Market research is as important as the product because what is a product without
people buying it? An entrepreneur has their ideal market but is it real or was the entrepreneur
overambitious. Another reason is if investors are involved, letting them know your business
is worth funding is an important aspect. This comes to play when what is in the market does
not suit the market, or the product is too extravagant or dull for the market. This brings into
focus the market and in conducting market research. If I like making beaded art and attires or
accessories, I could decide to sell these products in schools and in shopping malls where I can
be sure that the market is diverse and many different people would be interested. But I could
also decide to sell my products at the beach or a tourist attraction site because I will be sure
tourists, local and international would like these things. I could also decide to set up my shop
at an airport where I can be sure to get through to different ages, cultures, and personalities
While thinking about Grenada West Indies as a potential market, I will have to
consider my customers. I will think about reducing the product’s cost while improving
efficiency. As much as I would want to beat my competitors, I will want to add value to what
is already out there, and I would want the product to eliminate a problem or bring a solution. I
would consider things as the geographic location, the people’s income groups, their ages and
interest, culture, what gender and their nationality. I would also consider the type of industry
I want to tap into as well as its size and what function they play. In the end, it is how to get to
those people who could be potential clients.
Based on the customer and market information gathered, I would have a shop set at
the beach or near a nice restaurant where I am assured of tourists every often and where I can
appeal to different needs. I will consider that the place is relatively cheap so I will have them
at a fair price as well as make the products colourful. After considering my markets need and
what gender it appeals to, I will have more products based on my findings (John, 19).
For this, as a small business, I will come up with a marketing plan. The market
situation has the product in place but yet to get customers. I have however predicted the
customer’s needs and their estimated size. The competitors are those from the textile industry
who ‘jazz’ up an outfit with colour, laces, beads and neon colours. I believe I rank third after
them. I chose the middle-income category in this area as it fits the people of Grenada West
To beat competition I have established ways to stand out which include customizing
my items for those who will be staying around for more extended periods. By having
incentives and making my packaging better, I believe I will attract attention to my business.
To appeal to the market, I have decided to be up to date with the latest trends in customized
or beaded attire or art. As for the pricing, I have chosen a price that is considerable and
reasonable though not as expensive as my competitors. I have offers and discounts put in
place for my clients too (McDonald, 13).
There are threats as well as opportunities, and these can work against or with me. It
was not until recently that my competitors came up with beaded items in their lines when
they have been in the clothing industry for close to 6 years. An opportunity, however,
presents itself when the company is too dull or too backward with their accessories. They are
also predictable, as they do not associate with their brands or their branding. I believe my
accessories will succeed in the market because I have done research on the market as well as
trends in the country as well as other parts of the world. I also have improved on ways to use
beaded accessories. The demographics are also working to my advantage as most people are
between the ages of 20 – 33 years, and women or some men getting gifts for their women or
Since the market is only served a good meal or taken someplace beautiful and exotic,
I thought it would be good if they could wear or even carry around a gift they got instead of
having memories that will fade. My primary objective was to have some souvenirs that
people can carry with them to their homes and make somebody happy with these
personalized items. The budget and controls section will allocate money for activities as
marketing strategies, results, tactics and expenses during an amount of time. It will make the
team members focused on a certain goal, which is a crucial resource for the company.
John, B. ‘Strategies for Change: Logical Incrementalism’. 33, 2: (1980), p. 17-20
The Ingredients of a Marketing Plan”: http://www.entrepreneur.com/article/43026-1.
McDonald, L. Ten barriers to marketing planning: Journal of Marketing Management. 5:1,
(1989), p. 1 – 18
Kotler, H. Marketing Management. 18, 3: (1991), p. 705
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