Marketing and Selling Jewelry - Essay Example

Marketing Jewelry is one area of human concern that never goes out of fashion. It is one of the core areas of beauty andcontinues to top the markets as a beauty product. The beauty industry is one of the best areas for one to invest simply because the sales are spontaneous because of tourists who travel long ways to learn new cultures. From this description, the company will be dealing with hand-made beads and jewelry, which will be made from common and natural materials available in the country and abroad. The main advantage of making hand-made beads and jewelry is that they preserve a peoples’ culture and through it, one can learn a lot about a group of people (Lareau, 38). Such beads and jewelry also attract tourists from other countries who come to learn culture and way of life of a group of people. The company will focus on making of quality beads and jewelry which are cheap for locals to buy and attractive to tourists. In order to achieve this, the company will need to purchase various local materials and beads, which will be combined in different colors and proportions to appeal to the customers. The company will be dealing in making of jewelry and beads, which will be used as ornaments, beauty products in the house, decorations in public occasions like weddings and general decorations in offices. The company will need beads shaping machines, firing equipment and a number of workers who will be joining the beads and jewelry to form meaningful shapes and structures. Paints and colors will also be needed to turn the sculptured beads into the desired colors and decorations (Dismore, 15). Market identification is a crucial thing for any business. It is the realization of the different needs of different markets and structuring products so that they can suit every buyer in the market. This phase of business formation is crucial because without good market identification the business will incur loses and eventually fails in operation. The best segmentation technique in the jewelry line of business is the using demographic factors. In this case, an entrepreneur is supposed to consider such factors as age ranges and their concentrations in the market, gender ratios, and its effect in the market, the different ethnic communities in the market, and education levels of the community. Other factors that also need to be considered include the different occupations in the community, the religion and religious views of the community and the income status of the different families in the community (Dismore, 33). This market segmentation technique is effective because it uniquely groups every individual in the market in a section in which he or she will be catered for in terms of jewelry manufacturing and supplies. Using this technique will assure the company of optimum sales from the jewelry, which will yield high profits. This segmentation technique also ensures that the jewelry on high demand is always in stock while additional stock is still in processing. Using demographic factors also helps the business to know the different styles, shapes and the different colors to produce as different colors suit different groups differently. This will ensure that the company is always having enough stock concerning the different colors and styles (Lareau, 6). The best targeting strategy for this business is the differentiated marketing strategy. In this case, different beads and decoration ornaments will be made specifically targeting the different groups in the market. During sales, all the products will be presented to the customers for them to decide which ornaments to buy. This will offer a good variety of products to the customers and at different prices. It will also offer flexibility in the market as a customer will not leave the premises without getting his or her range of price in mind (Dismore, 25). This will boost sales and maximize on profits for the company. Though this technique requires more capital and involves a lot of work for the workers, it is the best strategy for a new company. This is because it will help attract more customers as they will all be served according to their different needs (Powley, 59). The main competitors in the business will be the companies selling ornaments made from gold, silver, diamond and many other precious stones. This is because such ornaments are taken as a show of wealth and power and may be preferred by the classy group of the community (Lareau, 77). Other competitors in the same line of business are the businesses who are already producing ornaments and jewelry from common and local raw materials. Such companies may also pose stiff competition because they already have customers who strictly shop their products. In this case, the company will need good marketing strategies to destabilize the already set market forces and enable acquisition of a large market share (Powley, 49). In order to be unique in the market as compared to the competitors, the company will need to employ a number of different colors and color combinations in the manufacture of the beads, the sculptures, and ornaments. Apart from this, the company will also need to use a variety of raw materials for making the ornaments and sculptures. Some of the raw materials may include porcelain, marble, stones collected along the coast, beautiful feathers from different kinds of birds, seeds of different plants, beads, wood, white rocks and all other precious metals (Powley, 112). These will form a good combination that will uniquely identify the company business. In terms of positioning, the company will need to observe festive seasons in the region. Such seasons will determine the highest production of the ornaments and sculptures because sales are normally high during such seasons. The product will also be sold out in events and major state functions. This will help create product awareness and increase sales of the products. The company will also need to produce ornaments and sculptures that reflect the type of event in season. This will help the company to sale according to trends in the market, which improves sales. The company exhibition hall will also need to be made of glass. This will enable customers to view the different varieties of ornaments and sculptures we have at our stores. This will help increase sales through impulse buying and will help to advertise the product (Powley, 89). In order to create a good business image and awareness in the market, there is need to acquire an attractive and compelling positioning statement. This will help to gain customers’ attention and loyalty to the business if the company truly delivers what it states on the positioning statement (Lareau, 47). For this business, the positioning statement will be “A fan of natural beauty ornaments and decorations? Natural beauty shop is the place to be! Offering quality and attractive ornaments and decoration products made from natural raw materials found within your vicinity. Natural beauty shop offers you an opportunity to book your products, which can be customized according to your liking. Choose difference and get your own product now, with new color combination and different designs reflecting on your culture.” For successful running of any business, pricing is a major factor and highly determines the number of customers one gets in the business. In this type of business, the market oriented pricing is the best strategy. In this case, the business will need to conduct a market research, establish the current prices in the market, and establish what the customers are convenient with before setting the prices. This will help to set prices that will attract customers to the premises. The price set should also cater for all the running costs of the premises and the production cost of the product. This will help the company to gain profits from sales and run the business efficiently. This pricing will also give good competition to the already established beauty products shops and will help to stabilize the market and eliminate monopolies (Lareau, 18). In order to reach target markets effectively, it is important for a company to adopt an adequate distribution strategy. This strategy will help the company to transport products to the various target markets and ensure that there are optimum sales. In this case, the business will acquire the selective distribution method. This method entails distributing the products to intended few intermediaries who will help to sell the product to the final consumers. The company will select intermediaries in areas where there is a high probability in sales and distribute the products in accordance to the probability ratios. This will help to ensure there is a maximum sale from the products. The company will also be selling the products in major religious functions and meetings, and major state functions and meetings. The company will also need to expand the business in time and establish exhibition rooms in other major towns and cities in the country. This will help to create awareness of the product all over the country and improve on sales (Powley, 46). Communication is also another important aspect to be considered for the success of any business. This includes communication with employees within the company and communication to customers. It also includes the ways used in creating product awareness in the society. This business will use television adverts and the main channel of communication to the public. This will create both a visual and verbal imprecision on the customers, which will increase on sales. The company will also lounge a website to reach international markets. This will help to capture tourists visiting the country and international customers who do not intent to visit the country. The company will automate online sales for online shoppers thus creating an efficient way of shopping. Use of agents and sales representatives will also help to reach the local market around the business premises. They will mainly help in distributing the products to new customers and retailers around the premises. They will also be helpful in directing customers around the exhibition hall and directing them on the different categories of products we have at the premises (Powley, 23). Works cited Dismore, H. (2013). Jewelry making & beading for dummies. New York: Wiley. Lareau, V. (2006). Marketing and selling your handmade jewelry: the complete guide to turning your passion into profit. Loveland: Interweave Press. Powley, T. (2005). Making designer bead & wire jewelry: techniques for creating unique designs and handmade findings. Gloucester, Mass: Quarry Books. Read More