Michael Hill Jeweller Introduction: Michael Hill jeweller is a multi-specialty jeweller in North America and the Oceania. The company was started in 1979 by Mr. Michael Hill and his wife Ms. Christine when they opened their first store in New Zealand in the town Whangarei. The company then grew to 10 stores by 1987 with an issue of 6m shares each worth 65c. By 31 December, 2011 a total of 245 stores were recorded under Michael Hill jewellers. (NZX, 2014) Competitive Position: Competitive Positioning is defined as how you will differentiate your products or services thereby creating a value for in the market. A good positioning is influenced by market profile, customer segments, competitive analysis and methods of delivering value. (Marketingmo, 2014) Competitive Advantages identified: • Bringing about required changes in accordance with the latest trend. • Making the best shopping experience for their customers. • Offering the best price based on the quality of products. • Highly qualified staff with in-house training and years of experience. • Located in every city/town targetting all the customers. • Availability of large customer online base. • Raw materials are only taken from certified suppliers. Michael Hill Jeweler is the middle market leader in New Zealand and Australia. Whereas, in North America and Canada Michael Hill jewelers are considered to be the challengers. SWOT Strength • Popular name in the market. • Appropriate designing of store. • Vertical integration of business. Weakness • Large inventory. • High dependancy rate in a particular region. • Concentartion on the world. Opportunites • Growing global jewellery market. • Expansion of business across the world. • Introduction to online market. Threats • Rise in la... ... middle of paper ... ...n Strategy: Targets to Mode Purpose Customers • Social Media • Television advertisements • Print Media • Telephone • Brochures • Email • Increase sales • Make the customer familiar with the products available Employees • Meetings • Notice board awareness • Educate the employees with the wide range of products available • Company success Stakeholders • Annual Report • Board of discussions • Company success With the use of the above mentioned mode of communication the company will be able to achieve the following: • Increase in number of sales thereby increasing the profits percentage. • Will be able to maintain a strong relationship between the company and the stakeholders. • Will be able to take inputs/suggestions from the employees and use the best to improve the business. • Will facilitate the employees to get a better understanding of the working of the company.
Foxy Originals is founded by two enthusiastic jewelry designers- Jen Kluger and Suzie Orol, who believed that life should be fun and full of excitement. Foxy jewelry offered high style and high quality at an affordable price and targeted women between 18 to 30 who were style- and price- conscious. Because of the growing popularity in the Canada, Foxy is now taking account into expanding its business to the U.S market to ease its saturation in Canada and growing its profit by at least $100,000 in the U.S. However, Ms. Kluger and Ms. Orol would first deicide on the best method of distribution- attending trade shows or hiring sales representatives.
Spar, D. L., 2006. Markets: Continuity and Change in the International Diamond Market. The Journal of Economic Perspectives, Vol. 20, No. 3 (Summer, 2006), pp. 195-208.
Hallstead Jeweler’s started as a pioneer in its era, and as the generations went on the company stayed true to what worked when they first started. Anachronism’s work only to a certain extent when thinking of nostalgic/retro items such as old cars, fashion, and art. Being a business that attributes itself to a period it does not belong to is not a good long term solution. Hallstead Jewelers stopped changing with the times.“The sisters' father saw the changes in the retail landscape, but he took no action because of them” (Bruns). This single fault caused a lapse in innovation a costly move that caused them to lose market share. According to Benjamin Franklin, “when you are finished changing, you are finished.” This quote directly applies to Gretchen and Michaela, who are now responsible for their family’s inability to adapt. The market share that they need to focus on is the
Spar, D.L. 2006. Markets: Continuity and Change in the International Diamond Market. The Journal of Economic Perspectives. 20(3): 195-208
House of Diamonds is a Jewelry Retailer in Overland Park, Kansas. It was founded in 1995 by Gene Cullinane. The organization rotates around a customer service-focused plan of action. Since establishing in 1995 they have evolved into one of the most complete and talented jewelry studios in the Midwest. It is the quality, investment in the latest technology, and craftsmanship.
Behind the love story of a diamond engagement ring purchased at a jewelry store in a United States mall, might be a story of child labor, violence, and corruption. Approximately, 65% of the world’s diamonds (about $8.5 billion worth) come from Africa (Diamondfacts 1). As pinpointed in the map below, Sierra Leone, Liberia, the Ivory Coast, Angola, and the Democratic Republic of the Congo are the main countries where conflict diamonds have originated (Blood 1). Of those diamonds, it was estimated that in 1990, 15% of these diamonds were conflict diamonds (Diamond 1). Conflict diamonds, or blood diamonds, gain their namesake because they originate from areas violently controlled by armed rebel groups. Fierce fighting is part of the process to control diamond-producing areas. The fought-over diamonds are then sold to international diamond dealers, giving the rebels profit to fuel brutal wars in Africa to fund rebel/military weapons. In 2003, the government-run Kimberly Process, named for a city in Africa, was launched to stop the trade of conflict diamonds, but had limited success in preventing villagers from working the mines (Kimberley 1). It is obvious that conflict diamonds cannot be stopped because African villagers are desperate for money, the Kimberley Process is concerned with stopping diamond trade but it does not attempt to curtail abuse in diamond mining, and most diamonds are small and untraceable so they are easy to smuggle.
The company's management put a lot of emphasis on taking care of its employees, encouraging an entrepreneurial spirit, treating each other with respect, and being committed
In 1867, huge diamond deposits were accidently discovered near the Orange River in South Africa. Cecil John Rhodes arrived at Kimberley Mine in 1874 and eventually began purchasing claims in the surrounding mines. Rhodes established DeBeers Consolidated Mines in 1888 to manage his assets. DeBeers allowed Rhodes and other suppliers to control the all-inclusive supply of diamonds by setting high market prices and regulating the output of diamonds into the market (Spar, 2006: 197). Ernest Oppenheimer gained control of DeBeers in 1929, after the death of Rhodes in 1902. The Central Selling Organisation...
Rhodes acquired all the major diamond mines and formed a diamond merchants’ association in the 1890s, called the Diamond Syndicate, to which he and other miners sold their diamonds (Peng, 2006). The members acquired the diamonds from the Diamond Syndicate and, in accordance with the rules thereof, sold them at prescribed quantities and prices. This was the birth of the diamond cartel.
Cunningham Fine Jewelry is a jewelry store that is located in Tulsa, Oklahoma. They specialize in jewelries, bridal jewelries, designer jewelries, diamonds, and custom design. The jewelries they supply include bracelets, bridal sets, charms, earrings, engagement rings, necklaces, pendants, rings, watches, and wedding bands. In 2008 Cunningham Fine Jewelry was named as one of Americas Best Jewelers and in 2009 was named to the National Jeweler Hall of
Blue Nile is one of the largest jewelry companies that sell jewelry products online. Blue Nile was formed in the year 1999 (Arthur, 2007). It is recognized as the company with the largest volume of sales in the world. It was recognized by internet retailer, a US magazine, as established in terms of size more than three largest jewelry retailers that conduct their businesses online. It has won several business awards in its historical times. It has also been ranked as the leading company in internet based customer service by consumers in 2002. It is the only jewelry company known to have received this award. Blue Nile has been selling wedding and engagement rings to more than 80,000 partners between the year 2000 and in the mid 2006. Internet retailer also recognized Blue Nile as the leading with the best web in 2007. In 2006 it also received an award from Kiplinger’s as leading best online jewelry retailer.
GJEPC (2008) highlighted that the global economic breakdown has hit the Indian Gems and Jewellery industry. Update on the diamond industry and reduction in the value addition measures for Gems and Jewellery industry has also been discussed. Export and import data of Gems and Jewellery products have also been displayed in this newsletter.
Communication is important in life. Companies need to communicate with other companies and customers. The managers also need to communicate with the staff. The technology provides us with many means of communication, the most important of which is e-mail.
Competitive strategy is the approach that an organisation takes in order to gain advantage over its competitors. According to Porter, there are two major sources of competitive advantages: costs and differentiation. Cost-based competitive advantage involves reducing production costs so that an organisation can earn higher profit margin or offer products at lower price compared to competitors. Differentiation-based competitive advantage involves offering unique properties that are not offered by competitors’ products. Differentiation allows an organisation to charge a premium for their products because they offer additional benefits to buyers.