The business concept is directed to selling the pearl and beads sets in the local market through shop in Kazipet in Warangal District and in global market through Online measure. In the country, these sets will be marketed as distributed only. The designing and making of jewellery will be taken into account in different part of India. The core concept of this business is to bring traditional designing and jewellery art of India across the globe with the help of online measure and get it commercialised. The business concept will be taken into account in 3 different stages. The first stage will be the designing and preparation of jewellery set, which will be done by experienced jewellery artists. The second stage of the business will be the transportation of the prepared jewellery set to Kazipet shop in Warangal District. The third stage of the business activity is the marketing and selling of prepared jewellery sets from shops in the local market and in global market via online measure. The jewellery sets will be made of pearl and other substances such as gold, silver and platinum. Along with this, the business will include beads sets. The jewellery sets will be for men and women both. The demand of such type of traditional and designer jewellery is high so the prime business activity will involve the marketing and effective distribution of the products to the consumer. Along with the direct marketing, the business will also make the usage of internet and e-commerce, through which the selling activities is completed by the company on commercial website of the company, on which customer can select the design and place order. The customers can pay via e-banking measure or the company will also provide facility of cash of delivery to the customers. The company will provide home delivery of the product.
Any business can have desired amount of success in the market on the basis of the value delivered to the customers. Higher the value delivered to the customer, higher will be the consumer preference (Sheehan, 2011). In this regard, the proposed business venture is directed to enhance the perceived value of the products. Since, Pearl jewellery and beads set is not a utility product, the company needs to add additional value to the product so that people can be encouraged to purchase the products. The first and foremost value delivered by the company is the traditional and unique designer jewellery which can make the wearer stand out the crowd. The prime quest of the business is to bring unique and world famous Indian culture and art to the country. Along with this, all the jewellery sets are designed and prepared by experienced artists in India with the help of their skilful hands only. These all the jewellery set are hand-made only and no machine is used for the purpose of preserving uniqueness of the jewellery. The product is directed to provide an elegance and class to the wearer as it is made especially for this purpose only. In addition to this, along with gold, and platinum, the company is directed to offer pearl jewellery in artificial substances. The high quality and durability of such kind is also one of the major values delivered by the company to its customers.
The fundamental aspect of this business-related research is to examine the market potential for the business of selling the pearl sets and beads set in the local market and global Market. The purpose of this business research work is to conduct thorough market environment analysis of local market for pearl set business. The research work in this light, examines the feasibility and supportiveness of the existing market in terms of the growth potential in the current and future market. With the help of this exploration, the research work is also able to determine the best suitable market entry strategy mode that will help the pearl set selling business to move and establish the business in the market.
There are several crucial literatures which are portraying the existing conditions of the market in terms of commencing new business. The analysis of different literatures can be done under different themes which can be reflected as below:
Hill, Jones, and Schilling, (2014) have reflected the need of market environment and its analysis for the purpose of opening of a new business. According to the author, for a business, there can be a number of different external and internal environment factors, which directly or indirectly affect the success of the company. Winston, Stevens, Sherwood, and Dunn, (2013) have also specified that for a business organization, it is essential to consider differentiated factors including political stability of the country, social acceptance of the products and services, economic conditions of the country and legal suitability of the country for the new business. The author has further specified that for a new company, these are some of the factors which put a lot of pressure over the company’s performance and working. The company is required to make subtle changes in its strategic and operational orientation for the purpose of being aligned with the business conditions. In respect to this, Cole (2003) has also specified that consideration of the external environmental factors is can be considered essential for the company as they directly affect the business operations of the organizations. For instance, the author has reflected that weak political and market conditions of the company are directed to affect the administrative rules and regulations undertaken within the country on the basis of which the company is required to make changes in its business approach and strategy.
In order to do business into the new market, the first and the most important and crucial process for a business is to have a proper market environment analysis. The market environment analysis requires a proper understanding of the external market conditions of the desired destination. As the market is full of uncertainties and other conditions, it is crucial for any business to have a clear and in-depth analysis of the new market. The market environment analysis is done in two ways micro environment analysis and macro environment analysis. According to Blackwell and Eppler (2014) micro environment analysis is crucial for examining the business environment in relation to some micro factors such as the strengths and weaknesses in the related market for the particular business which needs to enter into the new market. Micro environment analysis helps the business to understand the actual market conditions in a good manner and hence to take strategic direction with the help of appropriate business decisions. The micro environment analysis helps the business to examine the minor business aspects that can be helpful for the business in both short and long run.Secondly, the micro environment analysis of the new market also proves helpful for determining the key market opportunities and threats existing in the market for the new business. In this relation, the SWOT analysis of the existing market will be conducted in order to examine the suitable factors for the pearl and beads set business into the new market (Blackwell and Eppler, 2014).
For any new business, market analysis is a crucial essentiality in order to understand the actual market conditions. With the analysis of the actual market conditions, the new business can understand the key market opportunities and threats existing in the market which the new business tend to consider in order to have a successful entry into that market.India is can be considered as one of the nations which has undoubtedly one of the best reserves of gemstones and gold and diamond which has gained India the tag of the golden bird since ages. According to Bolon (2010), the abundance of the precious stones in India, they have always found a way to enter into the social and religious beliefs of Indians which has always manifested in the marketing and such branding of wearing gemstones and jewelry among most females in India that it has elevated the market of jewelry at a very high stake in India.
There is a need for the development of the suitable marketing strategy of the company for moving into the new market in order to have successful business initiation. In this regard, this has been explored by Roger et al. (2005) that in the strategic management process, business expansion is the most crucial process. In order to have expansion into the new international market, the first and the farthermost need for the businesses is to have the selection of the most suitable foreign market entry strategy. The companies have several strategies for having entry into the new foreign market such as franchising, licensing, exporting, foreign direct investment, joint venture, strategic alliance and Merger and acquisition. The implication of all these marketing strategies is done by the businesses in different situations and for distinct purposes (Roger et al., 2005).
On the basis of the analysis of different secondary data sources, it can be reflected that for the purpose of making the business successful there is a need of detailed market analysis along with the proper selection of the most suitable and applicable market entry strategy. In this regard, it can be concluded that secondary data sources are reflecting positive conditions for opening up a new business of Pearl and Bead jewellery.
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Kanakachandran, C.R. and Saji, T.G. (2013). Buying Behavior In Branded Jewellery Market: A Case Study of Kerala. Indian Journal of Management Science (IJMS) 3(2), 105-111.
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