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How can Orchid Jewelz modify its promotion mix to launch its product in the domestic retail market for branded jewelry?

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Introduction

BUSINESS MANAGEMENT INTERNAL ASSESMENT (Higher Level) How can Orchid Jewelz modify its promotion mix to launch its product in the domestic retail market for branded jewelry? Sonakshi Khurana Candidate no: Word count Research proposal: Main report: ACKNOWLEDGEMENTS I want to thank my present B&M teacher, Anvita ma'am and my former B&M techer, Roscoe sir for the guidance and support. I also want to thank Mr. and Ms. Sapra for providing me with the information and keeping faith in me. CONTENTS 1. Title-sheet 2. Acknowledgements 3. Executive-summary 4. Research-proposal 5. Introduction 6. Main-findings 7. Analysis 8. Recommendations 9. Bibliography 10. Appendices EXECUTIVE SUMMARY With the recent economic turmoil and with recession gripping the world, it is getting increasingly difficult for Orchid jewels to survive in their current market, manufacturing. Due to this, they decided to move into domestic retail market, as that would cut their costs and would maybe put the firm in a better financial position. Moving into a new market at such a time seemed like a big challenge for the firm. With people hesitating to spend due to large scale of unemployment and fears of recession, it is a difficult decision to make. But they could also consider retailing as jewelry is now being considered as a worthwhile investment as currency is not stable and also at a place like India families are always buying jewelry in large quantities for all major occasions such as weddings, etc. They also had to come up with an accurate marketing mix to be successful and to be established in the long term. Therefore, I worked on 'How could Orchid Jewelz modify its promotion mix to launch its products in the domestic retail market for branded jewelry?' I went about this project by conducting a survey of local women and analyzing the data based on the survey. I took help of some business tools, such as the Ansoff matrix and the STP analysis, to analyze the market.From the research work, it seems that the market would be ready to welcome them as people have started buying more jewelry recently for purposes other than investment. ...read more.

Middle

Most of the women below 30 do go to jewelry shows once a year and some more in a period longer than that. Quiet a number of women do not attend shows at all and some attend all the shows there. In the category of women above 30, most of them attend shows in a period of more than a year. Most of the people do not buy jewelry from fairs, though a comparatively small percent of them do. If they want to benefit from jewelry fairs then probably they should target more of the younger audience than the older one, keeping in mind that the package and deal should appeal to both as the older ones are going to be the ones buying for the younger ones. Majority of the people hear about brands through the magazines and televisions. Therefore, it would be the wisest to advertise through those mediums. Next come newspapers and word-of-mouth. The company can advertise through the newspaper but on a lesser scale and have to maintain their reputation to benefit from the process of people knowing from each other. ANALYSIS Ansoff matrix Products Existing New Existing Market penetration Product development New Market development Diversification Ansoff matrix is basically used to place the firm in one of the above categories, in relation to new or existing products in new or existing markets, in order to form an appropriate growth strategy. It gives a futuristic view. In this case, the firm is launching the same product in a new market so it falls in the 'market development' category. It needs to devise a marketing strategy accordingly. The firm's focus is reaching the target market through a different, more direct distribution channel. It is going from manufacturing to retailing for the same product range. STP analysis- STP stands for Segmenting, Targeting and Positioning. It is done in order to find out what the firm is focusing at. ...read more.

Conclusion

recognition through jewelry fairs 2. chain of retail outlets 3. giving out franchisees 4. targeting the international market Threats- 1. present jewelers in the brand category 2. trend shifting towards artificial jewelry 3. competition from traditional jewelers * * the firm needs to be vary of the already established competitors such as divine, Kalajee, Motisons, etc. as it would be tough to penetrate the market without a good previous understanding of them. The firm would also need to differentiate themselves from these to make a place for themselves and stay put in the market Survey * Name-_____________ * Age group- 16-20 21-25 25-30 30+ * Approx income in the family/per month- below 20,000 20,000-30,000 30,000-40,000 40,000-50,000 Above 50,000 * What kind of jewelry do you prefer wearing normally? Real Artificial * What type of jewelry do you like? Light Heavy * For what purpose do you buy jewelry? Personal everyday use Personal occasional use As a fashion statement As an investment For gifting * From where? Local market Brand showrooms From family/friends Import it from somewhere Other (please specify) _________________________ * How often? In every six months Once a year More than that * When buying jewelry, what do you normally consider? Brand Design Style Price Weight Other______________ * Which material or kind do you like? Silver Gold White gold Other stones only Diamond only Diamond with stones * What do you look for? Rings (You can tick more than one) Ear-rings Pendants Chains Necklaces Bracelets Other__________________ * Rate the brands you have heard about (on a scale of 1-5) __Tanishq __Dwarkas __Divine __D'Damas __Gitanjali Which jewelry company do you prefer? (Can be something other than those mentioned above) ____________________ * How often do you visit jewelry shows? All of them Once in six months Once a year Less than that Never * Do you buy jewelry from fairs? Yes No * From where do you hear about brands? Magazines (which one)___________ (You can tick more than one) Newspaper ads Word of mouth Television ads Hoardings article ?? ?? ?? ?? Business and management internal assessment- HL - 20 - Candidate number- ...read more.

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