Executive Summary
The production and selling of jewelry is a billion dollar potential industry. The industry mainly targets customers of affluent backgrounds who are willing to spend up to 10,000 dollars on jewelry purchases.
In Golden Spot, there are more than ten stores full of different types of jewelry waiting for this kind of customer with money to squander for their good looks and social status. Customers who are not able to cope with these costly selections are left with choices in the inferior category.
The Golden Spot Company being an online jewelry selling company will be targeting a wide range of people all over the globe particularly those with modest income and are not in access to different types of uniquely designed ornaments made of expensive metals like gold, diamond and silver (Davinchandra, 2010).
Due to globalization and cultural diversities, numerous people from different parts of the globe with modest earnings have been yearning for luxurious lives imitating celebrity culture, but have not been getting that opportunity from jewelry companies due to contact.
Using website to market and retail the products with modest income earning customers online is a good, efficient, cheaper and a reliable business. The unattended customers with high incomes from different parts of the world are expected to rapidly grow consistently as a segment in the global market.
There are five categories of jewelry produced by the company with each category comprising of different jewels such as the head ornaments category, hair ornaments category, neck ornaments, arms and hand ornaments.
With this online marketing and retail link with its customers, Golden Spot will provide a customized offer of ready products in different styles and designs of jewelry that are amazingly affordable. They offer: hair pins, earrings, body piercing jewelry, nose piecing jewelry, crowns, grills, necklaces, chokers, armlets, bracelets, cuff links, bangles and all types of rings.
Mission
The Golden Spot has a simple and strategic mission to avail customer with whatever king of jewelry they want in our categorization. They may also make orders for their own design which will be done by our specialist by hands.
Key To Success
The Golden Spot’s key to success is as follows:
- Offer the company’s customer with quality and affordable highly valuable jewelry.
- Design any piece of product as request by the customer when ordered according to specifications.
- Reach customers from all over the globe through online services.
Company Summary
The Golden Spot Online Jewelry Company will offer customized ornaments that are amazingly affordable. Our target reach is families and youthful adults with modest earnings looking for the same quality of selection that the high-end clients receive. Each piece is hand crafted from pure gold, silver or diamond and made to last without fading or wearing for generations.
Company Location And Website
The Golden Spot will be located in the city of Richmond to the east of Metro taking its major operations to contact customer through its website: www.goldandsilvermodernjewerlyspot.com.
Start-Up Summary
The Golden Spot start-up expense mostly comprises of jewelry manufacturing raw materials that is, silver, gold and silver, an operating website and transportation containers. Golden Spot will invest $100,000. To add on this it will secure a $200,000 loan.
Products And Services
The Golden Spot will offer hand designed and machine made products made from silver, diamond and gold to be worn in head, hands, arms, neck, and body which include: hair pins, earrings, body piercing jewelry, nose piecing jewelry, crowns, grills, necklaces, chokers, armlets, bracelets, cuff links, bangles and all types of rings.
Market Analysis Summary
Globally, approximately a considerable number of people have modest income. As time is moving and the world is growing more sophisticated with cultural diversity and globalization, the number of people with modest income is anticipated to escalate over the next years.
This will in turn result to faster growing of the segment anticipated to purchase our products. An estimated sale of more that fifty billion pieces of affordable jewels is expected to be made in the next three years.
Currently, the trend in the global society has shifted to modernity with many families with modest income squandering money in such products as expensive engagement rings, necklaces for women, chains for men, bracelets, while young adults are being moved by the global cultural diversification making demand for sparkling metallic items very high.
Market Segmentation
The growth of the modern culture all over the globe and the interaction that is being geared up by the movement and communication advancement has changed the world into a global village. Young adults are desperately in need of these items as part of acceptance into peer groups.
Young couple and families are also in high demand for luxurious and highly valued ornaments like rings, hair pins, cuff links and bangles among others. We the Golden Spot will aggressively market our products to the targets customers who include: Young working families, Young adults and Students.
Strategy And Implementation Summary
The Golden Spot Company will take focus on the customers from all angles of the world and with modest income.
Online Competition Assessment
Our greatest threat in the online market will be the Goldedmine.com who deals with wedding bands, gold chains, promise rings followed by the Jewelry Vortex who deal with Men wedding band and general wedding rings and finally the Men Golden Chain online store dealing with mean jewelry.
Most jewelry producing and selling companies are all over the world targeting the affluent people from all directions of their locations. Stores for these companies are located at the reach of potential customer and offer nice and fantastic products, but not in affordable prices. They have also not though of online sale using virtual accounts and marketing strategies by means of websites.
The primary reason for the cost we ask for our products is the kind of metal used with different competitive prices being charged for different products depending on whether they are made of silver, gold or diamond and also depending on different types of designs especially when specifications are given by the customer.
Many golden, silver made and diamond products such as rings are also charged differently with all prices available on the website provided in our price-list. We will be able to earn higher profit by focusing more on our chosen metals that is, silver, and gold and diamond which are highly valued in the societies worldwide and strictly making authentic and unique products unlike other companies.
With specialization on the above category with time we will be able to specialize in the product production which will increase the quality of products produced. A majority of our product will take the rank and status of superior goods thus gaining trust among the rich people which we are targeting for higher profits.
The Golden Spot jewelry sites offers varied selection of stylish golden, diamond and silver made products with most our procedures being designed to serve both profit maximization and customers satisfaction for future reasons since we believe that, despite the customers having quality selection, they form a segment of our esteemed customers.
The company in addition will ensure it makes quality, good looking and valuable ornaments to last for many generations and will be ready to offer their customer all the popular styles needed and in time.
Online Marketing Suggestions And Strategy
Our marketing strategy mainly occurs in the website which we will advertise in all global media services available to reach the largest number of people.
In our advertisement strategy special offers will be given out to the first 1,000 customers to make sales in our website with also discounts will be given for people making bulk purchases through the website. The main reason for this is to market and popularize our website services which will be very secure and efficient to offer quality services to our customers.
Upon research the company has decided to utilize online marketing strategy which has a great potential of attracting millions of potential customers to our website, which in turn help increase our business sales and also enhance branding of our company’s products. Since we are just beginning our online marketing strategy we have selected some of approaches that will help make effective.
As I mentioned earlier, the company will start with promotion of the company’s website, which is attractively and efficiently designed (Glen, 2005). We will also try hard to make the website being ranked among the best searching engines, with the best optimization techniques. We will also embrace marketing using emails which will help dominate our marketing niche with resellers, affiliates and associate programs.
We have already hired and requested Bridge Internet marketing consultants to analyze for us the progress of the website within the first one year. We have in plan to also build receptive opt in email catalog as well as to publish articles about our website. We will also facilitate and participate in contests and bargains through our websites and lastly to blog and relate with our visitors.
Strategies Tofollow When Considering And Optimizing For Search Engines
We will make sure that we deliberate upon things we will need when considering to employ a professional seek engine optimization consultant. Among the most critical items to think about before making the choice are:
Cost: Work engine are very expensive, but our company has come up with a strategy that will enhance proper work done at an affordable price. The main reason for our company to opt using website link to reach customer is to optimize.
Secondly we have a clear knowledge on the benefits we will be getting from this service, despite its price.
There should be guarantee that there will be an increase in the trafficking to our site as well as increase the chances of our site being ranked among the best.
There is also the consideration of our competing companies that we share with the search engine consultant. It is also very important to track their records which will be the only evince on whether the consultancy company has knowledge and required experience in the field and industry.
The SEO firm will have in mind is trustworthy and we believe it will help our site reach at the top so as to attract immense number of customers as well as make vast profits as is the major objective of our plan.
Social Media Integration
Social media has recently dominated the internet publicity. Our company intends to integrate the impressive and efficient highly ranked site with social media services such as Facebook and Twitter which are have recently grown at an impressive rate in the global marketing field.
Several of our competitors are using Bebo and MySpace which are slowly being swept away. Another option will be Google, which is considerably doing well in the field.
Twitter being one of our two major social networking sites we are opting for, is today being used by companies, celebrities and people all over the globe to get updated with the proceedings. With twitter, we will have allowed people all over the world to easily follow what we are doing and what happens in our site by integrating our site.
Facebook has been greatly growing at a serious rate with nearly every young adult, teen and politicians having personal accounts which they check on a daily basis. This is an opportunity where a market of people will spread our site amongst, with facebook’s consistent growth and spreading to all kinds of markets such searching and advertising, it becomes an opportunity where our site is supposed to be.
Our Online Customer Relation Management
This will boost our company’s sales and marketing strategic plans to win more potential and willing customers for our products. We have tested this method and we are certain that it will work wonders for our company’s sales and marketing department. This sales force automation will apply by effectively automating our complete team of sales and marketing.
Thus, we will be able to amalgamate our sales and marketing squad at the core (Derek, 2011). This will enable easy functioning of both teams in a singular and in tandem manner.
We will be using a CRM tool which normally has dashboards and screens specialized for marketing and are user-friendly to managerial staff, operational staff as well as the telecommunication marketing groups which in this case act as third parties (Derek, 2011).
Our E-Commerce Solutions
There are numerous online stores in operation today which has resulted to overcrowding and immense competition at the market-place. E-commerce will help connect company with customers all over the world in an extraordinary fashion.
Since our company has made a decision to venture into online burgeoning arena, it will have to search for new business directories. We will register our domain name; get cart software for e-commerce shopping, professional we design ecommerce web hosting specialists and a merchant account.
Projected Web Development And Maintenance Costs
Golden Spot will basically incur the following in order to set up and maintain the website: Registration of the website domain, hosting of the website, the cost of the web-design (Standard, basic, premium, premium plus), the site maintenance cost.
Website Index For The Gold And Silver Spot’s Online Expansion
Golden Spot signifies the selection of modern styles never accessed by many people in the world of modernism, fashion and design. It is true that fashion is life and life is a dream that we realize when we live to our best. Golden Spot’s first free growth offers the power to run for all courageous enough to grab it, provides an opportunity to of get tools to assemble crowds together and create your own territory.
The Designed Mock-Up For The Proposed Gold And Silver Spot
Below is the selected design make-up of three website pages based on the proposed online business expansion strategy.Tagging of Text characters is an option that enables outputting of XHTML code in a simpler manner.
In certain cases, instead of using XHTML symbols, a text block can now be simply tagged when being created, and the XHTML code is created on output automatically. Secondly, the enhanced HTML symbol present in the newly improved symbol makes it possible for easy link creation as well as the unordered list, enhancing the workflow speed.
The image slices at the background cannot be easily sliced out in fireworks, but can be defined as background images with a variety of options which greatly improves the XTHML/CSS codes. In fireworks, these images are usually created automatically.
Management Summary
The company’s owner, Mr. Russell Putnam, has worked in jewelry industry where he gained experience for over twenty years. This experience began when he was a young boy staying with his grandfather who had been in the same field for years.
He later joined Ingram Jewelry Company when he finished school and since then has work in more than five companies dealing with the same products hence has accumulated vast experience on the industry.
Within the first five of his work life he managed to reach the position of shift representative. Mostly recently, Putnam was the operation’s manager at Westgate Modern Jewelry Manufacturing Company Limited.
We have therefore realized his talents which justify his choice to run a Modern Jewelry Producing Company with all the hope and trust that his excellent performance in the past companies he was engaged to will be manifested even more in services his company is going to deliver to its customers worldwide.
Personel Plan
The Golden Spot members of staff will comprise of the following:
- Director
- General Manager
- Assistant Manager – Operations Department
- Assistant Manager – Information Technology Department
- Five Marketing Officers
- Office Manager/Accounts Officer
- Ten Production Staff Members
- Five Stockers/Packagers
- Three Drivers
- Two Security Officer
References
Derek, S. (2011). Online Customer Relation Management. Retrieved from www.teamtechnology.co.uk.
Glen, W., R. (2005).Strategic Management: Competitiveness and Globalization, Second Canadian Edition. New York: Nelson Education Publishers.
Davinchandra, D. (2010). Running an Online Jewelry Business: A Journal on Online Jewelry Businesses. 83(2), Pp 12.