ABC Jewelry is a top of the line jewelry-outlining firm situated in the outskirts of Hamtramck, Michigan. The organization works on both the nearby and worldwide environment. On the nearby market, the organization relies upon the neighborhood purchases of the adornments as esteem. The neighborhood marketing adoption takes the real offer of the yield. Locally and globally, the organization uses the Middle East and Europe while as of late other parts of America and China are a piece of the market.
Economic and Competitive Forces. The financial powers that could affect ABC Jewelry depend on the spending energy of the clients and the opposition from equal brands. Hamtramck for the most part has an extensive population of individuals living under the hardship line in spite of its enormous Gross Domestic Production proportion to the country. Dominant part of its people along these lines does not have the privilege to spend money on adornments and fashion items as this is seen as overflow (Janiszewska, & Insch, 2012). The people who buy the adornments are simply the well-to-do or adequate rich individuals of the general population. The enablement negatively affects the organization, as the market is not completely exploited by the financial capacity that it ought to have.
Social and Demographic Factors. The social and statistic powers that effect on the organization’s undertakings straightforwardly identify with the general population and their conduct towards the jewelry business. A tremendous population of the Hamtramck area constitutes poor people. They consider gems to be a shape extravagance and are along these lines confined in buying of the adornments and its items. The greater part of the residential clients utilizes the adornments as a type of significant worth stockpiling when contrasted with the adjacent economy that is devaluing. It is upgraded by the conventional high buy of gems particularly now and again like subsequent to reaping. Its financial esteem versus the neighborhood money is not undermined.
Political, Legal, and Governmental Forces. The organization may confront political, legitimate, and legislative effect particularly on the usefulness premise. A large portion of the raw materials utilized as a part of the adornments creation is transported into the country. The administration will not be in great relations with the source nation subsequently forbidding any importation or exportation of products and ventures. The political arm can impact the tasks of the organization both decidedly and contrarily (Janiszewska, & Insch, 2012). Because of the brutal financial circumstance in Hamtramck, a few arrangements can be set up to fortify the economy. Such arrangements from the political side may incorporate tax breaks on a few enterprises with the perspective of fortifying the economy.
Technological and Ecological Factors. The organization faces natural difficulties in its task in the nation especially because of the climate designs. Hamtramck is viewed as a fundamental visitor stopover location during the visits. Most buyers of the jewelry in type of travelers visit the place when faced with winter at their nations of birthplace. A portion of the smaller gems retailers utilizes the inferior raw materials accessible in their creation. This together with the greater organizations’ uses may contaminate the environment through pollution. The mechanical powers rely upon the machines being used during generation. The most recent mechanical apparatuses and machines offer preferable quality over others.
Primary and Secondary Targets
The primary targets for the company are highly sophisticated customers who enjoy purchasing jewelry of high quality and prestige shopping experiences of such luxurious items. They provide the basis of revenue towards the company and ensure that there is continuous supply and demand of the jewelry. Within the 4P’s of marketing, the products have to be sophisticated and luxurious for them to be taken up by the customers. They range from different personal effects to overall fashion and beauty auditions that can be purchased by both men and women of the higher social class (Barroso, & Giarratana, 2013). Promotion is usually carried out through marketing advertisements through the company’s website as well as enlisted commercials that are propagated in mass media. The place in reference to the marketing mix involves the distribution point of the company, which targets Michigan. The company uses skimming pricing strategy as means of attracting new customers while retaining the loyal ones especially due to economic changes and factors in transference of the currency.
ABC Jewelry Company is a middle-sized entrepreneurship that operates in strategic positioning or it comes to luxurious items and fashion auditions for the targeted high-class members of society. The customers on the other hand provide innovative feedback and input to help it remain relevant despite economic uncertainties and changes. Competitors in the region and abroad are numerous especially due to the high demand of jewelry ranging from easily affordable to the most expensive items for purchases. Collaborators of the company include fashion stores and shopping malls who offer distribution points as well as suitable attractive provisions for the company to use when marketing their products. The climatic conditions for the company are characterized by changing environmental conditions in an annual period therefore limiting business throughout.
The STP characterization of marketing towards the company involves selection and effectiveness on a commercial basis providing the products’ efficiency reach towards their customers. The segmentation is clearly identified by the base of the company while increasing expansion towards other regions of the state and enhancing globalization as the demands rise in America and China. The targeting identification is delivered by commercial and potential attractiveness that ABC Jewelry Company delivers especially in a distribution point (Barroso, & Giarratana, 2013). It requires round-the-clock monitoring and management practices. The product positioning uses a life cycle development brand as means of communicating its proposition the market. It also involves competitor analysis within the region and industrial rivalry abroad.
The main goals of ABC Jewelry Company can be divided into long and short term. In the next annual period, the company can target increasing the customer base especially on doubling the percentage attribution of revenue on a systematic basis (Farris, 2011). It can involve metrics of tracking website activity and content especially where visitors can have feedback on the operations that a company offers throughout. New product adoption rates can also be stepped up depending on their economic performance of the region as well as profit marginalization that can affect pricing.
The long-term goals especially within a 5-year period will be necessary to align the company operations and strategic decision-making process. Increasing of the market share is top priority as it you require customer value and innovative ideas to remain relevant throughout the industry. Looking at the competition available, the company can target effective customer engagement as a tool of competitive advantage they are for aligning it serves to customer preferences and behaviors throughout the year (Farris, 2011). Consequently, it will change the outlook on profit margins as well as limiting any losses from adoption rates that can be effected such as exchange rates and currency determination.
ABC Jewelry Company has an undisputable strength and competitive advantage when contrasted with its rivals. Its aggressive element lies in the client base it has throughout the years taken into account while not trading off on the standard of the items and quality. The objective markets have a strong construct to depend on while picking the organization’s items. The organization has an expanded number of unmistakable items that target an extensive variety of objective fragments (Magretta, 2012). It additionally dispatches sophisticated accumulations of the items particularly for extraordinary events.
Some of the weaknesses associated with the company include branding expansion strategic positioning and relations. The branding of the company is associated with Islam religion and its complexity within Hamtramck. The middle-sized company has not ventured out to expand its reach especially on the distribution points within the target market. Strategic positioning has also been hindered by currency and exchange rates that limit it inter-operations ability across board. The relations from the area’s foreign policy have also accounted for reduced revenues especially from the western region at the responses.
The opportunities present to the organization lie in the accessibility of new market specialties. From the purpose of progress, the organization began providing the nearby market with the items. New market chances emerge in Europe and Africa. With the view on globalization, new market patterns have developed as America and China on the value created through the luxury items. Different opportunities lie in the enhancement of the items by client inclination. For instance, the youthful age’s inclination to silver items when contrasted with gold is high. An added opportunity is the annual ceremonies’ effect created in Hamtramck Muslim Community that shows significance in jewelry and adornment items.
Threats to the organization lie on the decreasing number of imports of raw materials though they used to send out the same. The brutal financial circumstance in the nation additionally debilitates the proposed extension designs. Another form of threat exists in the reduced business activity propositioned by the country’s foreign relations with other nations. It reduces dependability in the process (Magretta, 2012). Security and terrorism is a major threat to the business as overseas customers cannot rely on travelling to the company’s location to purchase the products at a convention manner.
Barroso, A. S., & Giarratana, M. S. (2013). Product proliferation strategies and firm performance: The moderating role of product space complexity. Strategic Management Journal, 34(12), 1435-1452.
Farris, P. (2011). Marketing metrics: The definitive guide to measuring marketing performance. Upper Saddle River, N.J.: FT Press.
Janiszewska, K., & Insch, A. (2012). The Strategic Importance of Brand Positioning in the Place Brand Concept – Elements, Structure, and Application of the Positioning Statement. Journal of International Studies, 5(1), 9-19. Magretta, J. (2012). Michael Porter answers managers’ FAQs. Strategy & Leadership, 40(2), 11-15.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more