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Marketing Plan for Glisten & Shine
Glisten & Shine is jewelry and accessories-based company and shall be providing a variety of jewelry items such as necklaces, earrings, rings made from special customized gems, and later on would be diversifying its product line into bracelets, cufflinks, tie-pins, jewelry hair-pins and hair accessories, belts etc.
G&S's jewelry will be special as the customer will be able to re-use it over and over again and dye and re-dye it to suit his requirements, without spoiling the natural look. For making our product eye catching, we will make use of semi-precious, transparent and/or opaque crystal gemstone that will be coated with a special paste providing a natural precious look to the gemstones.
Glisten & Shine provides a unique product concept in a relatively maturing jewelry industry. This will give us an edge because customers are in that stage where they want something trendy as well as innovative.
G&S will focus on a niche market segment but will aim to grow in it and expand gradually in to other markets as awareness is increased. G&S will look to initially provide basic women jewelry i.e. rigs, earrings and necklaces. After we see the success of our products, we shall look into bracelets, anklets, tie pins and cuff links and rings for men.
At initial stages, we will tend to be more conservative while estimating revenues for the first year, as we will be facing heavy operational and promotional expenditures. The company has aimed to earn about 15% rate of return on its investment. The profit margins would be around 45%, which will then contribute towards the fixed costs of the business. However as the brand becomes more acceptable and known in the market, then the margins are expected to increase in the future.
Marketing Plan for Glisten & Shine
People buy jewelry because it is their want!!And not a need! They want one pair of ear rings, and then they want more. They want jewelry because it makes them look attractive and beautiful. Looking gorgeous and trendy is the main purpose of the wearer. At Glisten & Shine, we will provide the lover of jewelry to make a strong fashionable statement every time you go out for a social gathering and the compliments will never fade because you will not be wearing the same jewelry repeatedly. This will enhance your self-esteem and make you feel truly glamorous. These days, customers have become increasingly price sensitive and they do not mind switching to competitors for a better product or a deal (Findlay, 2010). We at G&S aim to fulfill their expectations by constantly living and breathing for our customers -- that is thinking from their point-of-view at every step. We hope you find the concept as appealing as we do and allow us to give the fashionable jewelry lovers what they have been waiting this long for.
Glisten and Shine will be operating mainly in the jewelry industry which is a specialized segment of retailing. Our main competencies will lie in providing fine quality items such as necklaces, earrings, rings unique gems, along with distinct and personalized customer service, and strong customer relationships.
Initially, Glisten and Shine would be targeting people aged 18-40,who have strong fashion sense and like to be up-to-date with the latest fashion trends. Focusing on this niche will help us focus on that minority of people who are more experimental and dynamic in their jewelry choice. We shall be acquiring the gems in crystalline form and then the special coating that can be dyed would be applied (Kotler, Armstrong, 2009). The special colors and decolorizing solutions shall be produced at our processing point and our first main customer outlet shall be situated at a shopping mall.
Organization and Products/Services Overview
It has always been understood that actions speak louder than words. It is not about what you say you are; but it is about what you project to others and what they feel about you. Everyone wants to be viewed as radiant and to be admired by society. Fashion is one very important way of achieving this. Fashion makes a statement about a person. It depicts someone's creativity, self-confidence, social status, character and even mindset. Fashion makes a person get noticed and provides a fulfilling sense of self-esteem (Findlay, 2010).
Something that is different from the usual metal and precious gemstones. Something that tests the creativity of the individuals and makes them put the additional effort of really looking good (Findlay, 2010). Usually what happens with expensive jewelry is that for example, women buy it once and for which they have to stitch plenty of matching clothes and after wearing it to two occasions, they compliments start fading away, meaning that the woman's fashion statement becomes weak. This is not what a fashion lover wants!
We, Glisten & Shine want to provide the opportunity for such women not to stitch matching suits for their jewelry, but to decide what to wear first and then to match their jewelry to their attires! We will be looking to provide jewelry that can be re-used over and over again and can be dyed and re-dyed to suit the customer's requirements. This will be done by the customer him/herself at home.
Our product will make use of semi-precious, transparent and/or opaque crystal gemstone that will be coated with a special paste that provides a natural precious look to the gemstones. These gemstones can be colored and unlimitedly re-colored to any color yet not spoiling the natural look of the stone. We shall provide special dye kits that have a variety of color mixtures as well as the de-colorizing solution. The entire dyeing process takes 2 hours where the jewelry is dipped in the colored solution for about 90 minutes allowing 30 minutes drying time. The decolorizing process takes ten minutes.
Customers will be shown a variety of gemstones in regards to size and shapes from which their jewelry shall be designed by our specialized jewelers. We shall design jewelry consisting either of gemstones only or will bind it with gold or silver plated metal. This metal shall be of excellent quality and will not get spoilt during the dyeing process. This will allow the customers to create their own jewelry based on their attire and can mix and match different colors to bring out something creative in their fashion look (Findlay, 2010).
Semi-precious gemstones are these days becoming a strong preference in looking stylish as gold jewelry becomes a cliche. Gemstones are funkier and also quite distinguishable which separates them from normal jewelry. So in order to project this sort of funky, modern and fashionable jewelry image, we wanted to give such a name to our range that would depict a need and an identity that would give the audience an idea of what purpose we are trying to serve (Findlay, 2010). Hence, we came up with Glisten & Shine; this name makes a fashion statement on its own and will attract customers- who want this image, to us. Glisten 'N' Shine focuses more on the need of the fashionable customer. As he/she wants to get noticed in the crowd, he/she must look glitzy and glamorous, and this is what our jewelry range concentrates on making them look.
Our products will be recyclable so once bought, our products will serve our customers for much longer and in an easy, cost effective manner. Plus they will be associated with superior quality and have their own distinctiveness.
We built Glisten & Shine around a unique product concept in a relatively maturing jewelry industry. This will give us an edge because customers are in that stage where they want something new and out of the crowd, they are looking to break away from the norms. G&S possesses the strength to do so because this is what their vision is geared towards, this is what their inception was for.
G&S has a strong sense of commitment to its employees and its customers. We will look not only to cater to such customers but also look to employ people who have a strong fashion sense and can think on the same wavelength as the customer. We want our employees to be true fashion representatives and to be stakeholders in our company.
At the planning level we tend to be a more conservative and safe level while estimating revenues for the first year, this will allow us perform well at the given constraints and above expectation outcomes will come as a big boost to our employees and management (Swank, 1997).
G&S plans to use marketing as its hub, from simple pamphlets to the web, we shall base our whole operations on strong marketing commitment so as to evoke popularity, firstly among our target market and later, beyond it.
Our outlet and our stalls will be located at a convenient place for our target market because it is generally perceived that malls are much…[continue]
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