Over the last 5 years Jamaica has undergone an economic depression , as a result of the global re-cession financial crisis . A reasonable growth of about 1.2% in gross domestic products (GDP) was recorded in 2011 . The Jamaica government has been turning to the International Monetary Fund (IMF) . Since 1973 , in an effort of aiding the country's dwindling resources . The Jamaican government depends on two of its largest revenues , agriculture and tourism as a means of trying to fill the economic strain it has put on the country . The statistics has shown that the unemployment rate is high , at 14.1% since January 2012 . Some of the underlying causes of which puts Jamaica poor economical straits are ; government over spending , banks willingness to lend has plummeted , individuals and companies refusal to invest into projects deemed unsure of returns . The International Monetary Fund authorities suggested that , macro-businesses should continue the development of economic programs in an effort to curtail the publics debt and increase growth and expenditures . The IMF presses the Jamaican government to also broaden the tax measures and increase the tax administration . They recommend an unlimited attention to better debt management strategies . The banking system needs to be revolutionized and the reinforcement of its framework needs to be enhanced to improve growth and stability . With the re-evaluation of reforms , this will attract and increase expectations of potential business clients and future investors . In this economic agenda its objective is ; the growth of a better business climate and in return this will reduce Jamaica's debt and making room for even larger business opportunities .
The birth of Jamaicans' government introduced the foundation of two major parties . The Jamaica Labour Party and The People National Party, but so far none has been able to improve the stability for business growth in the economy . Both parties unwillingness to co-operate left an ever growing void within the business sector . The type of business environment in Jamaica is so poor . The government lacking to establish an fruitful business environment could cost the country billions of dollars worth of investments and revenue . The businesses in the country will be deprived of growth , infrastructural expenditure , contracts and chance of bettering the Jamaican economy .
The impact socially on business organization could be negative or positive , but depends highly on how the business portrays itself and the type of relationship it has with costumers , stakeholders , shareholders and investors . Businesses should always have that personal relationship with clients and customers in order to build an excellent reputation for the organization . Any bad experience such as improper business transactions or the organization been accused of fraud , could pose negative publicity for the company and its workers . Social media will thrive from juicy stories such as this and now the organization will be placed in a unacceptable spotlight . Individuals aren't interested in working with this organization anymore , customers took their business elsewhere , investors pull out and shareholders removed there shares from within the company . The social impacts are great and the organization looses its income and costumers , therefore going bankrupt . Its sold or the government will replace it with a new organization . So every business depends on the impacts on the surrounding business environment in order to achieve and be successful .
Business organizations and companies have to operate by the laws implemented by the government in order for it to function legally . Many organizations stumble over these laws everyday to make there business legitimate . But not all abide by the rules and regulations been put in place . Some impacts on the business environment are labour hours , type of relationship with employees , health and protection , anti-discrimination laws ( sex, age , sexual orientation, disabilities , race) ,wage laws, vacation and compensation . Other regulations are; waste management and disposal , environmental issues , insurance , taxation, resources, security, banking and investments .
With the advancement of technology many businesses have taken advantage of what it has to offer . Although this is so Jamaica has been able to keep up , therefore loosing its competitive edge in the economy . The businesses haven't been fully able to market there products and services enough to make a profit . They limited by the type of technology that they have . Technological introductions within organizations can reduce costs of advertising , accounting , record managing ,payrolls and costumer information . With these technology the communication process improves and costumer -employee relationship will increase . The work force will be better equipped and the work is done promptly and efficiently . These technology could reduce the number of labour needed and replace them with technology , thus increasing productivity . Other positive attributes are that it open new markets regionally , nationally and internationally .
What is business without competition ?. Many businesses today in the Jamaican business environment has at least one major competition , each vying to claim more costumers . But this isn't the companies' choice , its the costumers' decision . The costumers are searching for the best prices for there moneys worth . Not only that companies have offered benefits such as points company card for choosing the company , saving as you spend and packages deals . Many organizations do so but it all lies on the decision of the customer . Some companies even have cash reward games and customer appreciation day to show that they are thinking about their customers .
Develop a plan to show how you will translate the gains in sports to gains in business and economy .
Name : Jamaica's Glory Momentums
Address: 15 Bond Street, New Kingston
Phone number: 1-800-445-1243
Date of foundation : November 4, 2011
Â Name: Christol Walker
Address: 13 Mayberry Road , Kingston 13
Phone number: 1876-256-7894
Â Name: John Brown
Title: Marketing and Communications Manager
Address: 5 Mango Crescent
Phone number : 1876-386-2874
Â Name: Samorah Johnson
Title: Productions and Finance Manager
Address: 21 Love Lane
Phone number: 187-956-7119
"Teamwork is the way forward"
Jamaica glory momentums would like to increase its markets and become a success.
With the first year we would like to have increased our market shares to 4% . Stating the amount would show that it is measurable .
For the acquiring of such markets , the business environment was analyzed and the capabilities of achieving this objective was thoroughly processed .
Before setting a deadline a revision of our resources , the market , staff and competitors thus ensuring that an increase of 4% in a year (12 months) market shares where achievable .
This objective will be achieved by a 12 months period .
With the evaluation of the target market ,the strongest would be located on the north coast in the tourist capital . In recent sporting events Jamaica have craved there name into the heart's of many foreigners and has highlighted us on the world map . A team would be placed in the tourist hot spots on the north coast to promote and advertise our products .
During promotions in the north coast interviews and surveys of customers will be carried out. Identifying the customers needs and the demand for the product is important . Also estimating the time and cost to market the product should be researched . Researching how to properly execute the plans objectives and seeing through its success .
Milestones of Jamaica Glory Momentums
Percentage of growth
for (12 months)
Percentage of products sold
for (12 months)
Hand made jewelry
Table 1: This shows rate of which the business should reach in 12 months .
Opening ceremony to unveil the products will be held at Pegasus Hotel, on November 5, 2012 . Guest speaker and owner, Christol Walker will be addressing the viewers .
The first shipment of products will arrive on the north coast at a branch in Montego Bay on November 8, 2012.
Duties and responsibilities/ Monitoring and evaluating Techniques
Christol Walker (CEO), she is in charge of decision making process. What is needed and can benefit the company in a positive way is acted upon her choices . But every choice made is analyzed and evaluated through a number of means , such has ; reviewing financial statements , bank records and the markets position .
Samorah Johnson (P&FM) , her input provides that the quality of goods been sold are of the highest quality . She also ensures that the goods prices are right and people are getting value for there money . Another duties is that she manages the companies' financial statements , this shows the income of what it earns .
John Brown (M&CM) , his main objectives are to promote the products , search for marketing opportunities and to evaluate the conditions surrounding investments associated to the company.
Develop marketing and communication strategies to show how the plan will be communicated to the stakeholders identified above and other external stakeholders .
To build awareness of the importance of the business and its products .
Do extensive research on your target market and its potential demand for the businesses' products .
Creating a website to allow costumers to view upcoming sales, events and new releases .
Create promotional campaigns to advertise product.
Promotional advertisements are to be done by such means, the use of technology (websites ,mobile phones , computers, television ),brochures and trade shows .
Invite media houses to broadcast a press release on the unveiling of the company.
Ensuring that the message portrays a positive message and image of the products .
Opening booths ,comment sites and a social media page for customers feedbacks on the products .
Raising awareness about the company an its products
Persuading costumers about the quality goods and services offered, compared to other competitions .
Promoting flexible return policies and refunds.
Inspiriting the costumers about the foundation of the company .
Using testimonies from past customers to highlight the company's' quality products.
Donating a small portion of there income to a charity.
Finance and Budgeting
How will this plan be financed?
A loan of $5,000,000 was borrowed from Bank of Jamaica (BOJ) for the financing of this plan .
Income Statement, Jamaica Glory Momentums
Cost of products sold
Cost of products sold