Principles and Practices of Marketing Assignment Sample

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INTRODUCTION

Marketing refers to an activities that are taken by the organizations to promote the purchasing and selling of goods and services. Promoting the products and services are beneficial for the business because it helps in boost sales, build brand image, effective targeting and create sustainable goals and objectives. In addition, current report will be based on small business of hand-made customizable jewellery within Zone 1 London. This location covers the central London where most of tourists are attracted. In this location, the target customers of the business are tourists who are like to purchase products of handmade. To promote the new products within the market it will be crucial for the companies to put emphasis on their competitor analysis, segmentation, USP, marketing mix etc. (Rust, 2020). The purpose of report will be evaluation of marketing strategies in order to promote the products within the market. Apart from this, the report will highlight the way of branding, USP, targeting customers, marketing mix of the products.

MAIN BODY

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Choice of products

The organization will provide wide range of handmade jewellery products to the customers (Gunawan, 2022). In current times, the customers are likely to wear the hand-made customizable jewellery. There will be diverse type of jewellery each with its style and design. The customers will purchase a numerous variety of handmade customizable jewellery ranging from simply crafted beaded jeweller to handmade leather jewellery. In addition, the product category of will include beaded jewellery, pearl jewellery, leather jewellery, enamelled jewellery, crystal jewellery with natural stone, handmade metal jewellery, wire wrapped jewellery, Hand-assembled jewellery and fabricated jewellery.

Along with this, in current times the customers are likely to purchase the beaded jewellery which is made up of one string of beads. According to this product category, the chosen organization will also customize the different styles and patterns of beaded earrings, bracelets and necklaces.

After beaded jewellery, majority of customers are likely to purchase the hand-made jewellery with pearl. Manufacturing such type of jewellery will be beneficial for the chosen business because it is likely to buy of all the peoples of ages. The jewellery that is made up of pearl always in style and it can be worn as necklaces, bracelets, rings, earrings and chains (TTT Jewellery, 2022).

 

Figure 1: Product category of handmade customizable jewellery

Branding

To market the new products in the market it will be crucial for the organization to branding its products and services. If the products have brand name, slogan etc., then customers will easily recognize the products in comparison to the competitors. The branding of the products helps in increase the customer loyalty, attract customers and increasing the effectiveness of advertising. The company will use Keller’s brand equity model in order to make the effective decisions regarding brand name, slogan, typography, jingle etc. This model consist of brand identity, brand meaning, brand response and brand resonance (Dubbelink, Herrando and Constantinides, 2021). With the help of this model, the business of handmade customizable products will easily decide the brand name, slogan etc. In terms of brand identity, it will be crucial for the business to improve its brand equity of products. With the help of slogan, brand name the customers will easily determine the identity of the business and products from which they easily make the purchase and ultimately positively impacts the sales and profitability as well as growth and development.

The brand name of handmade customizable jewellery products will be “Gemstonery” based on the descriptive that clearly convey the products provided by the business. It will be crucial for the chosen small business to put major emphasis on deciding the brand name of product categories because it helps in increase brand recognition, enhance customer loyalty and establish trust to gain creditability. The chosen business will customize the jewellery according to the preference colours of the customers. The customers who are customizing the jewelleries are also opting for the design customization (Hao et al, 2021). Gemstonery will flexible in integrate the customer’s desired designs. It will be beneficial for the organization to customize the products according to the pReferences of the customers. To market the products within the new market it will be crucial for the organization to decide the effective slogan which helps in conveying the positive feelings about the particular brand to the customers. The slogan of Gemstonery will be “Express your individuality with unique jewellery”. Unique slogan of the products helps in increasing attracting more customers which ultimately positively impacts the sales and profitability. This slogan will help Gemstonery to develop the strong relationships between the public and brand.

Competitor analysis

The handmade customizable jewellery market is a niche segment in the jewellery sector in the UK. At the present time, it gained popularity because of increasing the customer interest in personalized, unique and sustainable products. Over the past decade the handmade jewellery market has experienced steady growth. From the industry analysis it has been determined that, in 2020, the global handmade jewellery market valued at approximately $29 billion and it will be predicted to reach $ 40 million by with CAGR of 6% (Fashion country, 2023). So it will be beneficial for Gemstonery to provide the handmade customizable products to the customers within zone 1 London because it ultimately positively impacts the profitability and sales. In addition, before promoting the new products in the market it is vital for the organization to analysis their competitors in order to provide better and high quality products to the customers as comparison to the competitors.

With the help of competitors analysis, Gemstonery will easily determine their competitors, strengths and weaknesses, improves marketing insights, gauging the growth, identify market gaps, creating new ideas and finding the target customers which helps in gaining the competitive advantages over the competitors in the market. In the UK, various companies are providing handmade customizable jewellery to the customers so they will be biggest competitors for the Gemstonery.

From the competitors analysis is it has been determined that, Form Jewellery, SELINI and Jewel Cast will be the biggest competitors of Gemstonery. The core products of chosen business will be diverse from its competitors which helps it in gaining the competitive advantage. The pricing strategy of selected organization will be different from the competitors. Gemstonery will be deciding the price of handmade customizable jewellery through penetration pricing which will be its biggest strength. In this strategy, it will set the lower price in comparison to its competitors to increase the initial sales. Adaption of this pricing strategy will be useful for the selected business in contrast to its competitors because it assist in attract more new customers and divert the revenue from the competitors. If the organization will set the lower price of its products in contrast to competitors then the customers will likely to make the purchase from them which ultimately impact its profitability and sales (Lestari et al, 2020). On the other hand, SELINI will be one of the biggest competitors of Gemstonery and it decides the prices of products by considering all the products in the market to stay competitive. In terms of place, the distribution of products will be different from its competitors. The chosen organization will provide the products in one of the central area within London i.e. Zone 1 where majority of the tourism visits. So it considered as one of the biggest strength for the chosen business in comparison to its competitors. In this area this organization has opportunity to attract more peoples to make the purchase which ultimately impacts on their sales and profits.

Apart from this, in terms of promotion, Gemstonery will sales its products through online channels and also have retail shops. To promote the handmade customizable jewellery, this organization will use social media channels such as FaceBook, Instagram etc. On the other hand, the Form Jewellery provides its products to the customers through physical stores and it use traditional method such as T.V, billboards to foster its products in the market which will be the biggest strength for Gemstonery. However, the biggest weakness of this organization will limit presence in the market which directly affects its sales and profits.

Segmentation, targeting and positioning

Segmentation, targeting and positioning is regard as one of the significant model that will be used by the organization to promote its new products in the market (Campbell et al, 2020). Adaption of this model will be beneficial for Gemstonery because it assist marketers to arrange and then build as well as deliver relevant and personalized message in order to engage the customers. STP marketing assists the business to define the target customers and market to provide products to them which directly impacts the sales and profits. 

Segmentation

To segment the market, Gemstonery will use 4segment market theory. This theory is consisting of 4 stages such as geographic, demographic, behavioural and psychographic. These all elements will aids to the chosen business to determine the target customers on the basis of their locations, behaviour, ages, sex, lifestyles etc. In addition, handmade customizable jewellery appeals to different range of customers including both women and men of diverse age groups. On the other hand, Gemstonery will segment its target markets on the basis of demographics. The target audience of this organization will be women who have age in between 25 and 45 who value craftsmanship, individuality and design. It the organization have idea about the target markets then they are easily developing their products, understand customers effectively, developing marketing strategies and gain competitive advantage over the competitors (Hastings et al, 2020).

 Targeting

To target the market, , Gemstonery will use the 4 marketing strategies theory such as mass marketing, niche marketing, micro marketing and differentiated marketing. Adoption of targeting marketing strategies will be beneficial for the business in order to understand the needs and preferences of the customers and then design accordingly (Paley, 2021). Execution of targeting marketing strategy will be help the business to promote customer loyalty, increase return on investment and optimize the resources. Gemstonery will target its market on differentiated marketing. This strategy majorly focuses on the target segments that have most potential value for the brand (Lang, Lim and Guzmán, 2022). With the help of this targeting strategy the chosen company will expand its business operation within Zone 1 London and provide customizable jewellery according to the preferences of women. Implementation of this targeting strategy will be useful for the Gemstonery because it helps in fulfilling the customer’s needs, facilitates adaption and increase the competitive advantages.

Positioning

Positioning is a process of creating the exclusive identity and image for business products in the mind of consumers. The positioning strategy of Gemstonery will be based on its products and sustainability initiatives.

Product positioning: Gemstonery will position its handmade customizable jewellery on the basis of its style and designs.

Principles and Practices of Marketing Assignment Sample

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Sustainability positioning: This organization will use the eco-friendly or sustainable materials to manufacture the jewellery to build the position within the market which helps in attract more customers.

Unique selling proposition (USP)

To market the new products it is crucial for the business to build its USP. It helps the business to make its products better than the competitors. USP helps in bring the potential customers to make the purchase which ultimately positively impacts the profitability and sales (Caldieraro and Cunha Jr, 2022). USP helps in determine the identity distinguishes the products from the competitors. With the help of USP, Gemstonery will represent unique features of handmade customizable jewellery. USP helps in improve revenue by providing the products according to needs and preferences of the customers. USP also helps the organization to build the brand positioning in the mind of customers in comparison to the competitors. Additionally, the USP of Gemstonery will be “sustainable manufactures of handmade customizable jewellery”. If the organization has strong USP then it helps them to build the strong customer base. The effective USP will make Gemstonery and its handmade jewellery stand out from the crowd and gain the competitive edges.

Creating the strong USP will beneficial for the business because it is considered as sources of repeat business and increase customer loyalty. It also helps the organization in fostering the consistency across the marketing efforts and sales. It will be crucial for the company to have strong USP rather than generic sales strategy because it permits them to modernize the strategy by putting emphasis on the particular benefits (Erlangga and Erlangga, 2021)

Marketing Mix

It will be significant for the business to develop effective marketing mix to promote the new products in the market and expand the business operations. Marketing mix helps the business in increasing understanding about providing products and services to the customers (Darmawan and Grenier, 2021). Through effective marketing mix organization will planning, building and implementing the effective marketing strategies. Development of effective marketing mix will be useful for Gemstonery to promote the handmade customizable jewellery because it helps them to determine and understand customer’s requirements.

Product: Gemstonery will provide wide ranges of customizable jewellery to customers according to their prefer design, styles and colours. The core products of this organization will be pearl jewellery, enameled jewellery, handmade metal jewellery, wire wrapped jewellery, fabricated jewellery, leather jewellery, crystal jewellery with natural stone and hand-assembled jewellery. If the organization has strong portfolio of products then it helps in attracting more customers which directly affects the sales and productivity (Hanaysha, Al Shaikh and Alzoubi, 2021). Apart from this, organization can also use the AIDA model which stands for attention, interest, desire and action. It is one of the significant models of advertising that helps the customers to determine the stages before purchasing the products.

Figure 2: AIDA model

Place: In terms of place, Gemstonery will sale handmade customizable jewellery in one of the famous area in London i.e. Zone 1 thorough bricks & mortar presence as well as online mode. This area of London is considered as tourism area where wide ranges of tourist are visited which will be beneficial for chosen business to operate its business operation which directly affects sales and profits.

Price: To increase the initial sales within London Gemstonery will set the prices of handmade customizable jewellery through penetration strategy. In this, strategy, the organization set the lower price in contrast to competitors which helps in attracting more customers and loyal towards them.

Promotion: For the promotion of handmade customizable jewellery in highly competitive market, Gemstonery will use various social media channels such as YouTube, Facebook, Instagam etc. In the London, peoples are spending most of their time on social media so it will be useful for the company to advertise the products (Chaffey and Ellis-Chadwick, 2019). According to Kotler, Keller and Chernev (2022), the chosen organization can promote its products by implementing mass promotion theories such as above the line, below the line and through the line. Apart from this, to promote the hand-made jewellery in Zone 1 the organization can focus on one of the significant theory i.e. above- the-line (ATL) from all of three. This theory helps the business to build the brand awareness and increase the goodwill which helps in attract more customers and increase the profitability. In this promotion theory, the company can use Television, print media etc., to advertise the products.

CONCLUSION

From the report it has been concluded that, by implementing all the marketing practices and principles, Gemstonery will run the business operation successfully. The product category of chosen business will be pearl jewellery, enamelled jewellery, wire wrapped jewellery etc. For branding the handmade customizable jewelleries, Gemstonery will create brand name, slogan etc, with the help of Keller’s brand equity model. To promote the handmade jewellery in the market the organization can focus on above-the-line (ATL) theory. For the purchasing decision of the customers chosen company can also use AIDA model. In addition, Form jewellery, SELINI and Jewel Cast will be the biggest competitors of Gemstonery within the UK. The segmentation of market of this business will be based on demographic element. On the other hand, the positioning strategy of Gemstonery will be relied on its product and sustainability strategy. The USP of this business will be “sustainable manufactures of handmade customizable jewellery.”

REFERENCES

Books and Journals

• Caldieraro, F. and Cunha Jr, M., 2022. Consumers’ response to weak unique selling propositions: Implications for optimal product recommendation strategy. International Journal of Research in Marketing, 39(3), pp.724-744.
• Campbell, C., Sands, S., Ferraro, C., Tsao, H.Y.J. and Mavrommatis, A., 2020. From data to action: How marketers can leverage AI. Business horizons, 63(2), pp.227-243.
• Chaffey, D. and Ellis-Chadwick, F. 2019. Digital marketing : strategy, implementation and practice. Seventh edition. Harlow: Pearson Education.
• Darmawan, D. and Grenier, E., 2021. Competitive Advantage and Service Marketing Mix. Journal of Social Science Studies (JOS3), 1(2), pp.75-80.
• Dubbelink, S.I., Herrando, C. and Constantinides, E., 2021. Social media marketing as a branding strategy in extraordinary times: Lessons from the COVID-19 pandemic. Sustainability, 13(18), p.10310.
• Erlangga, H. and Erlangga, H., 2021. Did brand perceived quality, image product and place convenience influence customer loyalty through unique value proposition?. Journal of Contemporary Issues in Business and Government, 27(1), pp.2854-2867.
• Gunawan, I., 2022. CUSTOMER LOYALTY: The Effect Customer Satisfaction, Experiential Marketing and Product Quality. KINERJA: Jurnal Manajemen Organisasi dan Industri, 1(1), pp.35-50.
• Hanaysha, J.R., Al Shaikh, M.E. and Alzoubi, H.M., 2021. Importance of marketing mix elements in determining consumer purchase decision in the retail market. International Journal of Service Science, Management, Engineering, and Technology (IJSSMET), 12(6), pp.56-72.
• Hao, A.W., Paul, J., Trott, S., Guo, C. and Wu, H.H., 2021. Two decades of research on nation branding: A review and future research agenda. International Marketing Review, 38(1), pp.46-69.
• Hastings, G., Angus, K., Eadie, D. and Hunt, K., 2020. Selling second best: how infant formula marketing works. Globalization and Health, 16(1), pp.1-12.
• Kotler, P., Keller. K.L., Chernev, A. .2022. Marketing Management Global Edition (16th edition), Harlow Essex: Pearson.
• Lang, L.D., Lim, W.M. and Guzmán, F. 2022. ‘How does promotion mix affect brand equity? Insights from a mixed-methods study of low involvement products’, Journal of business research, 141, pp. 175–190.
• Lestari, S.D., Leon, F.M., Widyastuti, S., Brabo, N.A. and Putra, A.H.P.K., 2020. Antecedents and consequences of innovation and business strategy on performance and competitive advantage of SMEs. The Journal of Asian Finance, Economics and Business, 7(6), pp.365-378.
• Paley, N., 2021. The manager's guide to competitive marketing strategies. Routledge.
• Rust, R.T., 2020. The future of marketing. International Journal of Research in Marketing, 37(1), pp.15-26.
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