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Jewellery setup

Ranjith Ramanan
Ranjith Ramanan

Goldstud is planning to enter the semi-urban and rural Indian jewelry market. They will target the working class aged 25-40. Their offerings will focus on investment products with high purity gold and design-oriented products for ceremonies. Initially, they will open stores in South India and later expand to other regions like North India. Their go-to-market strategy involves engaging local goldsmiths, offering customizable designs, special offers on festivals, and focusing on customer service to provide value over competitors.

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1 NEEV 2012 November 2012 All that Glitters A Case Study Submitted by: Team Name: DwarfandtheGiant Institute: IIM Kozhikode Sr No Participant Name Email ID Phone No 1 Anubhuti Gupta anubhutig15@iimk.ac.in 8943889916 2 R Ranjith rranjith15@iimk.ac.in 9645646629 Company Proprietary and Confidential Copyright Info Goes Here Just Like
Target Market 2 Offerings designed for Ceremonial occasions: Jewellery for weddings etc. where the focus would be on the aesthetic appeal and designs of the product as well as the product being a branded one The Indian Consumers: Urban Rural divide Offerings designed to meet the investment -Gold is considered as a multi -The great Indian urban-rural divide needs: The focus would be on purity (minimum faceted product: Over 80 per cent of is gradually narrowing. 22 karat) and value added services like the 13,000 Indian women surveyed buyback at the market rate -The rural rich are now displaying in a study look at gold as a financial buying behavior akin to the most investment as well. downtown of city Indians. -There is a high amount of diversity -The rural/semi urban consumers in the choices of jewellery in are not as price sensitive as before; Demography: Working class in the age group different regions[1] more concerned about designs[1] of 25-40. Geography: First phase would see stores in semi urban areas in South India as the region has higher demand for jewellery. Second phase would see stores in other regions especially North India Market Estimation Indian jewellery industry worth $16 bn ; 60% share for Market Value in 'Bn of USD[1] rural/semi urban market in 2011($9.6 bn) [2] The Indian Gems and Rural/semi urban Jewellery has an annual 40% Family/regional players growth rate of approximately 30% Branded jewellers 16 per cent [3] 60% 64% Small fragmented players 6% Year 2012 2013 2014 2015 Expected $11.136 bn $12.91bn $14.98 bn $17.38 bn *Source:[1] www.jewelleryoutlook.com market size $1 bn(branded jewellery) [2] WGC report, 2011 [3] CII report, 2011 (non urban) Company Proprietary and Confidential Copyright Info Goes Here Just Like
Go to Market Strategy 3 Goldstud should have its own showrooms. The layout of the showrooms must be appeasing enough to ensure customer engagement. Exposure to the designs should be maximized Initial marketing strategies should ensure higher footfalls in the store and make sure Goldsmiths in the area customers see the value in the can be engaged with to product. Otherwise customers understand / make may shy away from the store designs that suit the assuming higher costs owing to needs of regional the premium store layouts customers. Focus of the staff should be on Pricing need not be Innovative strategies like customer delight focused on being the design your own Service area concept can be lowest as the target jewellery can be implemented for the store consumers would be implemented . positioning willing to pay at par Special offers can be Opinion leaders in an area to be their urban given out during regional identified and engaged with counterparts in return festive times accordingly. for assurance of purity Store experience Localizing Pricing offerings Company Proprietary and Confidential Copyright Info Goes Here Just Like
Marketing: The Branding Strategy 4 Create brand equity Distinguish the brand from competitors Need for Capture consumer attention Branding Establish relationship with consumer Brand name will stand for trust Purity of products: Compared to the urban Trust markets, these consumers Purity Brand are not well aware of the ISI Commitment certification and do not Values Satisfaction press on the need for What rural/ hallmarked jewellery. Prosperity semi urban Trust: Most of the consumers transactions are driven by trust on the family jeweller Focus on the emotional look for? connection between the customer and the person who Good shopping he is buying the gold for experience: The traditional Positioning Highlight the relationships jewellers do not have store parents buying gold for her layouts which would engage daughter, husband gifting gold customers to the wife etc. The brand will follow a regional strategy The designs of the jewelry, the promotional campaigns, the Strategy advertisements, the store layouts will all be designed to cater to the local culture and taste As pure as your love. Company Proprietary and Confidential Copyright Info Goes Here Just Like
Marketing: Promotion and Communication 5 When compared to the local gold shops, the differentiation point would be the purity of the gold and the designs. Advertisements Celebrity Endorsements Create advertisements to educate Engage regional film stars or people about the brand and the purity celebrities as the brand ambassadors of gold, along with focus on the for the promotional activities emotional connection They would endorse the jewelry at The advertisements will be aired on public occasions to increase the the regional channels during visibility and the desirability for programmes with high viewership GoldStud jewelry Print ads will be published in the newspapers especially during the wedding and the festive seasons when the purchase of gold is highest Collaboration with Bridal Wear Shops Tie up with famed shops in the cities where the rural customers may visit for purchases like wedding attires The shops will have a catalogue featuring the bridal dresses from where one can select the dress and along with the dress it will showcase Goldstud jewelry designs too At the billing counter the consumers will be given a visiting card of the Goldstud outlets containing a unique number required for tracking the purchase For every purchase made using the reference the shop will be given a commission and the consumer will be given some discount Company Proprietary and Confidential Copyright Info Goes Here Just Like
Marketing: Promotion and Communication 6 Contests and Competitions Conduct lucky draws where consumers can win attractive prizes and gold coins. For every purchase made during the festive season, the consumers will be given coupons. The bigger the purchase, more number of coupons the person will get and thus higher chance of winning. Organize annual contests (national level) where the girl or female will be given a chance to design the jewelry that she would want to wear or be gifted The best 3 designs will be selected and will be included in GoldStuds next collection The winners may be gifted the jewelry they designed. Community Activities These are some of the promotional Make presence felt during the activities mentioned that shall be used community activities. The activities mentioned may be During the shopping festivals, fairs and other such activities, a stall/ shop modified to suit to the local culture of will be setup by GoldStud where the the place jewelry catalogues and non-gold Also for each town and village, one or imitation of the designs will be more of the campaigns shall be displayed to gain consumer attention launched depending upon the Use of banners would be made in the demography and culture of the place, markets and most visited places during the festive season Here Just Like budget available, market potential, and Company Proprietary and Confidential Copyright Info Goes

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Jewellery setup

  • 1. 1 NEEV 2012 November 2012 All that Glitters A Case Study Submitted by: Team Name: DwarfandtheGiant Institute: IIM Kozhikode Sr No Participant Name Email ID Phone No 1 Anubhuti Gupta anubhutig15@iimk.ac.in 8943889916 2 R Ranjith rranjith15@iimk.ac.in 9645646629 Company Proprietary and Confidential Copyright Info Goes Here Just Like
  • 2. Target Market 2 Offerings designed for Ceremonial occasions: Jewellery for weddings etc. where the focus would be on the aesthetic appeal and designs of the product as well as the product being a branded one The Indian Consumers: Urban Rural divide Offerings designed to meet the investment -Gold is considered as a multi -The great Indian urban-rural divide needs: The focus would be on purity (minimum faceted product: Over 80 per cent of is gradually narrowing. 22 karat) and value added services like the 13,000 Indian women surveyed buyback at the market rate -The rural rich are now displaying in a study look at gold as a financial buying behavior akin to the most investment as well. downtown of city Indians. -There is a high amount of diversity -The rural/semi urban consumers in the choices of jewellery in are not as price sensitive as before; Demography: Working class in the age group different regions[1] more concerned about designs[1] of 25-40. Geography: First phase would see stores in semi urban areas in South India as the region has higher demand for jewellery. Second phase would see stores in other regions especially North India Market Estimation Indian jewellery industry worth $16 bn ; 60% share for Market Value in 'Bn of USD[1] rural/semi urban market in 2011($9.6 bn) [2] The Indian Gems and Rural/semi urban Jewellery has an annual 40% Family/regional players growth rate of approximately 30% Branded jewellers 16 per cent [3] 60% 64% Small fragmented players 6% Year 2012 2013 2014 2015 Expected $11.136 bn $12.91bn $14.98 bn $17.38 bn *Source:[1] www.jewelleryoutlook.com market size $1 bn(branded jewellery) [2] WGC report, 2011 [3] CII report, 2011 (non urban) Company Proprietary and Confidential Copyright Info Goes Here Just Like
  • 3. Go to Market Strategy 3 Goldstud should have its own showrooms. The layout of the showrooms must be appeasing enough to ensure customer engagement. Exposure to the designs should be maximized Initial marketing strategies should ensure higher footfalls in the store and make sure Goldsmiths in the area customers see the value in the can be engaged with to product. Otherwise customers understand / make may shy away from the store designs that suit the assuming higher costs owing to needs of regional the premium store layouts customers. Focus of the staff should be on Pricing need not be Innovative strategies like customer delight focused on being the design your own Service area concept can be lowest as the target jewellery can be implemented for the store consumers would be implemented . positioning willing to pay at par Special offers can be Opinion leaders in an area to be their urban given out during regional identified and engaged with counterparts in return festive times accordingly. for assurance of purity Store experience Localizing Pricing offerings Company Proprietary and Confidential Copyright Info Goes Here Just Like
  • 4. Marketing: The Branding Strategy 4 Create brand equity Distinguish the brand from competitors Need for Capture consumer attention Branding Establish relationship with consumer Brand name will stand for trust Purity of products: Compared to the urban Trust markets, these consumers Purity Brand are not well aware of the ISI Commitment certification and do not Values Satisfaction press on the need for What rural/ hallmarked jewellery. Prosperity semi urban Trust: Most of the consumers transactions are driven by trust on the family jeweller Focus on the emotional look for? connection between the customer and the person who Good shopping he is buying the gold for experience: The traditional Positioning Highlight the relationships jewellers do not have store parents buying gold for her layouts which would engage daughter, husband gifting gold customers to the wife etc. The brand will follow a regional strategy The designs of the jewelry, the promotional campaigns, the Strategy advertisements, the store layouts will all be designed to cater to the local culture and taste As pure as your love. Company Proprietary and Confidential Copyright Info Goes Here Just Like
  • 5. Marketing: Promotion and Communication 5 When compared to the local gold shops, the differentiation point would be the purity of the gold and the designs. Advertisements Celebrity Endorsements Create advertisements to educate Engage regional film stars or people about the brand and the purity celebrities as the brand ambassadors of gold, along with focus on the for the promotional activities emotional connection They would endorse the jewelry at The advertisements will be aired on public occasions to increase the the regional channels during visibility and the desirability for programmes with high viewership GoldStud jewelry Print ads will be published in the newspapers especially during the wedding and the festive seasons when the purchase of gold is highest Collaboration with Bridal Wear Shops Tie up with famed shops in the cities where the rural customers may visit for purchases like wedding attires The shops will have a catalogue featuring the bridal dresses from where one can select the dress and along with the dress it will showcase Goldstud jewelry designs too At the billing counter the consumers will be given a visiting card of the Goldstud outlets containing a unique number required for tracking the purchase For every purchase made using the reference the shop will be given a commission and the consumer will be given some discount Company Proprietary and Confidential Copyright Info Goes Here Just Like
  • 6. Marketing: Promotion and Communication 6 Contests and Competitions Conduct lucky draws where consumers can win attractive prizes and gold coins. For every purchase made during the festive season, the consumers will be given coupons. The bigger the purchase, more number of coupons the person will get and thus higher chance of winning. Organize annual contests (national level) where the girl or female will be given a chance to design the jewelry that she would want to wear or be gifted The best 3 designs will be selected and will be included in GoldStuds next collection The winners may be gifted the jewelry they designed. Community Activities These are some of the promotional Make presence felt during the activities mentioned that shall be used community activities. The activities mentioned may be During the shopping festivals, fairs and other such activities, a stall/ shop modified to suit to the local culture of will be setup by GoldStud where the the place jewelry catalogues and non-gold Also for each town and village, one or imitation of the designs will be more of the campaigns shall be displayed to gain consumer attention launched depending upon the Use of banners would be made in the demography and culture of the place, markets and most visited places during the festive season Here Just Like budget available, market potential, and Company Proprietary and Confidential Copyright Info Goes