Bangladesh is a country of background and cultures. Various kinds of ethnicities people is living here. As well as the folks have own culture and event. There are also many festivals in our country as bangle. Jewellery can be used by the bangle on that's occasion quite definitely. People also used jewellery not only in occasionally but also maintain position, fashion. There is some kind of ceremony in our country we can't think about that's without jewellery. For above all jewellery has an enormous market inside our country.
Market size and styles of jewellery market sectors:
In Bangladesh yellow metal plated and metallic jewellery market keeps growing daily. And the platinum has sacrificing its market for its high price. Plus the ornaments created by it are receiving popularity day by day in metropolis for insecurity in the street. Metallic and semi treasured rocks jewellery market is also increasing daily. Because people use these for his or her desire fashion, style and they can match their colure with the wearing. There are also huge market jeweler created by wood, plastic, earth in the rural area and tribal areas. Reviews indicate that silver jeweler sales have slumped more than 50 percent before 3 years as demand for ornaments declined consistent with soaring prices of the precious metal on the local market, said industry people.
The quantity customers of precious metal jewellery is decreasing and other jewellery such as silver precious metal, gold plated, stone, wood, semi important stone is increasing. And the number of gold customer is reducing because the price of yellow metal is increasing. And the others are increasing because customer can purchase it of their affordable price and can mass with the style.
Fig: The number of customer from 2006-2010of jewellery.
In the chart
Fig: The increasing price of Platinum.
Market segmentation of the jewellery market sectors:
Market segmentation is dividing the customers in various groups or category will depend on their different types of needs, wants, characteristics, and behaviours.
There are different types of buyer
Buyers have various desires and needs
Location is not same
Attitudes of all buyers are not same
Various categories income level
Sometimes buying patterns is different among group.
Fig: Market segmentation of Jewellery industries.
Patterns of competition within the market: The biggest jewellery markets in or country are Baitul Mukarram platinum and watch market. All the famous importers and creators of jewellery such as Amin jewellery, Apan Jewellery, Apurba Jewellery, Chadni Jewellery, Boishakhi Jewellery, Grmeen Jewellery, Shanonda Jewellery, and Venus Jewellery have show room in the market. You will discover more than 150 jewellery outlets in the market. They also contend with each others in a variety of ways.
Some important factors of the competition:
Some of them offer change facilities.
Some offers free servicing.
Provide correct weight for silver.
Brand name also an important factor of competition.
Some are provide some unique features.
Advertisement on multimedia.
The role of distributor and store: In our country most of the jewellery shop make and sale their product in the market. The largest and famous jewellery outlets have their own show room in many locations in the country. Through the show room they sale their product. And almost all of the jewellery take order first and then lead to customers.
But for the style jewellery it sold by both through wholesaler and suppliers. Chalk Bazar in Dhaka is the biggest Inexpensive market for jewellery. Businessman import and make the jewellery independently Factory in the market. Most of the time owner of the retail shop come on the market and purchase jewelleries on the market they come from various areas of our country. Sometimes many wholesale businessman deal their product through appointed representative.
Competition style between traditional and fashion jewellery: There are some difference between traditional and fashion earrings for some conditions. And the competition will occur for the distinctions. Difference among traditional and fashion rings are given below.
Factors of competition
Use of Gold
Most of that time period use
Use of Silver
Very unusual use
Most of that time period use
Use of others (natural stone, gold plated)
Is always high
within affordable for all
Good resale value
No resale value
Most of that time period not need
According to all or any above discussion it is clear that jewellery have a good market in Bangladesh. Who owns the industries must have to experiment with their activities more carefully for developing the marketplace.
It is early tradition in Bangladesh of adorning oneself by jewellery. The tradition has still now and more energetic from earlier in Bangladesh. Now a day's jewellery are split into two basic category such as traditional and fashion jewellery. The art of jewellery has been developed throughout time. There is various types' jewellery for all those elements of body. Price also differs included in this. The buying habit is also different among customer to buy the jewellery. And some factors also stimulate the client to choose the jewellery.
When jewellery is bought: As there are many types and kinds of jewellery so are there vario9us types of customer also. So the customers buying habit is also different. As Bangladesh is multicultural country".
All the city has many celebrations and the celebrations are the main season for both potential buyers and retailers to buy and sale the jewellery. The largest festival inside our country is Eid and Durga Puza. The sales of jewellery is highest on both festivals. The sales of traditional and fashion jewellery stays same on that time.
And in wedding ceremony customer buy much jewellery inside our country. The use of jewellery in marriage ceremony is our traditions. Gold and Diamond jewellery is common because of its.
We purchased jewellery because: The ladies of our own country wear jewellery for his or her personal adornments. That is for our culture. It has also a social value. . Jewellery is not purchased only for personal adornments but also purchased for focused on GOD.
The purchase way: In general customers are buying jewellery by heading to the jewellery shop. Most of the time customers buy jewellery by cash. Nowadays some private loan provider in Bangladesh provide loan to get jewellery in some famous jewellery shop. So customers also allow purchasing jeweler in credit.
The relationship between your customer and the receiver of the jewellery:
Most of the time formal relation can make with the traditional jewellery customer. Relationship make with some triggers such as businessman provide many opportunities to the clients. They provide warrantee, guaranty after deal service, resale opportunity. Sometimes businessmen keep many gift idea options with their customers on different events. Nowadays many jewellery entrepreneurs furnished their showroom, appointed professional sales representatives to catch the attention of their customers.
Informal relation is made with the fashion jewellery customers and it fluctuates very much because customers flavour change very much for these kinds of jewellery customers. So it's making when they businessmen offer new and innovatory products.
The motivation for purchase and the role of communal, ethnical, and peer pressures:
There are numerous kinds of social category on a population. And these classes are creating for difference in occupation, education, income level, riches among the people are in a society. So the upper classes people have to keep up their class. If they are buying anything they look the brand name of the product. And the public value of this. And lower classes people stay close at home when they buy jewelers.
What is an satisfactory product for a group of people they learn it from their own culture. And the culture is transmitted to era to generation. As Bangladeshi we have own culture. We buy and wear that kind of jewelers that is suitable in our culture. But nowadays some traditional western culture also affected our young technology.
Peer pressure: It really is another vital factor of inspiration when people buy jewellery product. Anybody can see an ornament putting on her friends. Then she asked her good friend where from buy, how much the purchase price is etc. sometimes good friend also give many information and influenced another to buy the jewellery from a particular shop.
Pre marriage and post matrimony: It's also another important determination factor for the jewellery customers. Before marriage women are buy fashion jewellery most of enough time. But after marriage they buy traditional jewellery most of the time. Due to most of the woman inside our country are house wife. And their life style is change after marriage. Addititionally there is another reason they also see it their cost savings for future. When they buy traditional jewellery by expend a big amounts of money.
So the people of our country buy lots of jewellery in several occasion and event. Many motivational factor has been working such as culture, peer pressure, cultural class etc.
Role of direct consumer advertising: Advertisement is how to let the people find out about a business. The goal of advertising is not only increasing extremely swift deal but also discovered the individuals. For the jewellery business immediate consumer advertising is most significant for many kind of jeweler especially for traditional jewellery.
Family: When customers buy a jewellery product and get benefits or feel better then she notify her other members of the family to acquire the jewellery. And when customers know about a product using their family member they will very much influence to buy the product. For the traditional jewellery family member role is very important because when customers buy traditional jewellery they always look for information about the merchandise from believable or nearest person.
Friends and fellow workers: For the style jewellery business friends and fellow workers also play very important role within direct consumer advertising. A lot of the customers of fashion jewellery are more radiant women. So almost all of the time they'll be influenced by their friends and acquaintances such as if one friend recognizes another friend or colleague looks beautiful by using a jewellery product then she asked her good friend where she get the merchandise? Or where she can purchase? So these kinds of customers will be influenced quickly from her friends or co-workers.
Brand devotion: Brand devotion is important for jewellery section. Many consumer are respected in specific jewellery shop. Brand Commitment is the consumer's mindful or unconscious decision, portrayed through motive or tendencies, to repurchase a brandname continually. It occurs because the buyer perceives that the brand offers the right product features, image, or level of quality at the right price. Consumer action is habitual because behaviors are safe and familiar. To be able to create brand commitment, promoters must break consumer habits, help them acquire new habits, and strengthen those behaviors by reminding consumers of the value with their purchase and cause them to become continue purchasing those products in the future.
It improve the sale
Established the brand name
Encourage the prevailing customer
Attract the new customer
Company relationship also increases
Role of dealer: Most of the time for traditional jewellery store do not play important role in our country. Because every famous and popular jewellery shop have own showroom plus they run their business through it.
For fashion jewellery merchant play good role. Because they always looking to get new customer and built a good romance with them. Customers also find out them as they offer according to their requirements.
Important is difference/innovatory design in purchase:
Difference or innovatory design is most significant for both traditional and fashion jewellery. There are different types of customer and their choice preference needs are always different. An progressive design for fashion jewellery always needs customer attraction very quickly. A similar design is a reason behind boring. Nowadays people always know about new and impressive things for globalization. They have significantly more inclined to break the old custom. The progressive design only for product cannot make success alone. Impressive design for sales style, adornment is also important. The number of competitor is increasing daily in the market. The entire competitors know about customer satisfaction. Client satisfaction is keys of success. Without creating new and progressive product satisfaction ever come. So to survive in this world competitive market making difference from other is vital.
Risk reduction: To run jewellery business there need a big financial investment. And when customer buys rings they expend a big amount of money. As both have to investment is big so both are face some risk.
Business man risk: The major risk for this business insecurity. They should apply both physical and technical security system.
Physical security: There are several security guard specialist companies. They offer well trained guard. Companies can take help from them or recruit officer and give them training for their need.
Technological security: On this modern world there are various types of technological security system. Jewellery businessman should apply many of these such as web camera, physique print, ft. print etc.
Financial risk: Their financial security they must do insurance because of their company.
Customers also face some doubt to buy jewellery such as weight, product steadiness, jewellery shop stableness, physical security etc.
Businessmen should supply the right weight by the proper equipment and really should keep the guarantee with customers.
Government should take necessary step to reduce both side risks by creating and applying legislations properly. And encourage the entrepreneurs by giving various facilities such as taxes reducing.
So it can say that if business can catch the attention of the client through advertising or using brand name and federal can ensure both party protection this will more beneficial business inside our country.
Marketing research is vital since it help the management to use the decision to accomplish their business goal. And a well planned research can help to be successful. For this success the strategy of research select is most significant and hard job. As the methodology is specify the way the way the research will be achieved.
To reaching the new customer and boost the attractiveness primary general market trends is best suited for the Steve Moss Collection. There are different types of primary research technique.
Figure: primary research methodologies.
Interaction on the list of group members can be done. To allow them to give their opinion more appropriately and more detailed.
When they talk in a public they talk very spontaneously.
It is very revitalizing technique.
More significant comment will come.
Rich data can get for the immediate conversation of researcher and respondent.
Secondary research: Extra research is also important to research the market for The Steve Moss Collection. Very recent information about customer needs, want will very useful. It also helps to select the way of research methodology and predict the cost for the study and other requirements.
In our country most of the jewellery customer are women and the 15-25 years women are the key targeted customers. So we can take a sample body by dividing the positioning into metropolitan and rural. And then the research should be achieved on the targeted customers.
The question should be asked:
Is the Adam Porteous Collection popular to them?
Which materials they like most?
Is the price level satisfactory?
Do you think their need more verification?
Do you meet with this type of product?
Do you think they ought to set up their own showroom in several location?
Do you think they must have own brand sign?
What is your career?
It is a motivational research technique where respondents are interviewed one at a time for long time. It is called the heart of motivational research. When the concentrate group member dropped shy or do not fell comfort to answer in crowd of men and women the in-depth interviewed should positioned in focus group.
The procedure for use in-depth and participative research techniques:
1. At first experienced and well trained interviewer should choose. Because in the time of interview they need to understand the respondent sentiment, understanding. And there must create a host where the respondent can talk freely.
2. What forms of information is need for the research should be identified. Such as about the Steve moss Collection approval in the client. About the satisfaction of the customers.
3. A set of the respondents should make.
4. The question routine should be open- ended not close finished. Such as instead of asking will you gratify by using our product? Have to ask please say something about our product.
5. All information from the respondent should take by carefully interviewed her sense, feelings, lecture etc.
So if many of these research methodologies can be done properly. Then it'll be very easy to recognize the client need, would like and what are the sources of their satisfactions and dissatisfactions. If the product can be develop according to the customer's information they receive the product more and the business's aim will be success.
Before take up a business everybody must have to see for the prospective market. Due to without good planning about the marketplace situation every strategy may fall season. Bangladesh is very feasible market for these types of jewellery. Because
As most of the client are ladies in our country. So it has plenty of customers.
According to your businessman say the amount of customer are increasing day by day for the style jewellery.
Profit can earn much more sassily within short time of the time.
Business man also interested because high-risk of come back after investment is hardly any.
The specific benefits for the purchaser:
If the market is competitive definitely the marketplace will be smarter and the opponents are more concern about their customer.
Businessmen always want that their customer will loyal for the business so they make an effort to give the service at their best level.
So customers receive the best services.
They always make an effort to make their product much better than their competition because if they show up for that they must lose their customers as well as their market share.
So they always matter about it and customers always have the chance to getting the new, innovatory, and best product.
To be more advanced than rivals every company always provide some opportunities for his or her product to the client such as they offer warrantee, guaranty, resale, change service etc sometime s they provide price off though it is little in amount but gain for customers.
Sometimes many companies do some sorts of cultural work that is wonderful for customers as well as entire society.
As the key customer of the types of jewellery are in the age of 15-25. So these kind of fashion jewellery companies should section the market regarding to their customer's lifestyle and their lifestyle. Because of in this get older they may be more stylish in their life style. They may be more ambitious in their personality. So they always admit new and innovatory things and try to make them upgrade always.
Promoting tools for the customers:
Advertising on television would become more effective because a maximum quantity of people of Television program are women in our country. Advertising on others advertising also effective such as magazine, online internet search engine, billboard. The business would also advertise on the buses or taxis that happen to be travel from city to city.
It really helps to building customer romance and boost the variety of customers. Many customers are also promoting to buy the product by influencing from others such as friends, co-workers, family members etc. so that it will very much effective for this segment.
If the company arranges some system to market such as coupons, competition, premium it can help to obtain additional customer attention and unique quality.
The Company can be cosponsor for some special types or incidents such as sports, cultural programmers or different types of communal welfare activities.
Marketing by immediate mail, catalogs, telephone call is called direct marketing. It is also effective for the jewellery customers. It helps to make strong marriage with consumers.
Not only these tool help to catch the attention of these customers product packaging and distribution is also very important to promote them.
And the push promotion combination strategy will be appropriate for this marketing. Because of this strategy producer thrust the product through marketing route to final customers. And it's really marketing activities towards route members to induce them to carry the product to promote to final customers.
Develop market strategy and make marketing decision.
Estimate the demand.
Calculate real cost.
Understand competitor's action and environmental constrains.
Set the aim of pricing.
Finally determine the price.
The objective of pricing:
To maximize the company revenue and income.
Sell the utmost volume of product on the market.
Long time survive on the market.
Be market innovator by use the purchase price.
Recovery the partial cost and secure level of income.
The market of these kind of product is very much indeed priced hypersensitive. So low priced can help market development.
If price is raise the quantity demand will decrease very significantly.
Some specific cost such as development and circulation cost will lower because of range of sale will increase.
Create an improved position from the competitors.
Distribution strategy: There's also some factors to deciding distribution strategy
Market factors: Consumer behaviors, preference from where they buy etc.
Producer factors: Potential for building the customer's requirements.
Product factors: Product categories complicated, perishable, long time or small amount of time uses etc.
Among the selective and exclusive strategy of distribution selective strategy is best suited for the Steve Moss Collection company.
Selective distribution: Distribution of products and then those wholesalers or suppliers who: (1) consent to sell the product for no less than a certain price; (2) patronize the distributor frequently or for at least a certain buck amount annually; or (3) meet specific requirements set up by the distributor as outlined by the maker.
It increases the better service level control, inventory and merchandising control.
It boosts the dealer's devotion and brand image.
Promotes for better forecasting.
Manufacturer can control price level f dame product among sellers.
So customer devotion can perform.
And the merchandise is cheap.
After most importantly conversation we see that, from the early period our populations are familiar with jewellery. Though there are a few risks of this business and the market research says that traditional jewellery market is land last few years however the market for the style jewellery is most feasible. If many of these research will be achieved and strategies will follow properly businessman will be successful in these kind of jewellery business.
Psychographic: Psychographic is important for major segmentation. Psychographic segmentation means "Dividing market into different teams based on sociable class, lifestyle or personality characteristics.
Lower lowers, upper lowers, working category, middle class, top middle class, lower uppers, upper upper.
Figure of: Psychographic
Fashion jewellery user
Upper top class
Figure of: Consumer of family course.
Explanation Psychographic in Jewellery: In traditional jewellery use of middle income family maximum amount of time in event. Specially on wedding ceremony for hindu & muslim young families. They are also use to once in a while. In middle income use of the fashion jewellery contributes also perfectly. Especially in 15-28 yrs. old ages person.
Upper school family use to traditional jewellery matrimony, akika, in every family occasional. That is also use to same religious man & women. Upper classes also good participate for fashion jewellery.
Upper upper course use to traditional & fashion jewellery perfectly known.
Conclusion: In Bangladesh has too many of an individual in traditional & fashion jewellery. The jewellery market sectors in Bangladesh have very old & traditional. So, that was big market present here. In Bangladesh silver plated and gold jewellery market keeps growing daily. So, Investor wants there & can be benefited. The maximum consumer in women. Bangladesh total society in 16, 5000000. Maximum of resident are women, gal & young female. Jewellery industry matures in this country in very old history. Finally tell certainly jewellery industry good position in Bangladesh.
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