The paper "Indulgence Jewels Company Market Segmentation" is a great example of a marketing case study. Starting up a company involves quite long processes of having to define the product or service that the company will specialize in, set some objectives by establishing a mission statement, plan for the production, processing and distribution of the product or service and work towards attaining the profit-making goal. However, all these processes will not be accomplished if there is no marketing strategy. Marketing has been studied to be the turning point of the company whereby it aims at implementing the marketing mix strategies and create awareness of the product and, therefore, influence people to purchase the product or service.
Entrepreneurship is the core aspect of starting up a company or business because it involves developing new products through innovative ideas and specializing in creating availability of that product. The purpose of this information is to highlight some aspects that I will consider in creating awareness of my product. Indulgence Jewels Company Description of the innovative idea Innovation is an aspect of entrepreneurship, this implies that, for somebody who wants to start up a business, they have to be creative and come up with something unique in the market.
This is done by conducting an opportunity analysis in order to identify a market gap. Once there is a market gap, the next step is to come up with a product that will fill the market gap, and this is where we find innovation as a key element in coming up with a business idea. The business idea should be able to satisfy the customer needs in terms of product or service that the company will choose to deliver (Tillema, Taede, et al, 2011). According to the Indulgence Jewels Company, I have conducted an opportunity analysis and came up with a business idea whereby I will focus on the manufacturing and distribution of jewelry.
This idea was based on the fact that due to the changing environment and culture diffusion, there has been a gradual change in the way people dress. People have adopted the use of designer products like clothes and shoes. However, there are few companies that deal with designing and distributing jewelry, there is a high demand for jewelry and thus my objective is to design, manufacture and distribute jewelry to people.
I was inspired by the way a person looks when they wear a complete outfit that includes jewelry. The main objective of the company will be to design jewels that fit all ages. These products will include ladies' jewels ranging from necklaces, bangles, earrings and wristwatch and for the men; it will involve wristwatch, rings and necklaces, as well. The above products will be designed in a manner that will match with a person’ s dress code.
The company intends to use unique raw materials like metals such as stainless steel, diamond crystals and other raw materials from cowry shells. Besides designing the products, I will also be providing services to the customers such as their ability to come and have a look at the product they desire and order for it to be designed. This is a service that will enable customers to give us information on the products they desire and will give them an opportunity to mention their type of outfit that they want to compliment with the jewelry.
Our other services will involve dressing our clients and helping them to judge on the appropriate attire for them. This idea is intended to win more customers because of the after-sales services like designing their overall attire which compliments with the jewelry. I will also focus on providing a door to door delivery since my company will deal with a product delivery service whereby the best strategy is that of influencing the customer to place an order and wait for the products to be delivered.
Anderson, Jamie, and Costas Markides. "Strategic innovation at the base of the pyramid." Image (2012).
Cleveland, Mark, Nicolas Papadopoulos, and Michel Laroche. "Identity, demographics, and consumer behaviors: International market segmentation across product categories." International Marketing Review 28.3 (2011): 244-266.
Fleckinger, Pierre, and Matthieu Glachant. "The organization of extended producer responsibility in waste policy with product differentiation." Journal of Environmental Economics and Management 59.1 (2010): 57-66.
Greene, Jeremy A., and Aaron S. Kesselheim. "Pharmaceutical marketing and the new social media." New England Journal of Medicine 363.22 (2010): 2087-2089.
Khan, Uzma, and Ravi Dhar. "Making the Price of Indulgence Right." Image (2013).
L Manning, Gerald. "Selling today: Creating customer value." (2012).
Tillema, Taede, et al. "Evaluating the effects of urban congestion pricing: geographical accessibility versus social surplus." Transportation Planning and Technology 34.7 (2011): 669-689.
Weinstein, Art. Handbook of market segmentation: Strategic targeting for business and technology firms. Routledge, 2013.