Friday, October 11, 2019

Bullet Proof Vests

The product bullet proof vest is under the manufacturing medical supplies and devices industry which has a total of about 11,000 companies under its umbrella, earning an aggregate income of $75 billion annually. The major players of this industry are Baxter International, Boston Scientific, Johnson & Johnson, and Medtronic, which produces surgical, ophthalmic, and dental instruments and supplies used in the medical field. It is said that the industry is well focused on the hands of 50 largest companies which make up the 75% income of the whole industry.Market Force 1: Technological Forces Armstrong and Kotler (2009) cited that the wonders of technology produce new markets and opportunities, though in some cases hurt other businesses. Technology is now molding the destiny of everyone in a very dramatic manner. Regularly, bullet proof vests must be upgraded when it comes to materials and workmanship, to be in congruence with the fast advancing and high-powered technology in ammunitions being sold in the marketplace.Customers require innovative designs combined with sophisticated and complex functionality for their bullet proof vests. Market Force 2: Demographic forces The world population increases rapidly, affecting the population demographically in terms of age, density, location, gender, race and occupation among others, (Armstrong and Kotler, 2009) . The doubling increase in population yearly has many implications in business, which could be in the form of opportunities or challenges. Since population is people, marketers are very concern and interested in this factor.For instance, crimes are becoming more and more intense and well-organized which calls for more police officers with advance combat gears for protection and safety. Market Force 3: Environmental Forces The natural environment plays a vital role in the production and marketing of bullet proof vests, especially when it comes to the materials being used. Corporate social responsibility and governme nt regulations on environment calls for the use of environmental friendly materials for products being manufactured in order to lessen the impact of pollution to human beings.The use of ApNano materials, for instance in personal safety equipment for saving lives and preventing injuries is a major breakthrough in bullet proof vests production. Strategies to Overcome the Threats The increasing threat when it comes to government regulations in promoting clean environment is also a technological and economic problem. There is a need for political will, large fund and more advanced way of protecting the environment, while making profit. One strategy is to produce practical and affordable products through continuous product development.This way though the product is highly advanced in technology, still more customers will have the capacity to buy the product because it could be offered in a competitive pricing strategy. Strategies to Capitalize on the Opportunities As the technological en vironment changes in a fast phased manner, more and more new products are being desired by customers. New and more advanced technology substitutes the older version, which means a need to produce creative and innovative products.Marketers should watch the technological environment very intimately, at the same time envisioning what most likely will be acceptable in the marketplace in days, months and years ahead. Research and development to come up with fresh and novel bullet proof vests is very essential. Conclusion Since the product bullet proof vests uses a rapidly changing technology, there is a need for tradeoff in order to maximize product performance, cost and reliability, so product development is the appropriate strategy.There is also a need to focus on high level of service and responsiveness to answer to customer requirements of safety and protection while at the same time. There has to be fast product creation which means developing products very quickly in order to start benefiting from these products. References Armstrong, G & Kotler, P. (2009). Marketing: An Introduction, 9th ed. Prentice Hall. www. nanotech-now. com/news. cgi? story_id=29842

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