ipl-logo

Case Study Starfish Jewellery

924 Words4 Pages

Case study - Starfish Jewellery
Name
Institution

Case study - Starfish Jewellery
Question 1: What alternatives might be available to Mariam to expand her business?
This jewellery business seems promising and Mariam needs to put in place some of the marketing strategic approach to earn a profit and learn about the market by engaging the customers. Every business regardless of the size needs a clear marketing strategy. It is through marketing that will create awareness of the product to the customer.
In small business as Mariam’s, the first step of expanding her business is to conduct a feasibility analysis and use it to craft a winning business plan. The business plan is the foundation of every successful business. …show more content…

She needs to choose the new location after conducting a feasibility study based on what is best for the jewellery business. To achieve this, she should ensure that a consistent bottom-line profit is maintained to enable her to have a steady growth of the business. Secondly, she will have to look at the current and future trends, for both economic and potential customers. This is important because the taste and preference of the age group 14-18 keeps on changing with the current fashion. Mariam needs to think about where these age group spends most of their time to be in a position to influence their purchasing …show more content…

Entrepreneurs will have to invest more on employees to maintain skilled worked force. Failure to evaluate and analyze new hires properly, will increase employee turnover.
3. Five-step model of the marketing process.
i. Understanding the Marketplace and Customer Needs
First step of the marketing process is to analyse and understand the current marketplace. Mariam needs to understand what people desire to help her in achieving successful marketing strategy. She then needs to conduct a research to identify potential competitors and the products being offered it the market by such competitors. The marketer is expected to examine the other factors like franchising, sales methods, among other factors to allow the successful launch of the product. ii. Designing a Customer-Driven Marketing Strategy.
After identifying the niche, the marketer should establish a unique strategy of marketing to allow him or her to reach the targeted audience with ease. Market segment analysis should be conducted by dividing the markets into various sub groups of customers to help in identifying the target markets. The marketer should also take into consideration the value proposition and selling

Show More
Related

  • Advise Shania On Which Of The Business Forms Under Consideration Best Accomplishes Her Business Goals

    1139 Words  | 5 Pages

    1.Advise Shania on which of the business forms under consideration best accomplishes her business goals. Thoroughly explain the reasons for your recommendation. Shania Jackson is a Christian entrepreneur and she wants to open a Christian Coffeehouse near the Denver, Colorado area. Her husband, Marvin, is willing to participate in the form of capital to the business but has no interest in participating in its operation or management. Knowing this, I believe a limited liability company (LLC) would be the best for Shania’s business goals.

    Read More

  • Business Planning Activities Case Study

    1112 Words  | 5 Pages

    I hope to help both individuals and small businesses in my community grow and be financially successful. I plan to add Value to the clients and communities by tailoring each individual portfolio to match the industries of interest of the client, and try to support local businesses through development opportunities and using my network to give access to essential business connections and services. 2. Please detail the types of prospective clients you believe will allow you to build your business to fulfill your vision. I plan on reaching out to young working professionals who have recently entered the workforce, using my network connections within the hospitality industry to find those who need financial guidance. I also plan to reach out to the rural communities, such as farmers and small businesses, to give opportunities for investment and growth.

    Read More

  • Reflection On Marketing Simulation: Managing Segments And Customers

    1750 Words  | 7 Pages

    Marketing Simulation Managing Segments and Customers A Reflective Essay Debanjan Mal   As the newly appointed CEO of Minnesota Micromotors, I was responsible for designing and executing the company’s marketing strategy. This was my opportunity to integrate and apply the mantra of marketing that I have learnt during my course: “Create, communicate and deliver value to a target market at a profit”. Before I started the simulation, I needed to understand the big picture and try to figure out the following in order to come up with my marketing strategy and execute it during the simulation: • Understand the overall market and the competitive landscape where Minnesota Micromotors has to operate. • Understand my company’s marketing

    Read More

  • Est1 Task 4

    816 Words  | 4 Pages

    The segmentation process allows Company X to understand the changing needs of each demographic. Emerging opportunities can be easily identified in potential markets. To address retail customers within different industries accordingly Company X must develop an effective demographic segmentation strategy. The customer segments of Company X will be a diversified group. The groups are broken down into two main categories which are individuals and businesses.

    Read More

  • United Airlines Market Segmentation

    1027 Words  | 5 Pages

    Answer: (a): Market segmentation is the first step in defining and selecting a target market to pursue and penetrate. Basically, market segmentation is the process of splitting up an overall market into two or more groups/classes of consumers. Each group of consumers is called as a market segment. Each group (or market segment) should be similar in terms of certain characteristics or product/ service needs. In business world, market segmentation is considered to be a most important tool in enabling marketers to better meet customer needs and requirements.

    Read More

  • Capsim Porter's Five Forces

    506 Words  | 3 Pages

    Porter’s Five Forces Porter’s Five Forces framework is to identify the level of competition within the industry and to determine the strengths or weaknesses which can utilise to strengthen the position. The framework consist of five elements: threat of entry, bargaining power of supplier, bargaining power of buyer, threat of substitutes and industry rivalry. Forces Analysis Implication Threat of new entrant Low Threat Diversified of product There are high demand of furniture and electrical appliance.

    Read More

  • Swot Analysis Of Apple Marketing Strategy

    3863 Words  | 16 Pages

    1.0. INTRODUCTION Every organization strives to benefit from creating value for its customers, in the most effective way, for the purpose of attaining competitive advantage in the business environment in which they operate. Philip Kotler(2015) defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit”. According to Hollensen (2003), a strategy is a fundamental pattern of present and planned objectives…”

    Read More

  • Walt Disney Product Life Cycle

    1009 Words  | 5 Pages

    Marketing strategy Customers Youth, families, tourists, older customers and the middle working class Product life cycle. According to Kotler, P. & Gary, A. (2011), the product life cycle has five stages namely product development, introduction, growth, maturity and decline stage. The stages are determined by the market share of the product.

    Read More

  • Honda Market Segmentation

    797 Words  | 4 Pages

    Common definition market, which means economic that’s approach customers in terms of people to find a goods or services they want, while segmentation is processes dividing specific part into many parts of some things. Market segmentation is mean an organization target its product, services, or ideas only to specific groups of consumers rather than to everybody, even if it means that other consumers who don’t belong to this target market aren’t attracted to it, for example is ASIMO might be suitable for housewife to do household works. Honda company has been targeted three major part of market segmentation that is include demographic, behavioral, and psychographic segmentation. Demographic segmentation is based on age, income, family size and socio- economic status, etc.

    Read More

  • Apple's Target Market Analysis

    1625 Words  | 7 Pages

    Segmentation, Targeting and positioning, also known as STP are an essential part in marketing today. This model is important for generating marketing communication strategies and it aids the marketers to prioritize schemes and deliver personalized and pertinent messages to diverse audiences. This approach is audience oriented rather than product focused in terms of communication, which results in conveying appropriate messages to the members who are more commercially appealing. Segmentation benefits the managers in finding out the area on which they have to concentrate on in terms of geography, demographics, social factors or behaviors.

    Read More

  • Coca Cola Product Differentiation Strategy

    785 Words  | 4 Pages

    This would attract a pool of workers of the highest caliber, thus leading to more value induced into the company. # Successful communication of perceived strengths of the product: Integrated marketing strategy- This has

    Read More

  • Marketing: Marketing Mix In The Ice Cream Industry

    1497 Words  | 6 Pages

    6.1 Marketing Mix Marketing mix is a set of controllable marketing tactics used by business to promote their product and achieve its marketing objectives. (L. Lake, 15 June 2017) Marketing mix is also called the 4Ps which consist of Promotion, Place, Product and Price. (M. J. Baker, 2001, p.54) 6.1.1 Product

    Read More

  • Nike Consumer Behaviour

    1301 Words  | 6 Pages

    Consumer behavior towards Nike products Marketing is collaborating the value of a product, service or brand to customers, as a driving force to promote or sell that product, service or brand. Marketing procedures and skills embrace selecting target markets by carrying out a market analysis and market segmentation, as well as taking into account the consumer behavior and advertising a products value to customers. Marketing is the utmost vital aspect of developing and enlarging your business, and is a speculation that will recompense for itself over and over again. The term “marketing mix,” was first devised by Neil Borden, the president of the AMA (American Marketing Association) in 1953.

    Read More

  • Pet Food Marketing Plan

    2648 Words  | 11 Pages

    Table of Contents 1.0) Executive Summary 3 1.1) Objectives 3 1.2) Mission 3 1.3) Keys to success 3 2.0) Product and Services 4 2.1) Sourcing 5 2.2) Technology 5 3.0) Market Analysis Summary 5 3.1) Market Segmentation 6 3.2) Target Market Segment Strategy 7 3.2.1) Market Trends 7 3.2.2) Market Needs 8 3.2.4) Market growth 8 4.0)

    Read More

  • Reflection On Strategic Marketing

    917 Words  | 4 Pages

    Strategic marketing is a broad and practical subject which included the concept of marketing subjects of previous semesters such as business marketing. The study of this subject has contributed to marketing knowledge in many ways, as well as it has strengthened my skills in application of marketing concepts. My knowledge was increased that I was able to develop a complete strategic marketing plan of not only on the part of marketing analysis or strategy of a product or service, but also the whole corporate plan. My skills and capabilities that were developed and integrated during lectures and tutorials include the analytical skills, coordination skills, presentation skills, organization skills, etc.

    Read More

More about Case Study Starfish Jewellery

Open Document