Factors that may help with future success for any company that may enter into the market are: to create strategic plans that will ensure great customer service, product quality and product differentiation. The business should follow these plans which may result in the company gaining
the highest market share. If the company has a high market share it suggests that the business is doing well and that it is successful. Buyers Needs and Requirements Belize is a country with an area of 22,800 square kilometers. The country is said to be diverse in culture with Mestizos being the number 1 culture in size following with the Creole, Mayan, Garifuna, Asian, and German. The country has a population of 387,879 spread across the mainland and islands. From the lifestyle of the different cultures that resides in the country, the government of Belize has strived year in and year out to provide residents with basic needs. Water is provided by Belize Water Services (BWS), Telecommunication is provided by Belize Telemedia Limited (BTL) and Electricity is provided by Belize Electricity Limited (BEL). To focus more on the factor affecting the Lighting Industry which relates to the product being offered, the BEL plays a huge role in the dynamics of the economy. Statistics Institute of Belize (SIB) display research that shows 90% of the population has electricity in their homes, Belize with 96% as the highest and Toledo with 62% as the lowest. Electricity in homes powers house appliances and allows for lights to function. This creates a demand for light fixtures at a rate of 90% across the country. Light fixtures such as chandeliers are not standard in the country but the demand is growing due to trends. Belizeans tend to follow trends from the United States of America. Home Décor trends are being followed more and more and this has a positive effect on customer demands. Chandeliers are currently prevalent and are now one of the growing products in the lighting industry. Because of electricity being provided at a high rate in Belize district alone, this district would be the reason for the amount of companies being available in the area. Location of a company is the most important when generating a business. Potential customer’s behavior may be influenced by the distance of a destination over the quality of a product and this is why market
research is important. Prices that are offered plays a huge role as well, some businesses has a range price strategy for chandeliers. One store listed in the research sells chandeliers pricing from $300-$500 while other hardware stores sells regular chandeliers only for $120. These all vary due to design and size. The prices mentioned definitely influence buyer behavior as well. Product Innovation and Differentiation Product differentiation is making ones product or service distinct from other companies providing similar items. Differentiation is very important for a business and may be considered the number one solution to price competition. Subtracting and adding certain features of a product or service is one way to meet the goal of differentiating.
- Fall '17
- Business, Management, Belize, Belize City, Districts of Belize, Elite Lights