Jewelry Market in Dubai - Target Consumers for the New Product, and Promotional Platforms - Research Proposal Example

Running Head: Marketing Research Report Plan Name: University: Course: Tutor: Date of Submission: Executive Summary This marketing research plan report gives an overview on the launch of new product thus home crafted unique clay jewelry in the Jewelry market by Yobel TI design Company. The research will carry out an intensive research on the current Jewelry market trends, its economic growth as well as business trends as far as these Jewelry products are concerned. Yobel TI Design is one of the recently launched home owned Jewelry manufacturing company in Australia venturing in the manufacture of unique art crafted clay jewelry. Yobel Ti Design Company intends to develop and manufacture jewelry products including earrings, pins, pendants, necklaces, and bracelets from polymer clay, sculpture clay and flour clay. The development of this new product is perceived to be an innovation intended to manufacture Jewelry from other materials rather than the mostly used precious metals such as gold, silver, platinum, titanium, Vanadium among others. Primarily this will create uniqueness in the Jewelry market since the pieces of Jewelry themselves is a pure representation of traditional art work and they are very special as well as unique. With the current idea, being one of the current sales employees of Yobel TI Design Company I intend to carry out a thorough research to evaluate the Jewelry market and the possibilities of attracting and getting customer’s for our new product. The research is divided into four parts thus objectives, Research plan, and implementation of the research plan and the discussion of findings (Smith, 23-40). 2. OBJECTIVES The overall objective of Yobel TI Design is actually to create and introduce innovative as well as unique artistic Jewellery in Dubai which has been manufactured from clay as a natural resource which so far has not been explored since most of the jewelry in Dubai is manufactured from gold or diamond. To achieve it more properly it will be broken into the following sub-objectives: 1. To explore and add value to the current Jewelry market in Dubai This objective primarily aims at identifying and exploring the current Jewelry market in Dubai and the current trends of Jewelry business. Additionally, this objective aims at identifying the current opportunities for the new product and the expected profits, income and customer’s too. 2. To explore the current Jewelry market in Dubai primarily to identify target consumers for the new product. This objective attempts to find out what exactly the consumers who can constitute the target audience for the product. This objective goes beyond the practical issues since it will need to introduce the product as well as discover which consumers as well as target groups of people will buy the new product. This objective will help Yobel TI Design Company to have an overview of the expected market and what prices consumers are ready to pay for new artistic Jewelry products. Additionally, this objective attempts to find out the current consumer trends and primarily this will include identification of consumer tastes and preferences, pricing, positioning, product promotion, best marketing strategies, competitors strategies among others. This objective will look at both spontaneous and prompted awareness in terms of other traditional Jewelry in Dubai market. 3. To determine promotional platforms which can be used to launch the new product? Primarily this objective aims at creation of customer awareness regarding the unique products being offered. This objective mainly is concerned with identifying promotional and marketing strategies which can be used to market the product. Strategic promotional methods such as internet promotion, use of exhibitions, media, road shows, use of discount and pricing strategies will be examined and identify a promotional strategy that will win customers and create more awareness among the consumers as far as this product is concerned. Promotional strategies currently used by consumers will be examined and this will help in identifying which strategy best suits the new product and market too. 4. To serve the current consumers with unique artistic Jewelry market attached to the traditional arts hence creating some form of uniqueness in the jewellery far from the current trends where most of the jewellery is Gold and Diamond 5. To develop a customer base as well as work towards building a network of traditional art galleries, shops primarily portraying pure art work attached to the Jewellery The Proposed research will be carried out in three stages. The first stage will be to inspect the existing secondary sources as far as Dubai Jewellery market is concerned primarily to uncover important information and use of figures(Houseden,56-80. This also will enable the company to find trends of Jewellery market in terms of expected profits, income as well as its income contribution to the total Gross Domestic Product of Dubai. The second stage will involve use of qualitative research primarily to provide an in-depth information in regards to Jewelry market in Dubai, trends in business, target consumers, prices, total income and profits earned from the business, consumer attitudes, tastes and preferences as well as possibilities of getting a target market for unique art crafted clay jewelry being manufactured by Yobel TI Design Company. RESEARCH PLAN 3. DESK RESEARCH 3.1 Purpose Our search of secondary sources will primarily be carried out to refine the initial developed organizational marketing research objectives to provide lines of enquiry for the next stages of research. Primarily, the desk research phase will focus on gathering information in relation to trends in business as far as Jewelry market is concerned in Dubai as well as its prospective growth over the last ten years (Houseden,56-80). The research trend data on the nature of Jewelry market in Dubai is meant to give a useful indication about the status of the marketplace. At, this point, a list of the current Jewelry products on the market will be unveiled as well as other pertinent information as far as market competition is concerned which will be useful for the next stages of research. Therefore the desk research will attempt to establish the following: What are the current business trends in Jewelry market? What are the most popular Jewelry products on the market and the metals from which those products have been manufactured whether its diamond, gold or silver among metals? What are the most popular consumers who buy, use and sell Jewelry? What are the current prices for various Jewelry products in the market? What marketing promotions are currently used? Who should be the target audience for our new product? Who are the current competitors in the market? What are the current pricing, marketing strategies and competition strategies used in the market? What are the current designs in Jewelry market? What are the most popular Jewelry Designs in the market? 3.2 Procedure The research primarily will begin internally with Yobel TI Design Company; here I will ask permission from the company to consult personnel and have access to their organizational records. I will then brief them on the requirements of the research and here I will expect to hold four meetings for this purpose. I will carry the research with the help of Yobel TI Design Company marketing manager. Here I will expect maximum Cooperation from the company by being allowed to access indirectly internal reports records on the domestic marketplace. This primarily will consist of; information on product distribution, distribution channels, correspondence with customers, regional and international buying patterns and any complaints. These actually will give indications on the likely domestic marketplace trends indicating strengths and weaknesses which actually will help in product and market segmentation. An external search will also take place and here an analysis as well as assessment of the existing key market competitors will be done. Relevant contact with trade associations will be done as well as intensive research in other Published research articles. Research Portfolio on advertising and other promotional materials used by competitors will be done mainly to gather materials that will allow me to explore likely promotional platforms for the unique art crafted Jewelry. 4. QUALITATIVE RESEARCH 4.1 Purpose Given the exploratory nature of various aspects of the outlined objectives, the marketing research will provide detailed qualitative information. Focused research will be used mainly to explore and understand the attitudes of potential customers towards the new product and subsequent quantitative research will used measure the possibility of the product having a widespread market in Dubai. The qualitative phase will investigate the following: Types of Jewelry Products on the market Which groups of people are most likely to purchase the new jewelry product? Quantities these groups are likely to buy How can the Jewelry be manufactured to it give a unique artistic nature What the target groups will like about and the new product as well as how well can it be implemented The major competitors for the product Strengths and Weakness for the new product Current market opportunities for the new product Expected sales, profits for the product 4.2 Population and Sampling The following group profiles will comprises the target population for the research Dubai Residents who are key customers for Jewelry Product Tourists and visiting visitors, Business men and women from other countries who come to trade in Dubai Dubai business dealers who deal buy and sell Jewellery 4.3 Procedure The product will be introduced to the market since there is an opportunity to do so, the product details will be described, shown to the target audience along with the likely competitors. Packaging will be an important variable and proper instructions will be put in place to ensure that it does not customer confusion with other products. 5. QUANTITATIVE RESEARCH This study will be conducted through the use of primary sources of information. The research will involve the use of telephone study through the use of questionnaires. Questionnaires will be distributed to various shopping molls, large supermarkets, retail shops, open markets and other places which buy, distribute and sell Jewelry all over Dubai. Consumers will be expected to give their feedback as far as the new product is concerned. This method has been chosen as its cost- effective way of contacting relevant respondents. The questionnaires will be collected and all the views will be sampled to find out what is needed towards proper product launch and marketing strategies. Personal interviews would be used though they will go out of the proposed budget. Online approach will be used too to generate more ideas as most people today access the internet. Telephone study was chosen since it will give an opportunity to accurately and swiftly select respondents. This will help in getting the desired number and type of respondents. 5.1 Purpose This stage aims at quantifying as well as identifying the key market customers for Jewelry products. The common metals the Jewelry products are manufactured and the pricing of these Jewelry products in relation to the metal from which it has been made from. The competitive Jewelry Products in the market as well as which metals they have been made from. The current designs and trends as far as Jewelry products are concerned. Classification data will be established and here target groups of people who buy, distribute and sale Jewelry will be tabulated ,data on various Jewelry products to will be analyzed and how much consumers are willing to pay for the new art crafted Jewelry. 5.2 Population and Sampling According to research we have made the decision to carry out 200 interviews from key distributors and dealers of Jewelry. This will give a spread of responses and opportunities to identify interesting differences. The following outlines an interlocking set of quotas: Male Female Total Sample size Shopping molls 25 25 50 Supermarkets 25 25 50 Jewelry shops 25 25 50 Retail Shops 25 25 50 Total 100 100 200 5.3 Procedure The questionnaire will be developed and implemented by the Research for Success and it will be sent to Yobel TI Designs Company for approval. The questionnaire will have to investigate the following: What are customer’s tastes and colour preferences as far as Jewelry products are concerned? What are the most popular Jewelry Products Designs in the market? What designs do customers prefer most? Which customer’s are willing to buy the new art crafted Jewelry products? How much are the customer’s willing to pay for various kinds of art clay crafted Jewelry Products? What quality do the consumers prefer most? Which Designs and colour do they prefer most as far as the new product is concerned? Where possible the questions will be pre-coded, but for the purposes of costing only five open ended questions and a maximum duration of ten minutes. In the case of the open-ended questions, code frames will be prepared basing on the response of the first 10% The analysis will involve computer tabulations, which will be in from of frequency distributions. Subsequent requirements for statistical analysis will be discussed, once the initial data has been evaluated. The data will have be weighted in order to bring it in line with national marketing figures. 6. Implementing the Research Plan Following the qualitative section of the research, a meeting will be called upon by Yobel TI Design Company after which all the research findings will be presented using power point presentation. At this level all the marketing ideas so far gathered will be implemented and the company will embark straight way to the launch of new product(Houseden,56-80). With the help of Yobel Marketing manager I will embark on the new product launch and promotion all over Dubai. Since the art clay crafted jewelry will carry an essence of Dubai traditional arts I will concentrate majorly on tourist’s attraction centers.Information gathered from questionnaires and interviews will be used in the entire process of implementation. 7. Findings Dubai is one the world trading perceived trading centre for jewelry industry in the market. Over the past years Dubai has been so considered a country proud of its gold trading tradition which has over the year gained much growth in consumer demand for Jewelry. This industry over the years has grown dramatically as a result of economic growth in UAE, increasing resident population, a rising number of tourists, increasing affluence levels and initiatives of industry associations. It is actually estimated that the Jewelry industry in UAE is estimated to earn a total income of approximately AED 23-27 billion hence accounting to a larger portion of the market. According to research conducted it is evident that there has been a drastic increase in the gold jewellery business which has been recorded to be around 20% to 25% while that of diamond Jewelry is around 30% to 40%.Over the past Dubai has positioned itself as the city of Gold having highest number of concentration of jewellery shops in the world (Houseden,56-80).Yobel TI design Company intends to introduce a new perspective in Jewelry market as far as Dubai is concerned far from the Gold market Jewelry by introducing unique art crafted clay jewelry to the market which is a pure representation of Dubai traditional art work. With the increasing number of tourists flowing to Dubai, the introduction of traditional jewelry representing Dubai in a traditional form rather than as a Gold City will be a major economic boost to the country. Moreover, the entire process of manufacturing them is cheap and not expensive as in the case of precious metals since clay is available easily. Amazing Facts about Dubai Gold and Jewellery Market Per Capita gold bought each and every year equally to 34 grammes which is the highest percentage in the world .It is also evident that more than three thirds of the entire population in the world buy gold jeweler from Dubai. 48% buy jewelry for beauty 28% for gifts 95% of all tourists buy Jewelry from Dubai Source: http://www.dubaicityofgold.com According to Jewelry market Dubai has many individuals engaged in the business as indicated in the graph and the market has been doing well over the years trends in Jewelry Market References Houseden, Matthew. Marketing Research and Information. Publisher: Elsevier, 2005:56- 80 Smith , Scott., M & Albaum, Gerald, S . Fundamentals of marketing research.Publisher: SAGE, 2005,23-40 Read More