheG
Words 842
Pages 4
Demetrius Gordon
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.

Market Forces
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.
Market Force 1: Economic forces
There are many reasons why a consumer might choose a product. Economic inflation, cost of living compared to income, and type of employment and how it is affected by seasons or economic trends are all economic factors. (Kerin, 2012). An establishment can have a wonderful reputation for great food, great service and great ambience but if the consumer doesn’t have the finances to go to that establishment, they will not go. In other words, a consumer’s finances are important in determining how often they might be willing to frequent your establishment. These factors can definitely affect a restaurant like Jamaica Jamaica Cuisine.
Market Force 2: Social forces
The varying age groups, economic backgrounds, religious beliefs, dietary cultures can have a very strong impact on whether a product succeeds or fails. (Kerin, 2012). The demographics of San Antonio, Texas and its surrounding areas are very interesting with its population at a little over 3.6 million (City of San Antonio, 2010), there is a very diverse population of consumers to build a product around. This diversity consist of an immense Hispanic population (San Antonio), a vast...

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