2. 2
Table des matières
A. CONTEXT
B. EXECUTIVE SUMMARY 4
C. INTRODUCTION 6
D. COMPANY DESCRIPTION 8
E. STRATEGIC MARKETING 9
I. SEGMENTATION 9
II. TARGETING 9
III. POSITIONING 9
B. STRATEGIC GROUPS OF JEWELRY INDUSTRY 10
C. COMPETITION 12
I. PORTER 5 FORCES 12
II. LEADERS WITHIN THE MARKET 13
D. SWOT ANALYSIS 15
I. S – STRENGTHS 15
II. W- WEAKNESSES 15
III. O-OPPORTUNITIES 16
IV. T- THREATS 16
E. PESTELANALYSIS OF GERMAN JEWELRY MARKET 16
I. P – POLITICAL 16
II. E – ECONOMIC 17
III. S – SOCIAL 18
IV. T – TECHNOLOGICAL 19
V. E – ENVIRONMENTAL 19
VI. L – LEGAL 19
F. BUSINESS MODEL 21
I. CUSTOMERS SEGMENT 21
II. OFFER 21
III. CHANNELS 21
IV. CUSTOMER RELATIONSHIP 22
V. REVENUE STREAMS 22
VI. KEY RESOURCES 23
VII. KEY ACTIVITIES 23
VIII. KEY PARTNERS 23
IX. COST STRUCTURE: 23
G. MARKETING MIX 25
I. PRODUCT 25
II. PRICE 25
III. PLACE 25
IV. PROMOTION 26
V. PEOPLE 27
H. VALUE CHAIN (PORTER) 27
I. SUPPORTACTIVITIES 27
II. PRIMARY ACTIVITIES: 28
I. CRITICAL SUCCESS FACTORS 28
4. 4
I. Context
a. Executive Summary
Future brides in Germany could be the next to experience scintillating
products that could change their wedding day from being memorable to
spectacular? Tejani is a small company from the United States of America
that has an aim to supply modern and fashionable jewelry to women in
Germany at an affordable price. Items are designed with the intent of
creating a product that is desirable whilst remaining reasonably priced for the
customer.
Unlike so many jewelers that target the wealthy using expensive and
rare materials Tejani is offering an alternative to consumers on a tighter
budget. More often than not women are unable to buy jewelry they want
due to the extortionate prices of precious metals and stones. This is especially
true for brides, as a wedding is a one off event (traditionally) where a piece of
jewelry may only be worn for that single occasion therefore buying an overly
expensive piece is not always an option. A wedding is a time for women to
be the centerpiece and eye catching for everyone to see, so why should
money prevent this from happening? There are many reasons why brides may
not want to spend as much money on their wedding outfit whether this is due
to a budget or they don’t feel the need to over indulge for one single day but
this does not mean they shouldn’t look any less glamorous.
Tejani offers a wide variety of jewelry that don’t lack in style or quality
for all tastes and trends. The main difference from Tejani and other high end
Jewelers offering a similar service is the price. Although a price tag can be
the reason for buying a product due the exclusiveness it offers but now a
bride can have all the qualities of an expensive piece of jewelry at a price
they can afford.
There’s a huge potential market in Germany with there being and
estimated population of 80 million and has one of the strongest economies in
the world, making it good starting point for entering the European market.
Currently in Germany there are many small independent Jewelers offering
high quality products along with the large global Jeweler brands but there
are few that are focused purely on bridal jewelry, this creates a huge
opportunity for Tejani to take a percentage of that market relatively
unchallenged.
Tejani offers a unique service for brides and their female entourage by
offering unique designs of jewelry that radiate class and quality but are
reasonably priced unlike the majority of the competition. Sets of jewelry are
5. 5
available allowing a bridal party to have a theme of jewelry but each
individual piece having its own subtle differences.
Each piece is designed with the intention of keeping the cost of the
product low but without compromising the style.
6. 6
b. Introduction
The purpose of this report is to come up with a business plan and
market plan for the company Tejani to enter the German Market coming up
with a business model to suit the attributes of the company and one that will
be able to cope best with the challenges that the German market will throw
at it. It will look closely into what sort of competition is currently operating in
the bridal jewelry market and the financial projections that can be expected.
The report will show the findings of a SWOT (strengths, weaknesses,
opportunities, threats) analysis looking at both external and internal factors to
try and gain a clearer picture of the market and the company. Although the
SWOT analysis matrix is a fairly simple tool to use it is one that is very effect ive
in operational execution strategies. Through the use of the SWOT analysis grid
(figure 1) management can learn how they can take advantage of their
strengths as a company, see where there
weaknesses plus helping to magnify possible
organizational threats (Hofer & Schendel,1978).
A similar method that will be used alongside
the SWOT and PESTEL analysis is Michael Porter’s
five of competition position, which are;
Rivalry among existing competitors
Threat of new market entrants
Bargaining power of buyers
Bargaining power of suppliers
Threat of substitute products or services
Michael porter says that in order for a firm to have competitive
advantage and profitability it depended on these five competitive forces.
“Awareness of the five forces can help a company understand the structure
of its industry and stake out a position that is more profitable and less
vulnerable to attack”. He also states that you must have a clear
understanding of the industry you operate in (Porter, M 2008).
PESTEL was first used by Aguilar as ETPS (economic, technical, political and
social). It took until the 1980s before PESTEL was what it is today, (political,
economic, social, technological, environmental, legal). There are two basic
functions to PESTEL analysis according to Dincer, the first being that it allows
an identification of the environment the company will be moving into and
operating in. Secondly this tool provides predictability for future situations that
the company may face (Dincer, 2004). This form of analysis is one that can be
utilized in strategic management but it also has limitations. This matrix of
(Figure,1) shankarsoma
7. 7
analysis will look at external factors that may hinder Tejani in the German
market. Due to the fact that the intended structure of the company which will
be setup as a Limited Liability company (GmbH) there are several taxes that
will have to paid and more specifically the cooperate income tax.
After carefully analyzing both external and internal environments thoroughly
and painting a clear picture of what the current situation is, the report will will
progress to producing a business model that is best suited for Tejani. Choosing
the right business model is vital and defines the manner by which the
company delivers value to its customers. A business model is not something
that can give you a competitive advantage unless it easily differentiated. The
majority of business models adopted can be easily copied by companies
therefore it neither sets your company apart nor gives you an edge against
the competition.
8. 8
c. Company Description
Tejani is an independently run company based in New York. It began
trading back in 2004 when the owner and sole founder Urvi Tejani seen a gap
in the jewelry market. She wanted to give brides the opportunity to buy stylish
and fashionable jewelry for their wedding day. It’s a well-known fact around
the world that on their wedding day the bride is the showpiece wearing an
extravagant dress and jewelry to match. The jewelry pieces she offers not only
cater for the bride but also the bridesmaids and other female members of the
bridal party. Urvi noticed that so many jewelry companies only focused on
the wealthy customers and although there were alternative products that
were cheaper there lack of quality and style was easily noticeable. The
business was set up on the principle of giving brides quality fashionable pieces
of jewelry that weren’t overpriced. With a proud Indian heritage behind Urvi
the designs of her jewelry are a combination of this plus her modern NY
fashion sense, which gives her designs a unique twist. A way Tejani manages
to keep the cost of her products low was by setting up the manufacturing of
the products in India, each product is hand crafted and then exported to US
to either be sold in the shop or to be packaged and sent to her online
customers the ability to keep material costs and production costs down help
to make the business sustainable for the future.
Tejani operates out of one store in New York City and also has an online
platform that allows customers to purchase products. This website, which has
details of all the products available for sale, offers free delivery on all internal
orders in the US. This is a great way of increasing the popularity of Tejani as a
wider audience is captured plus customers can have the luxury of buying the
products from their home.
The company has a wide popularity in America being featured in
several prestigious wedding magazines and receiving recognition by notable
people both from within the industry and out with. The company has an
ambition to enter foreign markets beginning with Germany although this may
not seem like the easiest option given the Initial language barrier. Given the
competition around Europe in designer jewelry mainly France, Italy and
England it seems like a sensible option for a relatively small company.
Primary objectives for Tejani over the next few years:
Infiltrate the German market to begin trading as soon as possible
Build awareness for the Tejani brand both online and in shops.
Become sustainable in a competitive German market
Gradually Increase market share
Look to set up several shops across Germany
II. Current situation
9. 9
a. Strategic marketing
i. Segmentation
Evolving on the market of jewelry, the company Tejani is focusing on a very
particular segment: the wedding.
The high quality jewels that the company offers are mainly intended to be
worn during this unique day: necklaces, bracelets, earrings…future brides can
have the best for themselves and their bridesmaids. Although not excluding
other potential purchases (for other occasions such as anniversaries, gifts…),
Tejani, by focusing mainly on this particular occasion and working on a
marketing purely oriented towards brides, offers itself a very clear position on
a blue ocean market.
ii. Targeting
As mentioned above Tejani offers high quality jewels at an affordable price.
As present on the wedding market, which is supposed to be a once in a
lifetime experience, we can assume that customers will only make a unique
purchase.
The Jewelry and ornaments are produced for women. We can clearly identify
here the first target: future brides. The second could be their bridesmaids. Of
course, the company’s products can also appeal to other women for diverse
occasions and therefore, Tejani addresses women in general.
Regarding future brides, the average age to get married for a woman is 26.5
years in Germany, not excluding other women though, the target of Tejani
includes women from 25 to 45 years old.
Being affordable, women who will buy those jewels are from middle class.
The main target of Tejani is therefore, women from middle class aged
between 25 and 45 years old.
iii. Positioning
TEJANI positions itself as “affordable handcrafted bridal jewelry for the bride
and bridesmaids”.
Sources :
26.5 years old average age to get married in Germany
“Mariage et famille en Allemagne”
10. 10
b. Strategic Groups of Jewelry Industry
The figure shows strategic groups of jewelry industry. The upper right
group is the group with higher price and higher visibility, which are Cartier,
Tiffany or Bvlgari. Further, on the lower right one is the group with Swarovski
and Thomas Saba. They are located in higher visibility and lower price. The
lower left one is Pandora and TEJANI group who is with lower price and low
visibility.
Figure 1. TEJANI and competitors positioning map.
12. 12
c. Competition
i. Porter 5 forces
In this section, the five forces will be use to shape industry competition.
The five forces include Threat of New Entrants, Bargaining Power of Buyers,
Threat of Substitute Products, Bargaining Power of Suppliers and Rivalry
Among Existing Competitors.
Bargaining power
The bargaining power of supplier is low. According to Maps of India
(2011), silver jewelry handicraft is quite popular in India, especially in Karmal,
Hathra, Varanasi or Kolhapur (see picture 1). India is a county known for
handicraft. We assume that it will not be hard to find highly skilled artisans.
Since the income level is low, and the supplier can be found easily in India,
the bargaining power of supplier is low.
Threat of substitutes
The threat of substitutes is very low. The purpose of TEJANI’s product is to
decorate brides or bride mates’ appearance. There are little to no substitutes
for wedding jewelry. A ring is a ring, a bracelet a bracelet. Wedding jewelry is
a standard product across the board. It is merely the design, style, price, on
occasion the brand and reputation that dictate which to choose. Other than
that wedding jewelry has no substitute.
Threat of entry
The threat of entry is high. The market completion in Germany is quite
intensive since every global jewelry brands (e.g. Swarovski, Pandora and
Thomas Saba) have been operating the business in Germany. However, in
recent year, clothing firms also sells accessories and jewelries. High fashion
brand (e.g. LV, Gucci, Chanel) have jewelry in their product categories.
Meanwhile, lower price clothing firms (e.g. Zara, H&M, Calvin Klein) also sell
rings and bracelets. What is more, online shop (e.g. Amazon, Ebay, Alibaba)
are also be able to help small size firm to sell the product online. Hence, the
threat of entry is high.
Bargaining power of buyer
The bargaining power of buyer is low. The buyers are mostly from
individual women, not from a firm or an organization who has power to buy
huge amount of TEJANI’s product. And the price cannot be negotiated in
online shop. Hence, the bargaining power of buyer is low.
13. 13
Intensity of competitive rivalry
The intensity of competitive rivalry is low. TEJANI has developed the
business in the U.S. and the collection has been featured in Brides magazine.
The company has experience to open a shop and deal with online orders.
Their products are unique which is designed by Mumbai Indian craftsman.
What is more, the product can be customized by client’s preference with
affordable price and good quality. But considering Germany is a different
county with different consumer behavior, the previous experience might only
have a little help. Also, TEJANI is a small size company; they might have lack
of human resource. Especially the human resource to support language
barrier and legal terms are very important.
Therefore, TEJANI will need to put a lot of effort to start a business in the
country (see figure 4).
ii. Leaders within the market
Luxury business is synonymous with Germany, the automotive industry is
a global leader, its manufacture of cameras and optics are some of the best
in the world and some the world’s most expensive watches are handcrafted
there. The Germans are surrounded domestically by quality design and
craftsmanship. Would their jewellery scene be any different?
14. 14
The German jewellery scene is not necessarily one of world renown, in
fact outside of jewellery enthusiasts, it is not very well known within Europe. This
may trick an outside observer into believing that this is due to German jewelry
being of low quality or that there is so few domestic players within Germany
that there is a huge gap in the market. It may not be that simple.
The global consumers’ appetite for jewelry was damped by the
recession for very obvious reasons however now it appears to be more
voracious than ever. Annual global figures of €148 billion global sales are
expected to rise to €250 billion by 2020 predict a glowing future for the jewelry
industry1. However this may not be the case for Germany as some predict
that it will be a difficult future. Germany, in 2013, recorded a positive
performance in the jewelry industry. Due to the economic uncertainty within
Germany at this time most people sought monetary security. “Real jewelry
benefited from these conditions in 2013, as many consumers perceive these
items as the safest investment”2 . To an extent there is a great deal of
uncertainty for the future of the German jewelry industry.
The nature of competition in Germany is slightly fragmented with many
key players at the high end dominating. As an example ‘Christ Juweiler und
Uhrmacher’ in 2012 overall led the industry due to benefiting from a
competitive advantage in terms of distribution and licensed products within
Germany. Thomas Sabo, who specialise in watches as well as jewelry and also
cater to men and not only women have 28 official stores across Germany3
and a vast number of official partners all over Germany allowing them a
huge distribution range including online stores. Wempe with over 700
hundred employees worldwide and 30 boutiques (7 of which are in
Germany4). Wellendorf a jewelry company founded in Pforzheim, the German
hub of jewelry (historically), who also produce, amongst other things,
wedding jewelry. However they are best known for the ‘rope’ a necklace
which is crafted in gold that is as smooth as silk to wear. Draped in history
Wellendorf and holds a great deal of sentimental value with German’s who
are enthusiastic about jewelry.
1 Dauriz, L, Remy, N and Tochtermann,T (2013). A multifaceted future: The jewelry industry in
2020. London: McKinsey & Company. p36
2 EuroMonitor International. (2014). Jewellery in Germany. Available:
http://www.euromonitor.com/jewellery-in-germany/report. Last accessed 4th Nov 2014.
3 Sabo, Thomas. (2014). Shop Finder. Available:
http://www.thomassabo.com/EU/de_DE/shopfinder?cgid=shopfinder. Last accessed 7th Nov
2014.
4 Global Blue. (2013). Wempe. Available: http://www.globalblue.com/brands/wempe/. Last accessed 7th
Nov 2014.
15. 15
d. SWOT Analysis
i. S – Strengths
As a company, Tejani has prided itself, and herself, on the quality of its
products and as previously stated in this report quality is something that is
regarded very highly within the German culture. However it is the specific kind
of quality, handcrafted, something that has been intricately designed with
care and precision and passion. “By combining her keen NYC fashion sense
with the designs of local Mumbai Indian craftsman, Urvi offers a bridal jewelry
collection with a carefully crafted mix of authentic ethnic heritage and bold
modern flair. Every piece of Tejani wedding jewelry is an original”5. Now a
valid question may be how is this relevant to the German market? Daniela
Osterrieder, a German independent jeweler, when talking about the German
jewelry scene said “People are increasingly saturated by the impersonality of
mass-produced jewelry – they want something unique and personal and
handcrafting ensures that every piece looks that little bit different – it’s that
difference that makes it precious”6. With this reassurance it is evident that one
of Tejani’s main strengths is her handcrafted approach to her designs and
jewelry.
ii. W- Weaknesses
When considering your weaknesses it is obvious that it is an internal issue
however it is important to assess your internal weaknesses from an external’s
perspective (i.e. a potential competitor within the marketplace) and ask
yourself the question, amongst others, what are competitors in the market
likely to see as a weakness? A competitor’s perspective of Tejani could
perceive that the company’s lack of notoriety in Europe could be a major
weakness with many other companies, foreign and domestic, already so well-
known with the German marketplace. To an extent this may be true however
a more relevant question Tejani should ask itself, especially in the
short/medium term of market entry, is what should I avoid? For a company of
a small and independent nature like Tejani it is crucial to avoid alienating
itself, initially, and attempting to compete against, the already, well
established domestic brands like Wellendorf (who also manufacture wedding
jewelry) who have been in this market for more than a century. In conclusion
Tejani’s major weakness does lie in its lack of notoriety amongst the German
market but it can take measures in order to change that.
5 Urvi Tejani. (2014). TEJANI: A HERITAGE OF CRAFTSMANSHIP BY DESIGNER URVI
TEJANI. Available: http://www.tejani.com/about/. Last accessed 7th Nov 2014.
6 Sims, J. (2012). What makes Germany a leader in the international jewellery
market?. Available: http://www.globalblue.com/destinations/germany/what-makes-
germany-a-leader-in-the-international-jewellery-market/. Last accessed 7th Nov 2014.
16. 16
iii. O-Opportunities
What good opportunities are visible? What interesting trends can be
noticed? Are both very relevant and necessary questions that need to be
asked and answered when evaluating the external environment. What good
opportunities are there? Firstly consider Tejani’s strengths and if they can
apply to any opportunities. As previously stated Tejani’s strength lies in its
handcrafted approach to her jewelry and through the realisation of this
comes an opportunity. Handcrafted jewelry at an affordable price in a
country where they “want something unique and personal” is an opportunity
for Tejani to capitalize on what could be a vast market. As well as looking to
your strengths when looking for opportunities it is important to also take into
account your weaknesses. Can you open up opportunities by eliminating
your weaknesses? As people are now “becoming saturated by the
impersonality of mass-produced jewelry” and one of Tejani’s weaknesses was
its sheer lack of size and notoriety there is a glimmering chance to turn this
weakness into an opportunity. The very fact that this company is not well
known in Germany gives it an opportunity to breathe new life into the market
and revitalize it an added sense of exclusivity at affordable prices.
iv. T- Threats
When examining external threats, much like opportunities, questions
need to be answered with the highest degree of honesty as it is best to face
any unpleasant truths now rather than later. What obstacles do you face?
Initially, the first obstacle would be the entry itself and the difficulties that
come with it. Quality is made in Germany not elsewhere, is the traditional
German mind-set when speaking of products. The difficulty for Tejani is that
although no one disputes the quality of the product, proving itself in the eyes
of the consumer may be the most difficult part. Next your focus must turn to
your competitors and ask yourself what are they doing? As previously stated
in this report, it is evident that the leaders within this industry are the
companies which have the best distribution channels, like ‘Christ Juweiler und
Uhrmacher’, giving them a competitive advantage. This is a threat which
cannot be overlooked, especially in the context of the short/medium term, as
initially it’s about survival and Tejani cannot compete on the same level due
to its lack of size, it just isn’t conceivable financially and logistically to do so.
e. PESTEL analysis of German jewelry market
i. P – Political
The German Federal government plays a vital role in shaping the
German economy sometimes directly and sometimes indirectly through its
17. 17
policies. Three governmental figures that are pivotal and who are responsible
for economic policy are the Chancellor, the minister of economics and the
minister of finance. These three positions have rarely been held by three
people from the same party simultaneously so therefore the policies decided
upon usually reflect the interests and desires of two specific government
parties. As this report states that Tejani should become a limited liability
company (GmbH) they’re certain German tax policies that should be taken
into account. For example are subject to corporate income tax
(Körperschaftsst euer). However before t his applies first a business must be
est ablished and the German government require the following st eps to be
completed; the conclusion and not arization of t he articles of association,
application for entry in t he commercial register (Handelsregister) through a
German notary, Trade registration, Other preparatory activities during the
business establishment phase such as opening a bank account or the
conclusion of rental agreements and negotiations and the conclusion of
contracts with business partners7. In order to complete this steps one would
need to apply for a ‘Schengen Visa’ which would allow you to stay 90 days in
every 180 day period unless you are citizen from a few specific non-EU
countries (the United States of America is one of those countries) then you do
not require this particular type of visa for the same time frame.
ii. E – Economic
When talking in terms of economic growth in Germany there is an
immediate connotation of power, success and progress and when you look
at recent statistics then you would be correct in saying so. If we go as far
back as 2011 and focus specifically on the growth of the luxury goods industry
we see a significant increase.” The German luxury market grew by 16% to
€12.9 billion in 2011, exceeding the industry’s global growth rate of 9%” 8. What
is most notable about this statistic is that, as well as all segments of this
particular market grew well, watches and jewelry and fashion accessories
grew the fastest. In 2013 the German economic growth was 0.1%9, which was
also the European average. In terms of interest rate Germany has seen its
lowest ever in October 2014 of 0.05%10. This encourages borrowing of money
and encourages economic growth which is a reassuring sign for any potential
business hoping to open up in Germany. Inflation is also something of note
according to the German Federal Statistics Office (Statistisches Bundesamt)
7 Germany Trade & Invest. (2014). Visas for Setting up a Business.Available:
http://www.gtai.de/GTAI/Navigation/EN/Invest/Investment-guide/Coming-to-germany/visas-
for-setting-up-business.html. Last accessed 9th Nov 2014.
8 Berger, Roland. (2012). ROLAND BERGER STUDY ON THE LUXURY GOODS MARKET: GERMANY
HAS THE BIGGEST POTENTIAL IN EUROPE. Available:
http://www.rolandberger.com/press_releases/
9 Destatis. (2014). Key Figures. Available: https://www.destatis.de/EN/Homepage.html. Last
accessed 7th Nov 2014.
10 No author. (2014). Germany Interest Rate. Available:
http://www.tradingeconomics.com/germany/interest-rate. Last accessed 7th Nov 2014.
18. 18
the average annual inflation for 2013 was 1.5% and if that is compared to
0.8% for October 2014 we can see a significant drop of 0.7% which is a very
encouraging sign as low inflation encourages consumers to buy goods and as
we have seen previously in this report Germans have an affinity with luxury
goods, particularly jewelry. There is potentially a bright future for Tejani in this
context.
iii. S – Social
Germany has its own culture that they are fiercely proud of and it is
extremely different to many other western countries which may be one of the
reasons why some foreign companies find it hard to integrate and become
successful in Germany. In the particular case of Tejani it may be a worthwhile
note knowing that the Germans have a strong affection for products of
quality. It’s the most logical choice and they are logical people. For years
German products have been synonymous with quality and traditionally they
have stayed domestic, when they can, for buying their products the car
industry is a glittering example of this. This could be a serious barrier for entry
initially as good quality is only based on reputation and that comes through
proving yourself. Although no one disputes the quality of Tejani it has no
reputation amongst German consumers. This may be an initial hindrance to
begin with, but that is only an assumption. Cultural aspects are a major part
of Social analysis however there are also other things to take into account.
Germany has an aging population with the number of births expected to
decrease rapidly after 2020 even though already “the birth rate in Germany
has been among the lowest in the world for several decades”11. Why would
this be relevant? An aging population means an aging workforce and an
aging workforce means and that means there is a far higher labour cost and
going on the assumption that Tejani is looking to stay in Germany for the
foreseeable future this is eventually something to take into account. However
there is a silver lining to this, albeit a very small and brief one, as “there is a
significant trend in consumer opinion toward luxury goods” and “the trend is
particularly evident among the relatively affluent group customer group of
51-60 year olds”12. Very brief and small indeed. However it gives a slight insight
into a potential small demographic, bearing in mind that Tejani is wedding
jewelry.
11 Potzsch, Olga (2013). What affect does childbearing postponement have on cohort fertility in western and
eastern Germany?. Statistisches Bundesamt:Wirtschaft und Statistik.p87
12 Berger, Roland. (2012). ROLAND BERGER STUDY ON THE LUXURY GOODS MARKET: GERMANY HAS THE
BIGGEST POTENTIAL IN EUROPE. Available: http://www.rolandberger.com/press_releases/512-
press_archive2012_sc_content/Roland_Berger_study_on_luxury_goods_market.html. Last accessed 9th Nov
2014.
19. 19
iv. T – Technological
Research and development (R&D) is the cornerstone for any society
and Germany and they realize this. The rate of technological change (TC) is
immensely important especially when it is teamed with other factors of this
nature as it can determine a business’s barriers of entry and technological
shifts can affect cost and quality. It is well documented that Germany is one
of the world’s leaders when it comes to engineering and subjects of that ilk
however it is not really relevant to the barriers that Tejani could potentially
face when trying to break into this market. As previously stated in this report
the leading companies within this industry are those that gained a
competitive advantage through, in particular, distribution channels and
licensed products. Now Tejani has its own online store in the USA which will no
doubt attribute to its success in the States however what the leading
companies in Germany show us is that distribution is essential. It is very similar
to a network effect where a good service has value based on the number of
existing customers, much like Thomas Sabo and the other leading German
companies. Technological aspects could prove the most difficult thus far.
v. E – Environmental
Fortunately in this industry (jewelry industry) environmental factors are
not really of as significant importance as political or legal factors potentially.
However there are some potentially serious ecological and sustainability
questions that may be worth considering from Tejani’s perspective. How
sustainable would my business be in Germany? Can I sustain the same
products? So it is ecological in the sense that it is more about natural resource
management as Tejani prides itself on is “high couture” jewelry that was
attainable for most. In Germany the price of 1 gram of gold €30.21 and silver
is €0.41 compare that with American prices (assuming that is where the
company sources its gold and silver from) gold is $30.20 (€ 24.32) and silver is
$0.41 (€ 0.33)13 there is a significant cost difference when you apply this to
quantities of jewelry pieces required to be manufactured. The question for
Tejani is not only of natural resource management but of financial
management and cost efficiency.
vi. L – Legal
When entering any new country to begin a business you must be aware
of laws, rules and regulations that will apply to you and have to be adhered
to. For example there are specific laws regarding the distribution channels in
Germany. “Foreign suppliers are not subject to specific regulations with
13 No author. (2014). Gold and Silver Prices From Germany. Available:
http://www.24hgold.com/english/gold_silver_prices_charts.aspx?money=EUR&country=Germ
any. Last accessed 8th Nov 2014.
20. 20
regard to their distribution channel. However, if they choose not to rely on
direct distribution but on indirect selling methods, several rules which also
apply to domestic undertakings have to be considered”14. ‘Indirect selling
methods’ refers to the sale of goods through independent traders (a potential
long term idea for Tejani in Germany) which includes importers, wholesalers
and retailers also the sale of goods through sales agents like commercial
representatives, commission agents and exclusive representatives. In the
short/medium term when entering the German market for any new foreign
business it is always an option, in terms of distribution, to go through a
domestic wholesaler or retailer (Bijou Brigitte) in order to gain notoriety and
establish a presence within the market. If this is to be Tejani’s intial entry into
the German market there is certain laws to regard. Foreign suppliers (Tejani)
have to consider both European Commission (EC) and German antitrust laws.
This essentially competition law which aims to halt companies from abusing
their market power, it strives to maintain market competition and halt anti-
competitive conduct by companies. Initially will this apply to Tejani? No it will
not. It is more of a reassurance that the German market place has measures
in place to allow market competition which is ultimately what Tejani would
like to do. Challenge the market.
14 Rudo, Joachim. (2013). German Business Law. Available:
http://www.germanbusinesslaw.de/. Last accessed 7th Nov 2014.
21. 21
f. BUSINESS MODEL
i. Customers segment
First of all, Uvri Tejani targets the brides who are price sensitive. Her clients
are women who are looking for good looking jewelry, but who cannot afford
high jewelry pieces. Her collection fits perfectly brides and bridesmaids but it
can be worn for all kind of events as well. There is no specific age or fashion
styles concerned because she proposes a large range of products which can
be appealing by all women.
ii. Offer
Tejani offers affordable jewelry with high design and quality. Her products
look very close to high jewelry and last longer than most of the similar offer in
the market. Moreover, she offers the possibility to customize the pieces by
changing the material used and so the style. Not only has she offered high
couture jewelry and accessories at affordable price but also alternatives.
iii. Channels
As defined in the Marketing Mix, the first communication channel will be
the Internet and social networks. Then, taking part of events will allow her to
be known by professionals of the market and the press. She can also create
partnerships with bloggers or cooperate with others brands, especially fashion
designers. This method will allow her to show her brand to the public on
people like fashion bloggers and models. Finally, it is necessary to create and
distribute printed documentation as leaflets, look-books and flyers.
The supply channels will first include the internet through her website
www.tejani.de with sales and after sales service. For Germany, the return
period should be extended and an online platform and a special email
address must be created. For the customers’ service management, it is
important that the person in charge speaks German. This is why, being
represented in Germany by a showroom or a freelance representative seems
essential. Otherwise, they will also include the various retailers, which sell her
products. Thus, the stores will take full care of the sales and the after sales
services. These stores can directly communicate with the boutique in NYC,
but one more time, the process would be facilitated by the representation of
the brand in Germany.
As a result, the partnership with a showroom representative or an
independent representative in Germany appears as mandatory. The
representative can handle the public relations in Germany, the sales to the
retailers and the after sales services. The factory in India could directly send
22. 22
the products to the showroom, which then would redistribute the products to
the retailers and to the clients who ordered online. This would facilitate the
processes and make them more efficient.
iv. Customer Relationship
As the designer cannot be present in Germany to sell her products and to
handle face-to-face sales, she need others means to create a relationship
with her customers. Her website will be the main platform to communicate
with her customers in Germany. Thus, the website needs to be clear, easy to
use and open to exchanging emails. Moreover, the social network needs to
be strong and friendly. The personification of the designer on different internet
channels creates emotional attachment and affection to her and her
products.
Urvi Tejani can also come to Germany to promote the collections. For
example, she can create special events in the retailers’ stores to launch her
brand and to meet the customers of the store and then create a real
relationship.
To reinforce relationship and fidelity, she can create special offers with
discounts, send newsletters, and launch fidelity cards with special benefits.
Finally, to affect the German customers and to reinforce their commitment
toward the brand and its values, Urvi Tejani can support a charity
organization. For instance one which will offer support to a women’s cause.
The integration of charitable values onto her image can be helpful to make
the customers loyal.
v. Revenue streams
The incomes of the company will be earned by customers’ orders. She will
benefit of 20% of her sales. The private individuals who order online are
customers who pay via the internet thanks to a secure platform. To respond
properly to the orders, the company requires sufficient stock of goods. Thus,
the owner has to invest in the manufacturing of the products. I another hand,
the others customers are the retailers. When they make an order, they will
most likely advance 30% of the total amount. However, it is possible to
bargain and try to receive more. Then, they will pay the rest of the amount
within seven days of the receipt of the order. However, each retailer tends to
apply its own payment conditions, this depends on the size of them and the
bargaining power they have. It can be difficult for Tejani not to yield to those
conditions. As a result, she also have to advance money for the production
which will be launch after all final orders received. Besides, she can find a
payment agreement with her producer in India while having a relationship of
trust and fidelity.
23. 23
vi. Key resources
Urvi Tejani, through her representative and her website in Germany, will
transfer her core values to Europe. As well as she does in the USA, she will offer
to brides a range of styled jewelry at affordable prices. Her Indian heritage
and her New York fashion sense have to be also represented in any market
she wants to reach. Her 10 years’ experience in fulfilling brides’ dream make
her an expert.
Her representation in Germany by professionals of the industry and the
market would give her all the resources required to become profitable in the
German market as well. This includes the knowledge of the market, the
regulations, the customers, the press and finally the connection with stores
and department stores.
vii. Key activities
The keys activities of Urvi Tejani are the design of the collections of jewelry
by herself and their sales. And the activity which will be added specifically to
the German market is the virtual relationship with the customers via the
internet.
viii. Key partners
The most important partner is the representative of the brand in terms of
sales and public relations. Then, the pro quo relationships with bloggers and
with fashion designers can become a strong partnership to develop the
brand image. Last, maintaining solid and perennial relationship with the
manufacturer will create, in long term, costs advantages.
ix. Cost Structure:
Starting the business in Germany incurs new costs. The main cost is the
monthly remuneration of the representative which is a fix cost. The website
improvements and updates require investment. Additionally, the production
of the collections devoted to the German market creates variable costs in
accordance to the number of orders. And then, the promotion of the brand
will create variable costs for the punctual events Tejani will take part and the
printing of paper documentation. Finally, shipping costs have to be
anticipated.
25. 25
g. MARKETING MIX
The analysis of the marketing mix tool will help us to understand how to position
Tejani and its offer into the German market. Moreover, it will allow us to start the market
planning and not to forget anything to develop the marketing of the products. The
marketing Mix is made of 4Ps which are: Product, Price, Place and Promotion. In this case,
it seems important to add a fifth P which is People.
i. Product
The range of products that Tejani offers in her store in New York can be simply
brought to Germany. The brand already has a well-defined image and its own style which
must be retained to create a strong brand image. Moreover Urvi Tejani delights various
type of women in the US market with her jewelry; she does not attract a specific type of
customers among the bridal sector. The USA and Germany are among the Western
countries with a similar culture and with a mix of people. Those countries are not different
enough to create a specific collection for the German market.
Otherwise, one of her special feature is her custom finishes. She offers a real buying
experience into her store with professional consultancy and the customers have the
ability to custom the jewels. This would be particularly difficult to implement abroad via
brand representatives or online. As her targeted customers are women, and more
particularly the one on the point of getting married, they look for the perfect product
which suits them the best. Thus, convincing to buy this kind of products without seeing
them and trying them seems impossible. This can only be implemented while having a
store and a special area to welcome the customers and to advise them. But it is too early
to conceive to open a Tejani store in Germany yet. However, it is not excluded that she
offers via her website the option of customizing the product as she does in New York.
ii. Price
As the price is already set in the US market, it cannot be way different in Europe.
The coherence of the brand has to be taken into account before adapting the offer from
a country to another.
The prices in the shop online in US Dollars have to be the same as in Euro with the recent
change rate. Only the delivery costs can differ.
However, in stores, prices can differ from the original prices in the US because of several
factors. It can be possible to lower or increase prices according to the change rates, to
the delivery costs from manufacturing to the store, to different fix costs (in this case the
prices would be lower in part because there would not be the rent of the store) and the
percentage of profit set by the retailers.
iii. Place
First, Urvi Tejani has to update her website in order to allow German natives to buy
online. This means that the website must be translated into German, the prices changed
into Euro and the delivery costs recalculated. This would be the first step before entering
the German market because nowadays the website page is t he reference of a brand.
26. 26
Not only the website is a point-of-sale but also the first step to get to be known. The
products can also be sold via online shops which are specialized in jewelry like
www.juwedi.de, www.shop.123juwelier.de or www.schmuckland.de.
Therefore, it is important for the customers to be able to see the products for real
before buying it. As a result, Tejani jewelries must be sold in stores. The option of opening a
store in Germany as in New-York is not considered yet according to the huge financial
investment and the need to create a renowned name. In this way, Tejani products can
be sold in different places. Multi-brands stores and department stores are very attractive
places like Galeria Kaufhof and Karstadt. It is also common for jewelry brands to be sold in
multi-brands jewelry store like Juwelier Bektas. It can be also very attractive to be sold in
multi-bridal brands stores or in designer stores (Jasmine bridal, Justin Alexander Bridal, The
White Dress Company München for instance).
Finally it can also be considered to be sold in cruise and airlines retailers as well as
having a display in a hotel.
iv. Promotion
The first step to promote the brand in the German market is to be known on the
internet. Right after the creation of the Tejani’s website in German, it is important to be
present on social networks. Today, being part of it is mandatory as it is becoming a
reference value for customers and retailers. It is not only important to create an account
in the most used social network tools, but also being published on others. For instance, the
collaboration with bloggers can create a fast information transmission and thus promote
the brand without investing in expensive advertisements.
Then, the brand needs to be known by the professionals of the industry as buyers
and retailers. In that sense, Urvi Tejani should take part of the various events, market sales
and trade shows or at least being represented. A lot of them exist all over Europe which
can be specialized in fashion, in jewelry or in bridal (for example, the Mode Heim
Handwerk, the bridal fashion week). The participation in those kinds of exhibitions will
allow her to sell her products, to be renowned by her competitors, to know better the
recent market trends and her competitors and to be seen by the specialized journalists.
Moreover, the collaboration with bridal designers can be a great opportunity. Generally it
is just about leaning products in exchange of promotion during fashion shows. Thus, the
brand will be seen on models wearing suitable outfits by customers, buyers and fashion
editors.
Also, the brand requires paper materials as leaflets, collection books, and press
books to distribute to the German press, the buyers and potentials new customers. Even if
nowadays, it is proved that spending time on creating a strong image on social networks
is more efficient than buying a page of advertisement in a famous magazine, it is still very
important to appear in renowned medias. The products must be featured in editorials in
online and printed press in Germany. To do so, Urvi Tejani will have to get in touch with the
photo stylists and the accessories editors to inform them about the company and its
products via press releases and also to lend them some jewels to be shot.
Specials offers can be made on her website like discounts for the first purchase or
free-delivery. It could be a good way to communicate by creating a contest on social
27. 27
network. For instance, it could be a photo contest on Instagram of “the best couple” and
the picture with the largest amount of “like” will win a jewel among a selection.
v. People
As opening a store in Germany is not considered yet, there will not be anyone
directly employed by Tejani in Germany. This means that someone from Tejani in New York
should be the referent of the German retailers in order to spread the proper image of the
brand and also to drive the way of selling the products. This person can be based in New
York and can be the commercial person. However, Tejani can call on a representative
person or showroom in Germany. This organization will be dealing with the sales of the
collections to the German market but it can also be to the European market. Then, the
representative will be the first contact in the designed area and can also deal with the
press relations. This option is often used by small companies which intend to reach a new
market where the company does not have full knowledge and network. It can also be
cost effective, because it avoids to hire new employees, to rent office space and to deal
with trans-Atlantic shipments and travels.
h. Value Chain (Porter)
How does Tejani create Value and sets itself apart from the competition?
We decided to put numbers besides the different activities according to their
importance for Tejani from 1 (very important, cannot be outsourced) to 3 (less important,
don’t bring any direct value to the company).
i. SUPPORT ACTIVITIES
Organization and Human Resources (3): those activities are essential to run the
company but don’t directly affect the customers or the company’s activity
Technology (2):Tejani must be aware of all the newest technologies and materials to get
the best products at the best price and therefore offer the brides the promised quality
jewelry.
28. 28
Purchasing (2):the choice of the suppliers is crucial to be sure to offer the best materials at
the best price to the customers.
ii. PRIMARY ACTIVITIES:
Inbound Logistics (2): one of the key factors to success for the company, this
activity creates value for the customers who are looking for cheap and good quality
products
Operations and manufacturing assembly (2): brings value to the customers (delivery
time for instance), Tejani can deliver any country
Outbound Logistics (1): Tejani provides luxury packaging when shipping to
customers to match the quality of their products. It creates values both to the customers
who are looking for both luxury products and services as well as for the company who sets
itself from its competitors.
Marketing and Sales (1): having only a shop in USA and a presence online,
marketing and sales are essential for Tejani to be successful (press, awards, blog…)
Service (1): Customer service is essential and cannot be outsourced. Shipping time
and policy of returns are clearly an activity that enables Tejani to differentiate their
offering and it is an essential key factor for customers’ satisfaction.
i. Critical Success Factors
Pricing
and costing:
Tejani is the first
jewelry
company for
brides to offer
high quality
products for a
reasonable
price. To be
successful in luxury goods, Tejani must carry on working on costings.
29. 29
Customer Service: customers can rely on Tejani consultants to help them in their
choice, they can contact Tejani to make suggestions for their special day. Therefore, trust
between Tejani and its customers is crucial. Customers can also schedule an appointment
on the “Trunk shows” to meet in person their consultant. We can see the close relationship
build with customers who do not hesitate to send photos and testimonys to Tejani to talk
about their wedding day and what Tejani has done for them.
Communication as it is present in USA and only online for the other countries, Tejani must
count on strong communication to be known by brides worldwide. A press release on
wedding magazines and awards such as “Wedding Wire choice of the bride’s award”
gives the company a strong and trusty identity. Going to meet their customers during the
trunk shows also enables Tejani to be deeply present in people’s mind.
Uniqueness and adaptability is even though affordable, Tejani’s products remain luxury for
brides, and therefore your products must be different from jewels that brides can find on
the market. Enabling customers to personalize their jewels and choose the size that will suit
them make the jewel even more precious and luxurious.
30. 30
Financial part
This part is focused on the financial strakes of that project. You will have an idea
of the viability of the project within a detail view, and a logical approach.
Survey about Weddings
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
In order to establish a sale distribution, we needed to learn more about the
customers’ habits. Well, you can find here the answers according to the question
“Witch month do you feel better to get married?”
Setting up of a sale distribution
First Analyze This method consist in, an evaluation of
potential clients, based on the total
population in Germany. It includes all
possible sales through the Internet
website.
Germany gets the highest rate of e-
customer in the European area (average
of 11%)
The penetration rate chosen means we
want 1 sale/1000 visits on the website.
31. 31
Second Analyze
This method consist in, an evaluation of
potential clients, based on the number of
weddings in Germany. It includes all
possible sales through the Internet
website.
Germany is impacted by a decreasing
number of unions.
The penetration rate chosen means we
want 1 sale/1000 visits on the website.
Calculation of potential customers (M2)
Variable Value
Population of inhabitants 80800000
Penetration rate 0,5%
Result : total 1 379760
Penetration rate 0,10%
Result : total 2 379,76
0
500
1000
1500
2000
2500
3000
Jan Mar May Jul Sep Nov
Global Analyze
If you now compare the two distributions, of
probable sales, you can see too big differences.
Indeed, here are presented only theories facts. Let’s
try to set it up with other parameters like:
Tejani can sell with both website and store,
People do not buy that stuff 2 days before,
It is a new product in Germany
It could be expensive for majority of people
The annual number of sales calculated with the
second method is the objective after three years of
activities
Final
distribution of
Holidays Festivities/Gifts
Number of sales (Final Distribution)
Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Repartition 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0%
Sales 20 36 12 18 2 5 2 0 0 2 15 34
35. 35
Details of calculation
Calculation have been established with:
Growth rate : 20%/year
Average bundle : 630€
Average margin : 20% of sales
Capital deployed of 25.000 € is the legal
minimum to create a GmbH.
All bills amount are based on average for
similar shops. (INSEE.fr)
Furniture correspond to basic stuff used
during activity (pen, paper sheets …)
Profitability analyze
Year 1
turnover 91 980,00 €
Fixed cost 27 670,28 €
Variable cost 73 584,00 €
MVC 18 396,00 €
T(mvc) 0,2
Rentability 138 351,40 €
Year 2
turnover 108 360,00 €
Fixed cost 23 170,28 €
Variable cost 86 688,00 €
MVC 21 672,00 €
T(mvc) 0,2
Rentability 115 851,40 €
Year 3
turnover 130 032,00 €
Fixed cost 23 170,28 €
Variable cost 104 025,60 €
MVC 26 006,40 €
T(mvc) 0,2
Rentability 115 851,40 €
36. 36
Recommendations
Keep in mind the long term objective
Our analysis enables us to say that Tejani cannot open a store as a first
step to enter the german market.
Indeed, although well known in New York and more generally in USA, Tejani
lack of fame worldwide. The first thing the company should work on is
communication to build and strengthen its image and position in potential
future customers. Developing a strong and trustworthy image will help Tejani
to implement itself in customers’ mind before settling concretely on the
market. The main objective is to create need and desire for the jewels.
Without this growing-love for the brand we want to create, Tejani is likely to
fail as shown precisely in our financial analysis that you will find in our report.
This is why we would rather recommend to build a strong communication
plan first.
Drive and limit risks
German potential customers for Tejani don’t know the brand yet. Even
though german market offers great opportunities for Tejani, settle abroad can
be dangerous for a company if not done in an efficient way. Our
recommendation is to go step by step to be successful.
To limit risks, our strategy focuses on integrating the market slowly but surely to
gain legitimacy, factor of success.
Define precise places and dates to communicate
We recommend a very detailed strategy both online and offline. A retro
planning will be strictly followed to be at the right time at the right moment.
To start existing offline, Tejani should first gain an online fame and community.
This is the first place we think the company should be. Step by step, Tejani will
go offline and start a communication campaign. Invading the city is the
second step. Then, after implementing the brand’s image and products in
German’s mind. This alone will encourage their curiosity and lead to
purchases in the first place products will be sold in.
Build a strong network
Coming from United States and having no networks in Germany at the
moment, Tejani must hire trustworthy representatives to represent the brand
abroad. Those new employees, specialist in the jewelry market in Germany
will guide them into taking appropriate decision and will bring them the
contacts needed to start their activity.
37. 37
As service and relationship with customers is a priority for Tejani,
representatives will meet potential retailers and customers in person to enable
proximity, trust and therefore viable and durable success in the future.
38. 38
Conclusion
To briefly sum up and to answer the simple, yet extremely pertinent,
question of how to implement this strategy we must first think pay particular
attention to the time scale in which this strategy would function. Initially, and
obviously, we need to look at the short term and the immediacy of the
situation (i.e. survival). We propose that an online store would be a high
recommendable solution due to its simplicity with regards to reaching
customers and clients also the idea of selling jewellery through selected
retailers or ‘official partners’ to merely plant the seed of Tejani jewellery in the
minds of the German consumer. The long term or vision is based purely on
optimism and it involves Tejani being a household name within the German
jewellery market. However before we can afford to be optimistic we must be
realistic and focus on, after the short term, the medium term, again obvious.
With regards to the medium term we are basing our recommendation solely
on the success of the short term strategy which we deem to be well thought
out and with a high chance of success. So, ideally, we would like to see Tejani
have her own independent retail store which adds to the exclusivity of the
brand and furthering her image and reputation. From an optimistic yet quietly
confident realistic point of view we believe Tejani can achieve great success
within this market.
39. 39
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