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Maybe Not

by ZihuaRob ⌂ @, Zihuatanejo, México, Thursday, August 03, 2017, 10:26 (135 days ago) @ Gringo Viejo

First let's define purpose of the marketplace:
To meet the needs and/or wants (real or imagined or created)of the consumer of products and services.

When WalMart invaded the U.S. some businesses tried to compete with WalMart head on. They failed, it couldn't be done.

When I was in the liquidation business, www.quittingbusiness.com, I heard this phrase over and over again, "This town really needs my shoe tore (dress shop, gift shop, etc). A big mistake in thinking. If the town (market) really needed them then they wouldn't be going out of business. They weren't meeting the needs and wants of the marketplace.

Or like a gift shop owner I once heard tell the city council in a small tourist town: "This town has enough gift shops. It doesn't need another one. Stop issuing gift shop business licenses". Needless to say that shop soon closed.

I have seen, over and over again, small retailers who adjust to the 4 Ps of the marketplace and be successful. They didn't go head on against the competition. They adjusted their 4 Ps mix to meet the needs or wants of the market place, real or imagined or created.

What are the 4 Ps? It is what the marketplace wants and what the business offers in terms of Product (service), Place (location), Price and Promotion.

Zihuatanejo businesses as individuals and the community as a whole must approach the marketplace in terms of these Marketing 101 principles if they are to survive and be successful.

I'll have to respectfully disagree. Zihuatanejo's economy and prosperity have little relation to the way things work elsewhere. Basic laws of economics have never been useful or functional here. Case in point: each year after the summer vacation period ends when there are few tourists and little demand for goods and services, locals tend to raise their prices against all logic. Happens almost like clockwork almost every year. Just one of many examples I could provide. Here the keys are local knowledge and who you know.


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