Luik Fook Jewellery Essay
Facing the continuous fiercely competitive environment, jewellery retailers trend towards customer-oriented to sustainable competitive advantage. Hajipour, Bahman et al (2013) stated that company accomplished the stable competitive advantage is one of the most vital instrument in the business world. To achieve this objective, company must create and use its brand equities which help company entered into different competitive environment. Also, company via a set of marketing activities builds up the relationship with customers.
Malhotra, Bobby et al. (2013) noted that several letters the editor are presented in response to articles in previous issues; Using the right marketing mix strategy in company that effectively renovate dormant brands.
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Luk Fook Jewellery base strategy has always been to push vast volumes of product in retailing shop at excellent marketing mix strategies that carried out the increasing profit year-by-year. In 2009 net profit is HKD 275m comparing with 2010 which net profit is HKD 531m the growth rate is (+93.1%). In 2011 net profit is HKD 866m and the growth rate is (+63.1%). The net profit in 2012 is HKD 1334m which growth rate is (+54%). The record high amounting USD 2,463,452 in total revenue for the year ended Mar 31, 2014 which 43.3% increment comparing with 2013.
Promotion Strategy:
Promotions have been found to be significant in maintaining customer loyalty. Rowley (1998) describes promotion as one of the crucial elements in the marketing mix strategy. Under service industry, a good face-to-face interaction with giving precise and professional advice to customer is a vital factor for purchasing determine. Therefore, Luk Fook Jewellery developed “Six Heartfelt Services” service standard motivating its front-line staff to make a commitment for providing superior quality customer-oriented service to customers. It navigated the staff‘s potential to achieve and become component part of Luk Fook Jewellery’s ambition “Exquisite Craftsmanship, Quality Services and
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