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Market Size And Styles Of Jewelleries In Bangladesh Marketing Essay

In every section of the world, atlanta divorce attorneys human culture and for thousands of years, people have been using jewellery in various forms as well as for various reasons. In Bangladesh different types of jewellery has been used by the women from old period. There are so many celebrations among the various community people in our country. Every community people use the jewellery and buy independently festivals such as Eid, Xmas, and Durgapuja etc. Some of the normal ornaments are nasal bands, earrings, bracelets, crowns, bands, anklets and necklaces. Jewellery has remained unchanged with design dictated by local and religious traditions.

(a)Market size and fads of jewelleries in Bangladesh:

Gold jewellery is using as a development from the history of Bangladesh. In general people use gold as a nice-looking jewellery as well as fashion. More or less every generation of women in Bangladesh wears these varieties of jewellery. In the past, the Bangladeshi jewellery market size was not large but now each day it becomes a common phenomena. Except the yellow metal, many rocks and unnatural materials came in the market in the ornament section such as bone, dirt, animal tooth, shell, and hardwood which are used to make various sorts of jewelleries.

But in today's situation yellow metal market is lowering daily and other stylish material increasing because the price tag on platinum has increased very much in the last few years. Folks are now more popular and modern. They allow the jewellery by coordinating their color, dress, shoes and situation etc. Customer buys the jewellery which fulfills their desires and can get within their affordable price.

Fig: Recent jewellery market position in the Bangladesh.

Market segmentation

Gold plated silver precious metal jewellery gets popular daily in Bangladesh. The marketplace for gold plated jewellery got flourished as the price tag on gold has become unaffordable to many. These ornaments are constructed of silver and fitted with semi-precious stones. Generally, the precious stones are incredibly costly, and girls and gents wear those on fingers as wedding rings only. Whereas the semi precious gems have its unique color and condition and it look fantastic while constructed in jewellery. Sometimes sterling silver is washed with gold drinking water, then it gets a fantastic look and it appears like real gold.

Market portion of jewellery consumer: Table-1. 1

Age16-25

Age 26-35

Age 36-45

Urban area

********

**********

*****

Sub-urban area

****

********

*****

Rural area

**

******

****

Urban Area: Inside the metropolitan area's women more or less wears jewellery in the get together as well as their community.

Sub-urban area: Inside the Sub-urban area's women are employing jewellery as well as the metropolitan area. Atlanta divorce attorneys age of our country women are make an effort to step similarly with others.

Rural Area: Inside the rural area's use of yellow metal sometimes appears very exceptional. But after matrimony women are to seen putting on jewellery.

Market segment of jewellery end user: Desk-1. 2

Light user

Medium user

Heavy user

School/ Collage

*****

University

*******

Job Holder/ Housewives

***********

School / Collage: Girls who are in the stage of school and college level will be the light customer of the jewellery.

University: University or college students can be considered as the medium consumer of jewellery.

Job Holder/ Housewives: Mainly this group of women is the important customer of jewellery for Bangladeshi context.

(b)Patterns of competition within the marketplace and the role of distributor/ retailers

In Bangladesh there are so many jewellery shops and market segments for traditional yellow metal jewellery. Among them, Amin jewellers, Apan Jewellers, Muslim Jewellers Apurba Jewellers, Venus Jewellers, Grameen Jewellers and Shanonda Jewellers are popular. For fashion jewellery like stones, gold or metals there are so many outlets and stalls in Bangladesh. Aziz super market, Dhaka new market and Rapa plaza are known as well because of this category of jewellery. Inside our country, a distributor and a dealer is the same person. They are simply playing role of both marketers and retailers at a time. For the traditional jewellery business they transfer the raw gold as precious metal biscuits mainly from UAE, India, Korea, South Africa and Chaina. Then your process of manufacturing is done in our country when an order is given. Sometimes readymade yellow metal jewellery is also sold to the finish end user. In other hand, fashion jewellery immediately brought in from many international countries considering the demand of the customers.

The jewellery organizations compete with each other by considering various factors. Brand name also creates competitive factors for some organization.

Some factors of competition:

Free servicing

Advertisement

Provide warranty

Unique features

Provide exact weight for gold

change facilities

(c)Competition parameters between traditional and fashion jewellery

Price of jewellery: We indicate gold, Gem as traditional jewellery. The price tag on these sorts of jewellery is a lot higher. In other side, fashion jewellery determines low cost fashionable ornaments that look good but cheaper. Many manufactured materials are used in this jewellery.

Occasion: Jewellery is employed in different situations in Bangladesh. Women in our country wear traditional jewellery in traditional events such as wedding ceremony, Eid occasions, Xmas etc. Fashion jewellery in addition has different uses. In a few occasions such party, New Year get-togethers, invitations etc women like to wear trendy jewellery.

Living standard: Yellow metal as a normal jewellery is icon of high standard level. Though, these standard people also prefer to wear fashionable jewellery, but traditional jewellery expresses the standard of living.

Age of individuals: Fashion jewellery is preferred by younger between the age group of 15 and 25. In some circumstances, older like fashion jewellery, but the majority of the time after matrimony women wear the original jewelllery.

Resale value: Traditional jewellery such precious metal, gemstone has huge resale value for longer time frame. However the fashion jewellery doesn't have such resale ideals after purchasing.

Assets: Traditional jewellery can be valued as an asset. Many people in our country deposit silver instead of cash money. Because it results more than liquid money.

Factors of competition

Traditional

Fashion

Materials

Gold, diamond

Fiber, silver, stone, pearl, solid wood etc

Others (stone, gold plated)

Very few

Very much

Price

Is high

Is low

Resale value

Good resale value

No resale value

Users

Aged, professional

Students, Professional

Warranty

Needed

Most of the time not needed

Social value

Moderate

High

Task-2

The jewellery has been played significant role inside our national and ethnic cultures. It's been used to denote position inside our country. Especially our women believe it requires attention of a party like marriage ceremony, Eid festival, Xmas and Party etc.

(a) When jewellery is purchased: Usually we purchase jewellery on various events. Every community people use the jewellery and purchase on their own celebrations such as Eid happening, Holiday and Durgapuja. Besides this people purchase jewellery for different kind of event or program such as New Time party, birthday party, wedding ceremony. Some of the typical ornaments are nasal area rings, earrings, bracelets, crowns, rings, anklets and necklaces. Jewellery has remained unchanged with design dictated by local and religious traditions.

Why jewellery is purchased: We purchase jewellery to increase our interpersonal status. You can find two types of jewellery some may be traditional and other is fashion jewellery. Those Different customers like different kind of jewellery. Young and middle older women prefer fashion jewellery since it is comfortable, available, cost low and safe. Whereas wedded women choose the traditional one because after relationship they think they can get cultural values and admiration by demonstrating their jewellery to the society. There are some factors why people purchased jewellery:

It is ethnical tradition inside our country

To maintain Friendly status

Social category & standards

Peers pressure

Fashion and beauty

How jewellery is purchased: Most of the time; we purchase jewellery through cash or check sometimes by mortgage. However in some conditions, we exchange new designed jewellery with the old model and adding some extra cash.

(b)The relation between the buyer and the recipients of the jewellery:

Relation is very importation factor for both customer and the recipient of the jewellery. You will discover two types of relationship between the buyer and recipient. These are 1) Formal relation and 2) Informal relation.

Formal relation is looked after in the jewellery business. It really is beneficial to the purchaser as well as the recipients. The facilities provided in formal relationship- money receipt, warrantee, guaranty, accurate weight, free gifts with purchasing, etc. More often than not formal relation is built with traditional jewellery customers. Formal relation is permanent relationship between the buyer and the recipients.

Informal relationship is also built between the both people. The factors in informal relationship- invitation cards for ceremonies, invitation for new product kick off event, upgrade of the current fashion etc. This relationship can be fluctuated.

(c)The motivation for purchase: We live encouraged for purchasing the jewellery by the surroundings, environment, and socio-cultural incidents and sometimes by the peer pressures.

Social role: Interpersonal status motivates us to get jewellery. Inside our typical society there are some women who try to evaluate others evaluating how much jewellery a person keeps. Who has most she actually is more honored among all.

Cultural role: Regarding to your country, women cannot think of attending in any parties or celebrations without wearing jewellery. It's been a traditions for our country women.

Peer pressures: When people encouraged by their friend, colleague or comparative to get jewellery that the fact of peer stresses. When woman wore attractive jewellery then others come to know about its price, place and so forth.

Pre relationship and post marriage: Most of the women of our country purchase traditional jewellery once they get married. Such as gold jewellery, gemstone which worn by a female indicating her engagement to be married.

Task: 3

Jewellery purchase contains a number of elements in our country such as advertising, the retailer and branding. These elements play a vital role on reselling and purchasing the jewellery inside our country. Innovatory design is also important in purchasing the jewellery. In case of major purchasing customer always needs risk reduction.

(a)The role of advertising: Advertising of the jewellery can be carried out by its customers themselves. Jewellery is a stunning thing that attracts other folks. When it used by a woman and if it really attractive, others come to learn about its price, place and so forth. Automatically the promotional advertising is performed by the jewellery holder.

The role of branding: Branding is one of the most crucial factors to entice the customer. The branding is the sign of a company, which has a strong value generally people of Bangladesh. Branding play most affective role to satisfied mainly traditional jewellery customer. A brand name can increase profit percentage of the business.

The role of store: In our country traditional jewellery business, almost all of the store is also producer as well. Though, raw materials are imported from other countries but the jewellery is produced by local supplier of our own country. A lot of the manufacturers have their own retail show room. In other side, some retailers import the readymade jewellery straight from other country and sell them to the customer of your country. For instance diamond world. In case there is fashion jewellery a major number of retailers import the completed products from the international countries such as Thailand, India, and China. A couple of manufacturers are making and designing fashion jewellery by using the local recycleables inside our country.

(b) The need for innovatory design: Now-a-days, the young technology wants the latest fashion in every goods or products. This is also put on the jewellery products. Most of the customer want their jewellery should be unique and special, checking the other folks. Because of this, new and innovatory design needs to be offered to fulfill the customer demand. That's the reason, product innovation is very much indeed important to both seller and customer.

(c) Mechanism of risk decrease: In the jewellery business, customer and entrepreneur both have some risk. They are able to reduce their risk by following some major steps.

Customer risk: Customer risk can be reduced by offering post purchasing services, exchange, reselling etc. When the client purchase traditional jewellery like as yellow metal, for the reason that time vendor should assure the accurate weight and their honestly is also important.

Businessman risk: To reduce the physical risk, company should recruit smart and well trained security guard. Seller should put into action technical support such as close circuit camera, finger printing technology, warning security alarm to reduce their risk. And federal should take all necessary steps to reduce the risk for both customer and entrepreneur such as authorities have to implement their law strictly to lessen the violence from population.

Task 4:

a) Technique can properly make reference to the theoretical examination of the methods appropriate to a field of analysis or to your body of methods and principles particular to a branch of knowledge. Primary research will involve the assortment of data that will not already exist. This is through numerous from, including questionnaires and mobile phone interviews between others. You can find 4 types of research method. These are- Tests, Research, Observations and Existing data. Among these research methods, Surveying is the most appropriate for exploring the appeal of the Wayne Porteous Collection. Below, the chart is showing the facts.

Focus Group: For the study research we need some people whom we can offer our questionnaires and collect their opinion. In a few situation the test size is bigger. The sample size identifies the group of individuals on whom we will survey. When the test size is bigger, we focus on some particular people to make our test more appropriate. This group of men and women is considered as the emphasis group.

Focus group interview is a qualitative research method in which small sample of respondents discusses chosen topics as a group. Normally there are 4 to 15 respondents in a group. Respondents discuss an elected subject for about one to two 2 hours with a moderator in attendance.

There are some advantages with concentration group interviews. These are listed below:

Interaction among group members refines opinions, offering more detailed, accurate information than could be gleaned independently.

Opinions or ideas of specific group participants can be taken and sophisticated by the group, leading to more exact information.

The techniques are particularly versatile to children also to situations where adult literacy is low.

The approach is stimulating, improving the likelihood of obtaining more significant comments.

Secondary research can used because it also help find more info and also important to gathering data that make the whole thing easier.

b) Sample structure: Before researching we make a platform, using what we collect thoughts and opinions and information from the respondents. It can be questionnaire, open up minded question etc. These types of framing are known as the test frame. For our study, we have made a questionnaire as sample frame. That is shown in the below.

Questionnaire on Jewellery market and its own users

Name: Get older. .

Occupation: Making love:.

1. How often do you really visit the jewellery retailers in a month?

a) 0-2 b) 3-5 c) 6 or more

2. What forms of jewellery you prefer most?

a) Traditional Jewellery b) Fashion jewellery

3. What types of Jewellery you purchase for the celebrations (Eid, Puja, Christmas etc)?

a) Traditional Jewellery b) Fashion Jewellery

4. How many Jewellery shops is there in your convenience?

a) 0-2 b) 3-5 c) 6 or more

5. Did you get Traditional Jewellery (Gold) in previous six months?

a) Yes b) No

6. Have you been satisfied with the materials using in traditional jewellery?

a) Yes b) No

7. Will you be content with the warranty, replacing facilities etc?

a) Yes b) No

8. Are you currently satisfied with the post purchasing action of owner?

a) Yes b) No

9. How often does one talk with your acquaintances or friends about jewellery in per month?

a) 0-2 b) 3-5 c) 6 or more

10. Have you got any comments on the jewellery of the country?

a) Yes b) No

If yes, _____________________________________________________________________________________

Thank you

c) In-depth research approach:

In-depth research is a superb way to talk with customers to find out exactly what they want. We know that, surveys are excellent for providing an indication of what customers or prospects do and think. However they can't tell you why they feel that way. In-depth research, by means of specific interviews or focus groups, is needed for that. There are main two types of in-depth research, Interviews of one to two time duration with a person where you probe question and discuss areas of interest. Other is concentrate groups which entail a number of individuals in an area discussing areas of interest with a modest, such as somebody who can lead the discussion and ensure it stay within the subject areas.

The way of research:

At first need smart and well trained researcher.

Select a suitable place for research and then select the interviewers for research.

Ask all of them one by one about your supposed question.

Collect all of your important answer.

Evaluate the solution and finally take to implement.

Some markets prefer the individual in-depth interviews because they believe that respondents are free from group pressure, less inclined to give socially appropriate responses, more likely to remain attentive, and much more likely to show private thoughts. The In-depth interview methodology is often employed by GENERAL MARKET TRENDS when surveying companies, high-level professionals, community and business leaders, key view influencers, technicians, specialists, and other pros' matters.

Task 5

(a) On the basis of my evaluation of the habits of consumer behavior, I do believe that there is a viable market because of this type of jewellery in your country. In my analysis, I analyzed the market size, portion and trends, habits of competition, circulation channels, customer groups, inspiration, advertising, branding, risk and mechanism of risk reduction, research methodologies and study with questionnaire pursuing research techniques. After studying the tasks those recently completed, I have found some reasons to verify my answer.

Customer availableness: Inside our country there is huge number of customer.

Profitable business: Jewellery business for our country is one of the profitable businesses. But to begin this business, a huge amount of capital is necessary.

Cheap labour cost: Labour cost is the most important reality at jewellery business. Inside our country labourer can be found.

Security of personal savings: As conserving for future years gold jewellery is more guaranteed. The price tag on platinum is increasing speedily.

Value to the social by traditional design: Sometimes people order traditional design that presents the cultural happenings. For example, jewellery for wedding must be designed solely and attractively.

These are the reasons to support my analysis.

(b) From the chance of Bangladeshi jewellery market, purchasers get some good specific competitive benefits. Discovering these benefits I would sophisticated this part. These are given below.

After sell services: after offering their products companies give warrantee to survive in the competitive market.

New interesting design: in competitive market segments business men always accumulate new and updated design which allures the customer.

Assurance of the greatest quality: famous companies always supply the best quality to the clients.

Free gifts: sometimes customer gets free gifts with their products.

Better resale value: after sales seller can provide a good resale value to the client.

Less making income: owner may provide most reasonable income comparing to the other competitive market.

Membership card: some companies give account card facilities that assist them to buy the product with some waiver.

Better marriage: more recently, marriage between customers and business men play a vital role in competitive marketplaces, so business man always make an effort to keep an improved relationship using their customers.

(c) Define the mark market: Marketplace for the jewellery can be identified considering both demographic and psychographic segmentation. Determining the mark market we considered the demographic variables such as years, gender, family life circuit, income and technology. Plus the major parameters of psychographic segmentation such as lifestyle and personality are mainly considered for targeting the marketplace for the jewellery.

As our targeted customer is young technology, so the target market has to be defined relating to psychographic segmentation including lifestyle and personality. Lifestyle can be divided into three particular conditions. They are achievers, strivers and survivors. And personality can be discussed into four conditions. They are compulsive, gregarious, authoritarian and ambitious. For the jewellery, we can determine our target market with the support of the two parameters of psychographic segmentation.

To promote the segment I would suggest the following tools that must be specific. The promotional tools those I would suggest are given below:

Advertising: Advertising is the most appropriate promotional tool for these specific products. Attractive advertising in tv set, newspaper, bill-board, publications (coloured) must express the meaning to the clients and the goal of the marketer must be done.

Personal selling: Personal advertising also effective for this product. It entails personal connection between two or more people, so each person can take notice of the other person's needs and characteristics and make quick adjustment.

Sales promotion: Sales promotion includes a variety of tools such as, coupons, competition, premium, yet others all of which have many unique qualities. This sort of promotional activities appeals to customer attention to increase sales.

PR (General public Relation): public relationship works more effectively because of this industry. Retailer creates a good romantic relationship and always tries to talk to customers. This is more useful because of this industry in a competitive market.

Direct marketing: There are many forms of immediate marketing such as, immediate mail, mobile phone marketing, online marketing, while others. Direct marketing is well suited to highly targeted marketing work and building one to one customer romantic relationship.

Market can also choose two basic advertising mix strategies, force strategy and move strategy. But drive strategy works more effectively than yank strategy the jewellery market of the country.

(d) Product rates Strategy:

Pricing strategies changes as the product goes by through its life pattern. Starting a new business we have to take a task of setting charges for the first time. For the jewellery business I could choose between two broad strategies: market-skimming costing and market-penetration charges. But market-penetration prices is the very best strategy for the style jewellery business inside our country.

Market-penetration pricing is the prices technique of arranging a low price for a new product in order to attract a large number of buyers, customer and a sizable market talk about. The strategy works on the expectation that customers will turn to the new group as a result of lower price. Several conditions must be met for this low price technique to work. First, the market must be highly price very sensitive so a good deal produces more market growth. Second, creation and syndication costs must show up as sales volume level increases and finally, the reduced price must help to keep out the competition and the penetration pricer must maintain its good deal position.

Distribution: A couple of mainly two common circulation strategies, an example may be selective circulation and other is exclusive distribution.

Selective syndication: Selective syndication involves a manufacturer utilizing a limited variety of stores in a physical area to market products. Such as for example, stereo system equipment, furniture company etc.

Exclusive circulation: Exclusive circulation is an extreme form of selective syndication in which only one wholesaler, dealer or distributor is used in a particular physical area, which offers a product on the market only in a single electric outlet or the outlets of a single company. Such as automobile company Toyota, Honda.

So, selective syndication is the most appropriate strategy for this jewellery business inside our country. There is an advantage of this approach is that the producer can pick the most appropriate or best carrying out outlets and concentrate effort in it.

Jewellery is using as a craze from the history of Bangladesh. The Bangladeshi jewellery market size was not large however now a day it becomes a common phenomena. This task analyzed the market size, section and trends, habits of competition, syndication channels, customer organizations, motivation, advertising, branding, risk and system of risk decrease, research methodologies and review with questionnaire pursuing research techniques, target market, pricing strategy and circulation. To success in jewellery business all the industries mentioned above are important.

Reference and bibliography

http://www. theindependent-bd. com/details. php?nid=148751

http://smallhomebusiness. suite101. com/article. cfm/indepth_customer_research

Principles of Marketing, Philip Kotler and Gary Armstrong, 12th edition

http://teacher2u. net/business/marketing/distribution_channel_strategy. asp

http://www8. svsu. edu/~sherlock/Component1/Methods/slide1. html

http://en. wikipedia. org/wiki/Jewellery

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