Business Description of Damas Jewellery - Coursework Example

Damas Jewellery Table of Contents Summary 3 Company Origin and Business 3 Mission and Vision 4 Strategy 5 SWOT analysis 5 Strategy Implementation 7 Strategy evaluations 7 Strategy recommendations 8 References 9 Summary This assignment mainly highlights the origin and business description of Damas Jewellery. It also points out the mission and vision of the organization so as to evaluate its future objectives or desires. Moreover, the strategy used by Damas Jewellery in order to increase its profitability and customer base is also described in this assignment in an effective way. In order to analyze the strengths, weakness, opportunities and threats of Damas Jewellery, SWOT analysis is used. By evaluating the strengths and weakness of the organization, the best types of strategies are identified and implemented. The prime objective behind implementation of the strategies is to amplify the productivity and market share of Damas Jewellery as compared to many other rival players. In addition, by evaluating the upcoming opportunities, the organization might plan its approaches in an efficient way so as to enhance its customer base and position that may restrict the entrance of other new players. Company Origin and Business Description Damas Jewellery has positioned itself as one of the reputed international Jewellery and watch retailer, being headquartered in the region of Dubai of United Arab Emirates. The organization came into existence in the year 1907 and within few years, it expanded itself in more than six countries such as UAE, Bahrain, Qatar, Kuwait, Oman, Saudi Arabia and others. It mainly specializes in artistic jewellery of gold, diamond and pearls as well as designed watches. Damas Jewellery includes various brands such as Ananya, Farasha, Hayati, Mira, spring, Farfasha, Fior, Legacy, Navaratna, Rangoli, as well as many international brands like Baraka, Givori, Utopia, Garrard and others. All the above mentioned brands are available in all the 300 stores of Damas Jewellery and it tries to offer them at best prices. Moreover, the organization also tries to design, develop as well as distribute gold and diamond jewelleries to different parts of the world and as the organization desires to sell the jewelleries directly to the customers with the help of jewellery galleries, art fairs, shows as well as online sites so its rate of accessibility is extremely high as compared to many others jewellery retailers. The company also tries to sell its designed goods through B2B retailer, franchises as well as distributors. Therefore, these types of selling strategies provide highest advantage to the organization that amplifies its total sales and profitability as compared to other rival players. Damas Jewellery became successful in amplifying its customer base as it offers prime advantage to the likings and preferences of the customers and so it also tries to develop designs as per their inclinations. In addition, competitive pricing of Damas Jewellery also proved extremely worthy for it to increase its portfolio and demand in the market as compared to many other rival players. By doing so, the organization tries to satisfy the changing needs and requirements of the customers so as to attract and retain them for longer period of time in future. Mission and Vision The mission of Damas Jewellery is to offer high attractive and artistic jewellery designs to fascinate a wide range of customers of varying income groups and age groups. Damas Jewellery also tries to retain as well as attract highly skilled and talented employees within its brand in order to improve the craftsmanship and reliability of the organization within the minds of the customers. The vision of Damas Jewellery is to enhance its reputation and position as one of the reputed multinational jewellery and artistic designed brands of Dubai in international perspectives. By doing so, the organization may amplify its market share and reliability among others. Strategy In order to amplify the customer base and brand image of Damas Jewellery, it preferred the strategy of product innovation and competitive pricing. This strategy might became successful in fulfilling the changing desires of its target group of customers with different lifestyle, age groups, income groups, social class and culture. SWOT analysis Strengths High brand image and reputation: Damas Jewellery comprises of high brand image and reputation in the markets of UAE, Bahrain, Qatar, Kuwait, Oman, Saudi Arabia and many others. High quality of products: the quality of products of Damas Jewellery is extremely high as compared to others. Competitive prices: the competitive pricing of Damas Jewellery proved extremely effective for the organization. Best customer service: the customer service of Damas Jewellery also acts as one of the important strengths of the organization as compared to others. Artistic designs: wide range of artistic designs proved extremely effective for the organization that amplified its customer base and market growth. Numerous stores: the presence of numerous stores helped the organization to fascinate wide range of customers of varying income groups and age groups. High craftsmanship: high craftsmanship of Damas Jewellery also fascinated wide range of customers of varying income groups and age groups. Strong relationships: strong relationship with the customers also proves as one of the greatest strengths of Damas Jewellery that helped in enhancing its reliability and consistency among the customers of varying age groups and demographic profiles. Weakness Low range of awareness: a wide of customers of Egypt is quite unaware about the product lines of Damas Jewellery and so, the profitability in that part is quite low. Maximum range of colored products: as most of the products of Damas Jewellery are colored so the level of liking of customers is quite low. This acts as one of the prime weaknesses of Damas Jewellery. Opportunities: The industry of Jewellery is growing: The industry of Jewellery is growing with a significant rate so it is extremely profitable for Damas Jewellery among others. High preference for diamond jewelries: As the level of preference for diamonds are increasing at a rapid pace so, it acts as one of the important opportunity for Damas Jewellery. Improvement of the income groups: Since the per capita income of the target customers of Damas Jewellery is increasing, so the demand and profitability is also increasing for Damas Jewellery. Presence of international brands: The presence of international brands also proved extremely worthy for Damas Jewellery that may enhance its customer base and brand value to a considerable extent. High demand of artistic designs: Improvement of the demands of artistic designs also proved extremely effective for Damas Jewellery that may amplify its total value and revenue. Threats Reduction of demand of gold: As the demand of gold is decreasing for its higher prices, it may prove extremely problematic for the organization in long run. Influence of economic crisis: Economic crisis is also considered as one of the factors that may reduce the per capita income of the customers. This might decrease the fascination or demand of the products of Damas Jewellery in future era. Growth of Competitors: Growth of competitors such as L’azurde also decreased the market share and demand of the products of Damas Jewellery within the minds of the customers in this recent age. Decrease in the availability of raw materials: Fall in the supply of raw materials is also recognized as one of the greatest threats of Damas Jewellery in this age as compared to others. Strategy Implementation Damas Jewellery tried to implement the strategy of product innovation so as to amplify the type of designs of its products. This might prove effective for the organization to attract varied types of customers. By doing so, the total revenue and operating income of Damas Jewellery might get enhanced to a considerable extent (Grant, 2005). Moreover, it might also try to implement the strategy of competitive pricing so as to present high quality of artistic designs at lowest prices. This might prove effective for the organization to improve its dominance and leadership in the market as compared to other rival players. Strategy evaluations Implementation of the strategy of product innovation and competitive pricing might prove extremely effective for Damas Jewellery. This might help the organization to amplify its product lines and profitability in this competitive market among many other rival players. Implementation of product innovation might also prove effective for the organization to attract modern and trendy customers of low age groups as well. Competitive pricing might increase the procedure of gifts that may increase the total revenues and demand of the products lines of Damas Jewellery. Thus, for these causes, the above mentioned strategies are extremely effective for the organization in this age of aggressiveness. Strategy recommendations Damas Jewellery might also try to implement the strategy of market penetration so as to amplify its customer base and productivity. This might also prove effective for the organization to increase its level of awareness and demand of the product lines among its target customers. By penetrating new market places, Damas Jewellery might prove effective in amplifying its position and brand image as compared to other rival players. Hence, such strategies might be implemented by Dams Jewellery in order to expand its market share and loyalty within the minds of the interested customer’s in spite of extreme competitive rivalry. References Grant, R, M. (2005). Contemporary Strategy Analysis. London: Sage. Read More