This document provides a marketing plan for a South Korean gold and gemstone jewelry company expanding into India. It begins with an analysis of the gold jewelry markets in India and China. India is selected as the target market due to its large population, fast growing economy, cultural traditions involving gold, and more lenient policies for foreign companies compared to China. A PESTLE analysis of India highlights opportunities in the jewelry industry. A competitor analysis identifies major players and applies Porter's Five Forces. The plan then outlines product, place, price, and promotion strategies for entering the Indian market including variety, quality control, design, packaging, retail locations, competitive pricing, branding, and both online and offline advertising approaches.
Retail sales of precious jewellery increased 2.8 percent to reach 2,535 billion rupees (US$41.57 billion) in 2014. Domestic changes in the way gold jewellery is traded helped make 2014 a record year for jewellery sales.
Retail sales of gold jewellery increased 1.4 percent to reach 1,995 billion rupees (US$32.71 billion) in 2014. Consumption of gold jewellery increased 7.9 percent to reach 660.8 tonnes in 2014 according to Equity Communications' preliminary assessment of retailer sales and this was offset by a 6.4 percent reduction in the rupee gold price.
Retail sales of diamond jewellery increased 8.2% to reach 517 billion rupees (US$8.49 billion) in 2014. In general, demand for diamond jewellery is stronger and more competitive at steady gold prices because consumers will be less concerned about potentially losing out on positive gold price movements. Consumer demand for diamonds is more discretionary.
Retail sales of platinum jewellery increased 16.8 percent in 2014 to reach 17.84 billion rupees. Volume take-up increased 23 percent to reach 172,000 ounces in 2014, boosted by successful marketing of men's platinum jewellery.
Key Sales Driver: The story of gold jewellery sales in 2014
80:20 gold rule introduced in third quarter of 2013 scrapped in fourth quarter of 2015 - results in lower domestic premiums on gold
Rupee gold price down 6.4 percent in 2014 - results in cheaper gold for consumers
Companies Act rewrite forces retailers to restructure gold buying schemes - results in a flood of redemptions before March 31, 2015
The gold rush of the second quarter of 2013 was always going to be a hard act to follow. Nevertheless, sales in 2014 were actually helped by the forced review of retailer gold buying schemes because of new Companies Act rules. This factor was the biggest contributor to record sales of jewellery in 2014.
Consequently, jewellery retailers are winding down standing instalment schemes with the view of reintroducing them in compliance with new laws. Such schemes let consumers spread out purchases of jewellery pieces they normally would not afford. Instalment schemes are estimated to make up to 25 percent of annual gold jewellery sales.
Forced early redemption of instalment schemes meant that gold jewellery sales in the third quarter of 2014 were similar to sales in the impressive second quarter of 2013. A weakening of the rupee gold price during August and September also supported redemption efforts.
2015 Outlook
Fundamentally, there is strong investment incentive in consumption of jewellery in India. Gold continues to be a dependable hedge against inflation and trusted store of value. Therefore, for as long as the pricing fundamentals and economic backdrop are gold positive, consumers will first consider gold above any other jewellery option.
Economic backdrop in 2015
lower interest rates
lower inflation
faster gdp growth
On one hand, India's economic outlook for 2015 is more positiv
Introduction
The Gems and Jewellery sector plays a significant role in the Indian economy, contributing around 6-7 per cent of the country’s GDP. One of the fastest growing sectors, it is extremely export oriented and labour intensive.
Retail sales of precious jewellery increased 2.8 percent to reach 2,535 billion rupees (US$41.57 billion) in 2014. Domestic changes in the way gold jewellery is traded helped make 2014 a record year for jewellery sales.
Retail sales of gold jewellery increased 1.4 percent to reach 1,995 billion rupees (US$32.71 billion) in 2014. Consumption of gold jewellery increased 7.9 percent to reach 660.8 tonnes in 2014 according to Equity Communications' preliminary assessment of retailer sales and this was offset by a 6.4 percent reduction in the rupee gold price.
Retail sales of diamond jewellery increased 8.2% to reach 517 billion rupees (US$8.49 billion) in 2014. In general, demand for diamond jewellery is stronger and more competitive at steady gold prices because consumers will be less concerned about potentially losing out on positive gold price movements. Consumer demand for diamonds is more discretionary.
Retail sales of platinum jewellery increased 16.8 percent in 2014 to reach 17.84 billion rupees. Volume take-up increased 23 percent to reach 172,000 ounces in 2014, boosted by successful marketing of men's platinum jewellery.
Key Sales Driver: The story of gold jewellery sales in 2014
80:20 gold rule introduced in third quarter of 2013 scrapped in fourth quarter of 2015 - results in lower domestic premiums on gold
Rupee gold price down 6.4 percent in 2014 - results in cheaper gold for consumers
Companies Act rewrite forces retailers to restructure gold buying schemes - results in a flood of redemptions before March 31, 2015
The gold rush of the second quarter of 2013 was always going to be a hard act to follow. Nevertheless, sales in 2014 were actually helped by the forced review of retailer gold buying schemes because of new Companies Act rules. This factor was the biggest contributor to record sales of jewellery in 2014.
Consequently, jewellery retailers are winding down standing instalment schemes with the view of reintroducing them in compliance with new laws. Such schemes let consumers spread out purchases of jewellery pieces they normally would not afford. Instalment schemes are estimated to make up to 25 percent of annual gold jewellery sales.
Forced early redemption of instalment schemes meant that gold jewellery sales in the third quarter of 2014 were similar to sales in the impressive second quarter of 2013. A weakening of the rupee gold price during August and September also supported redemption efforts.
2015 Outlook
Fundamentally, there is strong investment incentive in consumption of jewellery in India. Gold continues to be a dependable hedge against inflation and trusted store of value. Therefore, for as long as the pricing fundamentals and economic backdrop are gold positive, consumers will first consider gold above any other jewellery option.
Economic backdrop in 2015
lower interest rates
lower inflation
faster gdp growth
On one hand, India's economic outlook for 2015 is more positiv
Introduction
The Gems and Jewellery sector plays a significant role in the Indian economy, contributing around 6-7 per cent of the country’s GDP. One of the fastest growing sectors, it is extremely export oriented and labour intensive.
This presentation shows a thorough analysis of global jewellery market and Sri Lankan jewellery industry. This will be highly beneficial for a small & medium enterprise to decide whether to go international or not, being in the Sri Lankan jewellery market.
Indian Gold Jeweler Market: Consumption, market dynamics, and Growth Strategies Browne & Mohan
In this presentation, we share a deep dive analysis of Indian Gold Jewelry market with insights on the market requirements, consumer purchasing trends, gender differences, expansion strategies that may be pursued by both branded and unbranded jewelry players.
it is ppt specially for class 10th. on "indian gem and jwellery sector of india" .
-no need to give credit, just change the name in presentation and use it for ur H.W .
This presentation details the overall scenario for the Gems & Jewellery Sector in India as well as Gujarat. It highlights the business & investment opportunities present in the sector and also the government initiatives and interventions.
“Indians have always been connoisseurs of precious stones and ornaments. Trade secrets of the jewellery business have been handed down over generations, ensuring continuity of traditional craft. Thus, India is today the world’s largest diamond cutting and polishing centre.India has been adding modern techniques to its traditional know how that are more in tune with global market trends. Several well-organised polishing units have been established to improve productivity and meet growing international demand. The presentation takes a journey into the sector keenly analyzing the sector while doing its SWOT analysis.
Manufacturing of Gold and Diamond Jewellery. Opportunities for Entrepreneurs to Start Own Business of Gold and Diamond Jewellery.
Jewellery or Jewellery consists of decorative things worn for personal adornment, similar to brooches, rings, necklaces, earrings, pendants, bracelets, and cufflinks. Jewellery could also be attached to the body or the clothes. From a western perspective, the term is restricted to durable ornaments, excluding flowers as an example. For many centuries metal, usually combined with gemstones, has been the normal material for Jewellery, however different materials similar to shells and other plant materials could also be used.
For More Details, Click Here: - https://bit.ly/2Zuj0LQ
Contact us
Niir Project Consultancy Services
An ISO 9001:2015 Company
106-E, Kamla Nagar, Opp. Spark Mall,
New Delhi-110007, India.
Email: npcs.ei@gmail.com , info@entrepreneurindia.co
Tel: +91-11-23843955, 23845654, 23845886
Mobile: +91-9097075054, 8800733955
Website: www.entrepreneurindia.co , www.niir.org
This presentation shows a thorough analysis of global jewellery market and Sri Lankan jewellery industry. This will be highly beneficial for a small & medium enterprise to decide whether to go international or not, being in the Sri Lankan jewellery market.
Indian Gold Jeweler Market: Consumption, market dynamics, and Growth Strategies Browne & Mohan
In this presentation, we share a deep dive analysis of Indian Gold Jewelry market with insights on the market requirements, consumer purchasing trends, gender differences, expansion strategies that may be pursued by both branded and unbranded jewelry players.
it is ppt specially for class 10th. on "indian gem and jwellery sector of india" .
-no need to give credit, just change the name in presentation and use it for ur H.W .
This presentation details the overall scenario for the Gems & Jewellery Sector in India as well as Gujarat. It highlights the business & investment opportunities present in the sector and also the government initiatives and interventions.
“Indians have always been connoisseurs of precious stones and ornaments. Trade secrets of the jewellery business have been handed down over generations, ensuring continuity of traditional craft. Thus, India is today the world’s largest diamond cutting and polishing centre.India has been adding modern techniques to its traditional know how that are more in tune with global market trends. Several well-organised polishing units have been established to improve productivity and meet growing international demand. The presentation takes a journey into the sector keenly analyzing the sector while doing its SWOT analysis.
Manufacturing of Gold and Diamond Jewellery. Opportunities for Entrepreneurs to Start Own Business of Gold and Diamond Jewellery.
Jewellery or Jewellery consists of decorative things worn for personal adornment, similar to brooches, rings, necklaces, earrings, pendants, bracelets, and cufflinks. Jewellery could also be attached to the body or the clothes. From a western perspective, the term is restricted to durable ornaments, excluding flowers as an example. For many centuries metal, usually combined with gemstones, has been the normal material for Jewellery, however different materials similar to shells and other plant materials could also be used.
For More Details, Click Here: - https://bit.ly/2Zuj0LQ
Contact us
Niir Project Consultancy Services
An ISO 9001:2015 Company
106-E, Kamla Nagar, Opp. Spark Mall,
New Delhi-110007, India.
Email: npcs.ei@gmail.com , info@entrepreneurindia.co
Tel: +91-11-23843955, 23845654, 23845886
Mobile: +91-9097075054, 8800733955
Website: www.entrepreneurindia.co , www.niir.org
Abstract: The prime objective of the study is to shed light on various issues and scope of gems and jewellery export in India. Indian gems and jewellery industry has attained a remarkable position worldwide. Artifacts of India’s export of gem and jewellery are acknowledged all over the world for their exquisite craftsmanship. However in the present scenario industry is confronting various hindrances which obstruct the path to realize its true potential. It has become statutory to deal with the problems and constraints which are being faced taking in the account of the fact that during FY 2013-14 the sector has contributed $34746.90 million to Indian exchange earnings, which states the decline in export by 10.58 percent. Due to the dependence on imports, the complexities involved in obtaining import license by the government should be simplified and also the lengthy procedures and intricacy involved in trading need to be rationalized. In order to sustain its position in international market there is an immediate requirement to modernize the product designs and procedures involved. In addition to this the working condition of the workforce should refined to a great extent and their ill-wage structure must be revived. Some of the other major concerns being faced are lack of training facilities, existence of Casteism, lack of permanent work, financial issues, procedural hardship and financial issues. In the view of the declining growth rate the government has instigated various measures and also a significant amount of investment in gems and jewellery sector is accounted, as a result of which the gems and jewellery industry has recovered to a certain extent. There was an increment of 12.65% percent in export of cut and polished diamonds in FY 2014. As per an industry study the sector is anticipated to draw Rs 15,000 crore (US $ 2.42 billion) by the end of 2015 which would be a striking increase by December 2012 with Rs 8000 crore (US $ 1.29 billion).
New year, new challenges for the diamond industryEhud Laniado
Looking back at 2015, I would like to go over what we achieved, what we are in the process of correcting, and what still needs to be addressed in the diamond industry. By Ehud Laniado
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
In the Adani-Hindenburg case, what is SEBI investigating.pptxAdani case
Adani SEBI investigation revealed that the latter had sought information from five foreign jurisdictions concerning the holdings of the firm’s foreign portfolio investors (FPIs) in relation to the alleged violations of the MPS Regulations. Nevertheless, the economic interest of the twelve FPIs based in tax haven jurisdictions still needs to be determined. The Adani Group firms classed these FPIs as public shareholders. According to Hindenburg, FPIs were used to get around regulatory standards.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
Best practices for project execution and deliveryCLIVE MINCHIN
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
An introduction to the cryptocurrency investment platform Binance Savings.Any kyc Account
Learn how to use Binance Savings to expand your bitcoin holdings. Discover how to maximize your earnings on one of the most reliable cryptocurrency exchange platforms, as well as how to earn interest on your cryptocurrency holdings and the various savings choices available.
The 10 Most Influential Leaders Guiding Corporate Evolution, 2024.pdfthesiliconleaders
In the recent edition, The 10 Most Influential Leaders Guiding Corporate Evolution, 2024, The Silicon Leaders magazine gladly features Dejan Štancer, President of the Global Chamber of Business Leaders (GCBL), along with other leaders.
How to Implement a Real Estate CRM SoftwareSalesTown
To implement a CRM for real estate, set clear goals, choose a CRM with key real estate features, and customize it to your needs. Migrate your data, train your team, and use automation to save time. Monitor performance, ensure data security, and use the CRM to enhance marketing. Regularly check its effectiveness to improve your business.
1. International
Marketing(Assignment)
Group No - 11
AdvaitBhobe (12020841116)
CarolinRinkeyTirkey (12020841130)
HarmanpreetKaur (12020841017)
SachchidaNandYadav (12020841093)
SangramKorekar (12020841120)
Sharad Gupta (12020841117)
2. ANSWER - 1
Home Country:South Korea
Product: Gold/Gems
Introduction: Our Company is gold jewellery making company. We are going to expand our
business in the other country. The steps are following:
Macro screening:
Asia Pacific holds the largest gold jewellery market in the world with more than half of the share
being contributed by India and China alone. India is the largest market for gold jewellery in the
world, representing a staggering 552.0 tonnes of gold in 2012. China is the fastest-growing market
for gold jewellery in the world, accounting for 518.8 tonnes of demand in 2012. The US accounted
for 108.4 tonnes of gold in jewellery during 2012.
PESTLE Analysis of China:
Political: After the economic reform in 1978, the economic is growing spectacularly in China. The
reform comprises of motivating the development of private business, foreign trade liberalization,
foreign direct investment, and industrial production investment as well as the employment profile.
From 1979 to 1994, more than 42 % Chinese economic rate has been grown up.
However, there are still many risks to consider before expanding to China. One risk is that the
Chinese communist, socialist philosophy continues to be core to the Chinese culture and may impact
the political/legal environment and therefore foreign investments in the future. Another risk is that
the stability of the current Chinese regime may be negatively impacted by demonstrations
protesting cultural changes, low growth, and inequities of wealth and power.
Legal:Anti-Competitive Practices - Cartels are independent enterprises created to eliminate
competitors. The leaders of a Cartel hope to create a monopoly, or an enterprise that has the
exclusive control or rights to sell a product. Cartels and monopolies unlawfully enlarge their areas of
trade and create unfair selling practices in order to acquire illegal income which endangers the
interests of the consumers.
Social: Chinese buy gold as an inflation hedge. Individuals in China are using gold as a substitute for
capital flight. Though the buying of gold has increased, while inflation has eased. This means that as
the inflation will get more eased up and people will start feeling secure, gold demand would
eventually decrease.
Economic Analysis: The Chinese government views a growing economy as vital to maintaining
social stability. However, China faces a number of major economic challenges which could
undermine future growth, including distortive economic policies that have resulted in over-reliance
on fixed investment and exports for economic growth (rather than on consumer demand),
government support for state-owned firms, a weak banking system, widening income gaps, growing
pollution, and the relative lack of the rule of law in China.
3. Technological: By the early 2000s, the hardware, software and, in general, the web technology
were mature enough for develop the design and processing the gold.
Environmental: There is not much environmental difference in the in the jewellery industry.
Because the gold jewellery can be used in any environment.
PESTLE analysis of India:
The gems and jewellery sector contributes significantly to the Indian economy through employment
generation, exports and value additions. A positive business environment to go with the several
incentives offered by the government has further enhanced the country's status as one of the
primary global destinations for gems and jewellery.
The country possesses skilled workforce of over a million people, who are adept at fashioning
beautiful jewellery. This has attracted several international jewellery giants to set up base in the
country like Crystal major Swarovski, Swiss luxury and jewellery watch brand de Grisogono etc.
WGC has formed a separate private company in India to undertake activities on a larger scale in the
Indian market. This includes entering into a commercial setup with banks and gold industry players
in future. The corporate structure will help WGC remove the handicaps of operating as a liaison
office. As of now, the Reserve Bank of India (RBI) does not allow liaison offices to partake in any
commercial activity in the country.
The gems and jewellery industry occupies an important position in the Indian economy. It is a
leading foreign exchange earner, as well as one of the fastest growing industries in the country
The two major segments of the sector in India are gold jewellery and diamonds. Gold jewellery
forms around 80 per cent of the Indian jewellery market, with the balance comprising fabricated
studded jewellery that includes diamond studded as well as gemstone studded jewellery.
Competitor Analysis:
Porter’s Five Forces Analysis of Gold Industry:
Threat of New Entrants:Several of the existing firms have contracts with well-known jewelry
distributing companies. New entrants may find it difficult to contract with these companies, because
they lack the financial status. Also new entrants do not have a reputable name, which may cause
doubt from a diamond distributing company and thus no contract will be created. The entry into this
market is getting increasingly difficult due to the growth of companies already established in the
industry and due to high initial investment costs.
Power of Suppliers: The primary resource a gold mine needs is land which is available in large
amount in the world. So the only supply problem remains is the government’s permit to mine the
land. Issues like environmental risks possess difficult challenges in securing government’s approval.
Bargaining Power of Customers: Moderate-Customers have little bargaining power regarding
price when they shop at luxury stores and refuse to search for alternatives, because of such a limited
selection.
Availability of Substitute: Currently the threat from substitutes is relatively low. Substitutes for
gold include other precious metals like silver, platinum, diamonds etc. Although their acceptance
level is lower than gold.
4. Competitive Rivalry amongst existing firms: High-In the jewellery industry companies that are
considered mass merchandisers or limited line jewellers generally compete on the basis of
price.There is a high growth rate in the industry. The companies have created a stagnant industry
that now competes by taking market share away from the other players and creates price wars
among many of the firms in the industry.
Major players:
Gitanjali groups, Titan industry, P.C jewellers, Prince Gems & jewellery etc.
Customer need and wants:
India is the biggest consumer of the gold. Love of gold in India is goes for beyond a simple source of
future profit. It is an expression of wealth financial security and family stability. It also carries
religious overtones.
Reasons for Selection of our target markets:
China (Pros):
Largest population
Fast growing Economy
Largest exporter of gold in year 2013
Cons:
High government involvement and almost authoritarian rules and regulations
Anti-competitive market
Gold demand might not sustain as economy stabilises.
India (Pros):
Large population (2nd only to China)
Fast growing economy
Demand of jewelleries throughout the year because of various festivals across different
cultures and diversities.
Except for last year, India was leading importer of gold and jewelleries.
Lenient government policies for MNCs.
Cons:
Already established players in this industry.
Plethora of unorganized players.
People still do not readily accept branded jewelleries
After comparing industry condition in both the countries, we have concluded that doing
business in India would be easier and profitable in India rather than China.
5. ANSWER - 2
Product Strategy:
Product:
A place where people will get any kind of jewellery like gold with stones in it like ruby, emerald,
sapphire etc. Also this helps in creating awareness to the customer about the jewellery, about the
karatage and purity in it, different styles and modern design availability.
a) Product variety:
To be a finest jewellery brand in the market, we would offer a wide range of gold jewellery studded
with colored stone and a wide range of pure 22karat gold jewellery.
Design would be the best and unique with the growing market and awareness we would a design
which is contemporary as well as wide range of traditional design available. We would produce or
make 22kt gold ear-rings which would have a various shapes, sizes and design. Design would be with
the antic finish, small stud ear-rings for children, traditional design ear-rings, with some colour stone
in it etc. Also, we would make bangles, chains, gold sets, necklace, pendent-set, finger-rings so that
customer can have a good range available with them and can buy according to their requirements,
so that, they can wear in some occasions like marriage function, festivals etc.
our gold jewellery would be totally hallmarked so that customer would totally in trust with us and
they would not cheated in the quality of the gold and brand loyalty remains standard in the eye of
the consumers or clients.
b) Quality:
We promise to give quality of jewellery with the 22kt purity of gold, as there are end number of
competitor’s entered into the market with new technologies like karat meter. Customer faces many
problems while purchasing the gold jewellery i.e, impurities, less karatage, no certification of
authenticity etc,
c) Design:
Widely acknowledged as a design leader, we are known for our ability to develop specialized design
collections. Each piece of jewellery is designed by a team of award winning designers.
d) Features:
Product features would be according to their design; it would be convenient to wear and designed as
per the concept.
e) Packaging and sizes:
Packaging of the product would be such that it provide better appearance and convenient to use. It
would be standard in shape, size, and lengthy. Packaging would be of plastic or velvet cloth so that
the jewellery is safe in it; good quality of velvet is used so that the safety also remains in keep the
product.
6. Place:
We would sell directly to customer as we would have our in house production in metro city.
Selling to the customer - we would sell directly to our customer as a retailer; we employed well
trained and experienced staffs who would deals with the front and the final customers in store of
our different outlets.
Our aim is to expand the business with new areas in new place which is outside metro city. So that
we can reach more and more people and also try to give more wide range of products to our outside
customers.
Pricing Strategies:
There is different pricing strategy we would follow which is given below:
a) Competitive pricing:
If our product will sell at the lowest price regarding all our competitors, we will be practicing
competitive pricing.
b) Cost-plus-profit:
It means that if we add the profit we need to our cost. The authority we have access to the costing
data and should like to check if the profit added to the cost is not too high.
c) Value pricing:
It means we will base our prices on the value we willdeliver to our customers. We could charge high
price when there would new product launch in the market.
d) Cost method- Activity based costing:
Activity based costing helps in providing the benefits like- It help in knowing the most and least
profitable customer products and channels. Enhance the better bargaining power with the
customers. Achieve better positioning of products in the market.
Promotion & Branding Strategy:
In jewellery business presentation matters a lot and it is a critical aspect for attracting more and
more customers. Marketing is that area where we can use our own creative abilities to derive new
and innovative ways to capture target customers.
There are some strategies that are used to branding and advertise jewellery business to get the
desired sales. Strategies can be online and it can be offline also depending upon the target
customers and the area we want to capture, online marketing is affordable and easy to do whereas
offline marketing is quite expensive. Strategies can be divided in two broad areas.
1) Online marketing:
7. Website creation:Create a website for our company and display all our products and their price
range. We can also implement an e-cart application for customers to place an order online with the
help of the web design company.
Online advertising:We can publish banner advertisements, pop-up advertisements showing the
name of our company and current products on social networking and other sites related to jewellery
business.
Newsletters: We should start our company's newsletter in which potential consumers can sign up
and get updates of new products and news about latest jewellery collections, special offers and
discounts.
Auction:Put our jewellery on auction on eBay. EBay provides a secure platform to sell jewellery
products online.
Talking on message boards and building links with other jewellery owners can also help in marketing.
2) Offline marketing:
Hold an inauguration party:Holding an inauguration party for our new business enterprise is the
effective way to make the people aware about our company. We will also place a notice in the
newspaper inviting all.
Offering discounts and promotion offers:Giving promotional offers and promotional products as
gifts and discounts is also a good way of promoting brand. Some of the promotional products we will
use for this are engraved pen, office flap bags, coffee mugs, mouse pads, T-shirts, office accessories,
calendars, travel pouches etc
Organizing promotional event:We will hold a special event for our company’s brand promotion.
We will put a notice in the newspaper inviting all. Offer discounts to selected customers or we
organize a lucky draw. Give a trendy name to the event.
Press release:Place an advertisement in the newspapers; we can also publish company’s website
with it so people can check our products and services online. We can also give an advertisement in
classified column of the newspaper for local customers or if we want to cater the customers all over
India it should be on the page that is most read by the newspaper readers.
Business cards:Have business cards printed, by the help of some printing company that should
have company’s name along with the contact number and website address. In addition it should also
have our company’s logo. Hand it out to people at social events, parties to give a word out about our
business.
Yellow pages:Placing advertisements in the yellow pages whether online or offline gives our
company an exposure, so that an interested customer can find out about our company and can avail
our services.
TV commercials:Giving advertisements on TV can make our brand popular throughout the country.