Market Force Analysis of Bulletproof Vests

Introduction

Understanding the invariable market structures and marketing environment for a product or service helps business owners and their marketing departments better understand how to position and market their own product and service. By analyzing different market forces—including competitive forces, technological forces, and regulatory forces—it becomes possible to better position a product.

Market Force 1: Description and Analysis of impact on product/service

The first market force for consideration is the competitive force. According to Roger (2013) these are the alternative businesses or forces that can fill a product’s demand or satisfy the market for the product. According to First Research (2013a), the manufacturing industry in the United States is under direct competition with the China manufacturing industry as they are a low-cost producer. This means that U.S.-based companies that produce bulletproof vests could be underbid or undersold by Chinese companies.

Market Force 2: Description and Analysis of impact on product/service

The second market force for consideration is the technological force. According to Roger (2013), this includes the different advancements and innovations made in an industry abut a specific product. For personal body armor, researchers are constantly trying to find stronger, lighter materials from which to weave the body armor fibers, which is one of the most important indicators of quality (Rincon, 2007). Because the nature of the product can literally be the difference between life and death, it is important that manufacturers are using the most up-to-date technologies and manufacturing processes available. According to First Research (2013b), this is an industry is driven by technology.

Market Force 3: Description and Analysis of impact on product/service

A third market force that should be considered are the regulations for the companies that create bulletproof vests. According to Roger (2013), certain products and industries fall under specific industry or government regulation. For bulletproof vests, regulations are created by the Department of Justice, which has issued guidelines for the performance and production requirements of bulletproof vests (Department of Justice 2011). Producers of bulletproof vests must make sure the product conforms to regulations and must stay aware of changes to regulations and specifications.

Strategies to Overcome the Threats

A SWOT analysis allows for some understanding and strategizing on how to overcome threats. Threats from countries with lower production and labor costs often have lower quality builds. This is an importance difference to highlight, especially given that the products are required for personal safety. Threats to competitors who advance technologically should be overcome by making sure the product is utilizing the best technology for its price point. Finally, producers must work with legislators to help guide legislative and regulation policy so that public safety is maximized while disruption to production and business is minimized.

Strategies to Capitalize on the Opportunities

According to Roger (2013), technological innovations require research and development, which is also echoed by First Research (2013a). This is an industry where being a leader in the technology is desirable, and the opportunities for both manufacturing and medical devices lies within technology as one market force (First Research, 2013b).

Conclusion

For makers of bulletproof vests, competition, technology, and regulation are the biggest market forces affecting the industries of manufacturing and medical devices. In order to take advantage of the opportunities presented in the market and mitigate the risks, a focus on technology and product quality is imperative.

References

Department of Justice. (2011). Bulletproof vest partnership. Retrieved from http://www.ojp.usdoj.gov/bvpbasi/

First Research. (21 Oct. 2013a). Manufacturing sector. Retrieved from http://mergent.firstresearch-learn.com/industry_detail.aspx?pid=114&chapter=12

First Research. (21 Oct. 2013b). Medical equipment and supplies manufacturing. Retrieved from http://mergent.firstresearch-learn.com/industry_detail.aspx?pid=69&chapter=1

Rincon, P. (23 Oct. 2007). Super-strong body armour in sight. Retrieved from http://news.bbc.co.uk/2/hi/science/nature/7038686.stm

Roger, K. (2013). Marketing. (11th ed.). New York: McGraw Hill.