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Business Concept Assignment Help

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Business Concept:-

Introduction to the business concept:-

The business concept is to open jewellery shop in the city Kazipet in the Warangal district of India and sell specially designed jewellery made of pearls and bead sets. Jewellery is considered the most important accessory for every woman on the planet. Jewellery is mostly significant to women as it enlightens the grace of women and has also become a signature statement for most of the women in the society. Furthermore, in the recent times men has also been attracted to wear elegant pieces of Jewellery such as bracelets, chains, ear clip-on’s which has levitated the market of Jewellery drastically and turned it into a great business concept. Therefore, the business concept of opening a Jewellery shop seems like a prominent idea, keeping in mind the continuous increasing charm of wearing Jewellery among all ages of women. Now, the most traditional form of jewellery which has been dominating the market is gold and silver, which has been the preference for most of the women for a long time now, but after the introduction of precious gems and stones such pearls, beads as ornaments and jewellery the likeliness of these gems and stones have also increased substantially in the market. One of the main reason behind this likeliness of gems and stones like pearls and beads have increased is because the gradual increase in the price of gold and silver jewellery over the period of time have made them too expensive to be affordable by middle-class women’s which makes the business of these gems and stones to be a great way to enter into the jewellery market and offer something unique to the target audience in order to build a bigger and better business.

Strengths of Business Concept:-

Indian women have been long associated with accessorizing themselves with a whole lot of jewellery, which has been the tradition for years in India. Most Indian women like to embrace their beauty by ornate it with weaning various different kinds of jewellery pieces for each body part. Now, not only women but the gods in Indian temples are also decorated with fine pieces of jewellery which enhance their aura much more as jewellery in India is considered as the best way to enhance the beauty of women and that of gods according to old tradition s and mythologies which has very deep connection with the numbing craze of jewellery among Indian women.

Benefit of the business to customers and stakeholders:-

In the jewellery business, the biggest asset which the business presents is the availability of a variety of designs and types of jewellery for different body parts and that too in a large variety of prices to suit the need of every class of women so that more customers are attracted towards the shop. In this case the jewellery shop in Kazipet will offer different range of sets which will be designed specially to suits different occasions to wear those exact sets like wedding collection, bridal collection, traditional collection, modern classic collection and many more range will be introduced in coming years also to broaden the range of jewellery available in the shop which will benefit the customers a lot by offering large variety under the same roof. One of the major concerns for people when buying the jewellery is whether their piece of jewellery is authentic or not and this forms the biggest fear which people have when buying the jewellery such as pearls and beads about which Indian people have very little knowledge about. Thus, the shop will provide sufficient information about the pearls which needs to be known to the people in order to help them in choosing the perfect piece for them. The complete process of pearl making will be described to the customers before buying, which includes the process in which each pearl is cultivated by implanting a tiny bead into the oyster which after a long duration yields a long layer of minerals over the pearl which gives the pearl its significant look. All this information will allow the customers to get a deep knowledge about the pearl and learn their significance and their value which will help them in making the right choice about choosing the perfect set for themselves. The customers will also be benefitted from buying the jewellery from the shop as the shop will provide a certificate of authentication and all the jewellery pieces will be hallmarked in order to prove that the money of the customers is conservatively used by both the shopkeeper and is contributed with the government as well. The hallmark will also prove the originality of the jewellery to the people and will thus set its worth for the customers. The option of online buying will also benefit the customers greatly as it will ease the target customers of the shop, by looking over the shop’s website the actual design which are present in the store and also can order any piece or set by paying a minimal charge for shipping fee with guaranteed one week return policy, try and buy scheme and other features which will ease long distance customers to buy the wide range of pearl and bead jewellery through online means and enjoy the exotic jewellery pieces and designs. Owing to this reason, the benefits which the shop provides to the customers are innumerable and varied in significance and priority (Kannabiran, 2015).

Analysis of Macro and Micro environment of the business:-

PESTEL Analysis:-

The jewellery business as it offers a precious gems and stones to help the women ornate themselves there are a lot of factors which surrounds a jewellery business especially in India as it is considered so close to ornate a god there are certain factors which needs to be kept in mind when starting out a jewellery business in India:

Political Factors:-

The Indian government is very supportive when it comes to Gems and Jewellery business as it is considered one of the major contributors to the country’s GDP in terms of export revenues and taxes. Although the levitation of taxes on precious gems and stones after the GST will adverse some effect on the price of the jewellery sets of pearl and beads which might discourage new buyers to spend such kind of money on anything in jewellery expect gold or silver. Excise duty is another major concern in terms of political factor which might increase the pressure on the export and import of gems and jewellery which will affect the shop and the jewellery business.

Economic Factors:-

The economic factors which affect the jewellery business are the money spending power of the customers. When the money spending capability of customers is larger they tend to spend more on buying materialistic things such as jewellery and gems which will be beneficial for the business. The increase in the economic conditions of Indian people will greatly benefit the business as it will draw more people to buy expensive jewels and gems and the marketing expansion will definitely attract more potential customers towards the shop and also encourage people to buy the jewellery online.

Social Factors:-

The social upbringing of the Indian society has encouraged people to upgrade their living standards and their fashion statement and buying expensive gems and jewellery is considered one of the premium factors of fashion statement in the Indian society. This has levitated the preference of people to shift from buying traditional gold and silver jewellery to buying gems and jewels. The continuous fluctuations in the prices of gems and jewellery people also tend to invest in the jewellery which is an evident point for the business to grow. The trend in the fashion industry is also shifting towards wearing precious gems and stones which will benefit the business (Entrepreneur, 2016).

Technological Factors:-

The cutting instruments available in the market have definitely changed the face of gems and stone jewellery business. This increase in the technology of the machine has resulted great deal. The labour is also very skilled in India and is capable of designing and making the jewellery sets as per the customer’s choice.

Legal Factors:-

An extensible partnership should be maintained between the jeweller business and the government in order to avoid legal barrier to import and export the precious gems and stones which may interfere in the business progress. The gem council prescribed norms and laws which should also be followed thoroughly.

Environmental Factors:-

The jewellery industry has been long tackling the social and ethical issues in the mining and distribution of products. Health issues, environmental and safety are primary concerns for the business to adopt before starting the business in the use of extensible resources. Exploitation of the oyster and mussels’ stocks should be stopped to expose better naturally formed pearls and beads. Better pearl farming practises results to better formation of flora and fauna in the environment which is a sure benefit (Jokinen, 2011).

Marketing Strategies:-

Marketing objectives and strategies:-

Marketing is useful for any business no matter new or old. It becomes a necessity when the business is new for the fact that marketing involves informing the target customer about your product and attract them to buy your product instead of competitors. Recent studies have shown that no matter how good the product is, in the lack of proper marketing, it will not sell itself. Some of the major objectives of marketing are-

• Establishing the new business in the market The first and foremost objective of a marketing strategy is to inform the customers about the existence of the business in the market. A new organization always finds it difficult to mark its presence in the market between the tough competitions. A decent marketing objective for a jewellery business is to become one of the top three jewellery stores in the market named among customers (Campbell, 2011)..

• Increase sales Another major objective of marketing is to increase the sales as, without the increase in sales, even the marketing cost would not be recovered.

• Grow market share As our business is new, rather than growing a market share we would focus on acquiring some market share from our competitors which are popular jewellery store-chains and other popular jewellery manufacturers in the region.

• Target Customers As the entire concept of marketing is focused on customers, it is obvious that a primary objective of marketing is to identify target customers and bring them to our doorsteps through using different marketing tools.

• Increase Profitability A reasonable objective of marketing for a jewellery store like ours would be to increase profit by 20-25% over the period of next couple of years (Campbell, 2011).

Quantification of Customer numbers and Projected Revenue:-

Predicting the number of customers and revenues is a very relevant concept in marketing strategy as it allows the business to set a specific goal before starting and tend to achieve before the specific deadline assigned for the goal. Calculating the probability of the sales and revenue also helps the business to make a further plan about allocating the resources to skilful places in order to extract the best out of the predicted score and in case it falls out be ready with an alternate option to serve the similar cause. As per in this case, customers tend to be in large numbers who visits the store to look for the different collections of jewellery, sets or other ornament for different body parts but only a few ends up buying. This scenario can be projected by taking as estimate of at least 25% out of all the customers who visits the shop in a week ends up buying one thing or another. This is a pretty decent opening for a new jewellery store as the numbers tends to rise once a positive brand name is developed in the area. In addition to this the customers tends to increase in the festive and wedding season in India on a large scale, under which the probability of buying customers could turn out to be at least 35-40%.

Elements of Marketing Mix:-

Gems and jewellery business although seems like a gold mine oozing one, but is not so easy and there are a lot of factors which needs to be kept in mind when planning for the marketing strategies for the business. Therefore, 4P’s of marketing mix is the best way to analyse the different factors for the marketing strategies which could prove useful.

1. Product: The main product which the store will sell is designed and crafted pearls and beads sets, necklaces, earring, bracelets and other ornaments in which pearls and beads make perfect combination and elevate its grace. The store will also provide single beaded pearls as an item of gift or personal use. In addition to this special designer sets could also be designed by the in-house jewellery designer as per the preference and style of the customer which would be completely customizable for the customer to make something which they like and want.

2. Place: The gems and jewellery store will start its operations from Kazipet which is a small city situated near the Warangal district in the state of Telangana in India. The state of Telangana is considered wondrously rich in gems and stones which is the main reason to start the business from here and then expend gradually to other parts of Telangana first and then to major cities in India. Online presence of the business will make the location of the store no barrier, as delivery of the online purchasing by the customers will be done in all most major parts of the world which will eliminate the location barrier for the business to restrict itself from growing.

3. Price: Price is the most important criteria for any business to flourish and it needs to cultivate the price of its products in such a way that, it should be appealing to all the classes of society. In this case, in the shop the designer pearl sets, necklaces, earring, bracelets and all other ornaments will be provided consisting of different of range in every product so that to offer different price range to different customers in order to match every customers budget. The price policy of the store resides with those customers who are interest to buy a unique piece of jewellery which may be a little over budget than the normal silver and gold ornaments considering the price of pearls.

4. Promotion: Promotion is the single most important marketing factor for the store to focus on as it will help the business to develop a name and making people aware of the presence of the store. There are just about a hundred different ways to promote the business for instance promotional campaign, ad shoots for key demographics, posters and hoardings, adopting a brand ambassador for the promotion purposes of the brand, building a strong online presence of the business as it is the most convenient and cost-effective marketing strategy to reach large number of people. All these promotions strategies can evidently help the store to broaden its horizon in the gems and jewellery market and at the same time attract substantial number of customers to increase the revenue and sales (Carrigan, 2017).

Human resource requirements:- 

Human resource is the backbone of any organisation. Without trained and skilled staff, no organisation can ever dream of surviving let alone succeeding. It is important for both small and large organisations to hire quality workers who can assist in the growth of the organisation and be an asset in achievement of the organisation’s goals. Same goes with our proposed jewellery business which is going to be a retail store. It is to be ensured by the owners that right from the beginning what are going to be the requirement of the people for performing different activities. These activities will be management, selling, designing and making, maintenance, cashiers, bookkeeper etc. Which we will discuss further. It is to be noted here that there has to be an order in which people will be hired by the owners (Haber, 2007).

Manager:- 

It is suggested that 3 months before the opening of the store a manger must be hired by the owners with help of employment agencies, newspaper ads or recommendation. The job requirements will be leadership quality, knowledge of jewellery business, prior at least 4 year experience as a supervisor or 2 year experience as a manager in a reputed jewellery store. The candidate will be required to go through a personal interview in which a critical evaluation of his skills and qualities will be done. After the hiring is done, the first task for the manager will be to give his suggestions in the design and interior of the store. In the next few days, he will be asked to start recruiting people for different jobs. These recruitment can be done through government employment agencies, newspaper ads, and recommendation by manager etc. Owners will actively take part in the recruitment process. There is no need of special training required for the manager apart from informing him regarding the values, goals and objectives of the organisation. This will help him in better understanding what is required from him and how to achieve that. He will be given a monthly compensation of 35000 with weekly offs and 2 sick leaves a month (Purcell, 2007).

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