In the year 1930 a small business opened in Kent, Ohio known as Kent Jewelry. Joe Sabo originally opened this business as a watch maker. Mr. Sabo ran Kent Jewelry for approximately seventy years before the store switched ownership after Mr. Sabo’s death. The most recent owner is Dennis Andrei, and Mr. Andrei is the third owner of Kent Jewelry. Mr. Andrei attended Bowman Technical School for watch repair, and Mr. Andrei learned about watches, jewelry and clocks. Mr. Andrei worked in Cleveland to start out and then became the owner of a jewelry shop in Stow, Ohio. Kent Jewelry became available and Mr. Andrei decided that would be the next purchase to further Mr. Andrei’s career path. So, in 1997 Mr. Andrei became the owner of Kent Jewelry in downtown Kent. Mr. Andrei continues to run a small yet, successful business that looks to continue to thrive. Upon entering Kent Jewelry a consumer would find several goods and services offered by the business. Mr. Andrei offers several forms of jewelry including necklaces, rings, watches, and earrings. There are several styles and options for a …show more content…
customer to choose from. If a customer does not like any options in the store or there is a certain style the consumer is looking for, then Mr. Andrei offers catalogs that hold a range of other options. Most of the jewelry a customer will see in the store is made of gold. Mr. Andrei deals mostly in gold, leading to another aspect of the business. At Kent Jewelry Mr. Andrei is willing to buy gold in any form because Mr. Andrei can refine the gold. Gold is a strong investment in today’s economy, as it will continue to hold a value. While the jewelry is what the customer sees the most of; Mr. Andrei offers other goods and services that distinguish Kent Jewelry from other jewelry stores. The largest portion of Mr. Andrei’s business is repairs. Repairs make up nearly eighty percent of Mr. Andrei’s business. Mr. Andrei is given referrals by other jewelry stores that do not specialize in repairs of jewelry, watches and clocks. Being able to repair jewelry is what keeps the business going during economic slumps. While people do not have the money to go out and buy new jewelry, there is the option to repair old and broken pieces for less of a cost. Jewelry has been worn for all of time and people will continue to wear it. Most of the customers that shop at Kent Jewelry are repeat customers and above the age of thirty. Although Kent Jewelry is located close to Kent State University, Mr. Andrei does not receive a lot of college students shopping for jewelry in the store because college students do not always have extra money to spend on jewelry. Mr. Andrei still does maintain business from college students looking to get jewelry, watches or clocks repaired; helping to contribute to the largest part of the business. Repairs are a skill that keeps the form of craftsmanship alive. Kent Jewelry continues to exist because it provides a service that technology cannot yet provide. While parts may come from machines for watches and clocks, the actual repairs have to be done by a human being. Mr. Andrei offers a service that provides a consumer with a result technology cannot. Technology is not an essential part of the jewelry business and is not something Mr. Andrei has to struggle to keep up with. That is what is unique about Mr. Andrei’s line of work. Many business owners have to stay ahead of, or with technology. If a business falls behind in technology, then that business is likely to struggle. Technology can be used to advertise and make the public more aware of Mr. Andrei’s business, but the task Mr. Andrei performs has yet to be replaced by machines. There are people in today’s world that are replaced by technology. Mr. Andrei can continue to thrive in a job field that is still a job of a skilled craftsman. Kent Jewelry has been through three owners and still continues to make a profit. The original owner ran the business for approximately 70 years. The second owner had Kent Jewelry for a year before it went bankrupt and then Mr. Andrei stepped in and has continued to keep the business going for the past eighteen years. Mr. Andrei makes an annual revenue of over one hundred thousand dollars and continues to hold another form of currency. Since Mr. Andrei sells gold jewelry and purchases gold, then the gold serves as a large sum of Mr. Andrei’s wealth. Until the gold is sold it under the ownership of the store that is owned by Mr. Andrei. Since paper currency is backed by gold, then gold continues to hold a value even if the value of paper currency drops. The gold purchasing aspect to Kent Jewelry helps to insure the business. Many investors turn to gold when the economy is rough and starts to drop (Amadeo). Gold is a standard form of money and allows a sense of security for investors(Amadeo). Over the years gold has continued to increase in cost (Amadeo0. Although the cost of gold fluctuates often within a year, the natural pattern is that gold has increased in cost over time; making it a valuable long term investment (Amadeo). The current pattern shows that when the economy falls investors tend to sell stocks and purchase gold for personal portfolios (Amadeo). Mr. Andrei has mostly gold jewelry and the jewelry is helpful in making sure the business remains secure against failure. Gold will not completely allow Mr. Andrei to save the business, but gold is a valuable asset to fall back on should something happen to the business. In the past three to five years Mr.
Andrei stated that the economy has had negative and positive effects on the business. Since the economy has been low, it has sent the gold prices up. The rising prices help Kent Jewelry business because more people want to sell gold to obtain cash to live on. Although Mr. Andrei is able to obtain more gold, Kent Jewelry is unable to move as much product out of the store. During the bad economy consumers are not looking for expensive jewelry or even new jewelry, because jewelry is a necessity. During economic falls people are looking to save money in the case of emergency. In the case that product is not moving, Mr. Andrei has the repair business to rely on. During a good economy Kent Jewelry moves more product, but the incoming gold slows down as the price of gold will drop. Investors start to sell gold in a good economy and return money to
stocks. Overall the business has survived a slumped economy and continues to do well. Mr. Andrei has set up Kent Jewelry in a way that allows for the business to do well in a good economy as well as a bad economy. Kent Jewelry might have some struggles during a bad economy, but it has not fallen to the economy and still continues to gain wealth for the owner. The gold jewelry either sells or serves as a hard form of value for Mr. Andrei. In either case there is a lump sum of wealth. That is a perk to one of the products in a business being gold. Mr. Andrei should look for sales to increase in the coming future for the jewelry. According to The Wall Street Journal, the recent slowdown in the China’s market could actually help the United States. The slower economy in China causes a lesser demand for certain products allowing prices to remain consistent and not to continue increasing. Economists predict this happening in the long run, but the economy in the United States is looking up. Investments are predicted to increase as economists look to the United States for larger returns while the Chinese returns begin to shrink. An increase in economy is good for all businesses; large or small as they may be. The United States will continue to gather momentum and should soon be back in a healthy economy. Mr. Andrei will benefit during the good economy with sales on product increasing in the coming future. Kent Jewelry will push more product with the increase in sales and bring more revenue for Mr. Andrei. Overall there will be a higher profit for the business; increasing the wealth for Mr. Andrei. If the market increases the success of Kent Jewelry should increase as well. While Kent Jewelry has proven to be a successful business, there are always ways for a business to heighten the success of sales. Kent Jewelry is located in a strip of several small businesses in downtown Kent. Kent Jewelry can be easy to overlook because the store blends in with the businesses next door. The store could stand to have some lights or be updated to make Kent Jewelry pop from the other stores on the block. Even a sign out on the sidewalk advertising for people that walk or drive by could help to draw in new customers. College students would be a great population to pull into the store and would increase sales. If Mr. Andrei were to hire or even take a little extra time to pass out flyers on campus once a month, advertising jewelry repair, then students that do not know about it would find a place to fix broken jewelry. There are a lot of trends that involve jewelry and jewelry does break. College students cannot always afford new so advertising to repair it at a fair cost is an attractive idea. If Mr. Andrei were looking to expand business then the ideal way to do so would be through the internet. Mr. Andrei could start an online catalog that showed the different available jewelry and even take orders online. Kent Jewelry could also start advertising online and have consumers ship items they need repaired. The idea of having items shipped and repaired is a little harder to start because most people can probably find a local repair shop. If Mr. Andrei were able to build a reputation and have people referred to Kent Jewelry, then the long distance repairs could take off. Overall there are several ways the business could expand, but it remains successful in the current state.
Lancer Gallery is a limited liability company that sources and sells a wide variety of South American and African artifacts. The firm’s headquarters are located in Phoenix, Arizona and they also have branch offices in Los Angeles, Miami, and Boston. Lancer Gallery originated as a trading post operation near Tucson, Arizona in the early 1900’s. Through a series of judicious decisions the company established itself as one of the more reputable dealers in authentic southwestern jewelry and pottery. The main problem in this case is should Lancer Gallery’s top management accept or decline a contract that could potentially re-position their brand and definition of business.
Another critical dilemma that the couple faced was to locate a source that would be able to supply worthwhile inventory for the business. This was a challenging feat as the available jewelry manufacturers were not easy to contact. Even when they were able to find a manufacturer, the available clip on earrings that they were able to...
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.
Lancer Gallery LLC began as a trading post operation in the 1990’s and quickly gained regional recognition as a trusted supplier of southwestern jewelry and pottery. Lancer later expanded its offering to South American and African artifacts. Because of their vigilance to imposter artifacts, they were able to gain national recognition as an authentic artifact supplier. This recognition was extremely beneficial to the company because in their industry, reputation is everything—people are more likely to buy from a dealer they trust because of the influx of fakes.
Mays, Kelly J. "The Jewelry." The Norton Introduction to Literature. 11th ed. New York: W W
Arrow Electronics is a distributor of electronic parts, including semiconductors and passive components. It was founded in 1935 and has reached number one position among electronics distributors by 1992. Arrow’s North American operations were headquartered in Melville, N.Y. Sales and marketing functions were divided among five operating groups. This case study focuses on the largest of Arrow’s groups, Arrow/Schweber (A/S).
The focus needs to be about the dollar per square footage. The company's course of action should be realigning their product displays and removing items that are not turning over and need to be disconnected. It is important for the company to understand trends in the Jewelry industry and strategize accordingly “rather than expanding locations expand in length, width, and depth through product lines” (Murdix). Tiffany and Company's SWOT analysis to learn the company's pain points, as well as why, are they so successful and implement their techniques into the company's new vision. It will lead Hallstead to see opportunities in “expanding into different markets that appeal to more people”(Murdix). The company will have their work cut out for them because they are trying to keep up with the ever-changing retail market. It will take time but with the above recommendations it will give them a good
as a result prices begin to fall. Because of the surplus of goods and falling
Chapter 26 focuses on people’s incomes and how they spend it, a lot of factors affect wealth and how it is spent, The chapter heavily takes into consideration economic growth and recessions and their ability to create a multiplier effect on the overall Gross Domestic Product of the nation. Various methods of spending one’s income are also covered in this chapter. This includes planned investments and unplanned investments.
There are six environmental factors that can affect an industry and they are economic, political, social, technological, competitive, and geographical. These factors are known as the environmental scan. Many businesses including Tiffany & Co. are affected by the macro-environment which can include a number of factors as mentioned above. Economy is one of the main factors that affect many companies and Tiffany’s as well. I believe that general and industry economic conditions and socio-cultural factors are favorable to Tiffany & Co. business situation because of the standing Tiffany & Co. holds in the industry and the brand name it has it will be able to outlast the economic crisis and still be able to profit. According to a Wall Street Journal article, “The Bare Necessities: Marketing Luxury Goods in a Bad Economy” by Christine Rosen here is an example of an ad made by Tiffany’s during tough economic times, "Dreams can still come true, give her the ring of her dreams. For less than you imagine, the best there is"(Rosen, p.1). As you read this ad you see how Tiffany and Co. is still portraying their high quality image they are known for, however they change their approach by saying dreams can still come true implying that even in these hard times you can get great quality for the one you love. In the last couple of years, politics and economics have played a major role in forcing companies in the jewelry industry to change in order to stay competitive. For example, blood diamonds were a major concern of the public which were used to fund conflicts in war torn areas. According to the Global Witness, in 2003, an agreement was made called Kimberley Process Certification Scheme, to remove blood diamonds from the worlds diamond su...
In 1915, Bronislaw Malinowski traveled to the Trobriand Islands and completed two years of ethnographic fieldwork (McGee & Warms, 2008). There he discovered the Kula, an exchange system of ornamental jewelry amongst men in various villages and islands, known as the Kula ring. Each man receives a bracelet or a necklace, keeps it for short time, and then passes it on to one of his partners, who gives him the opposite item in exchange. This extensive, well-ordered system relies on many rules and regulations, such as the direction of exchange, who can exchange with whom, and the duration of the ownership, all of which keep the exchange running smoothly and continuously (Malinowski, 1922). However, this jewelry has no practical use or value, “they are merely possessed for the sake of possession itself, and the ownership of them with the ensuing renown is the main source of their value,” Malinowski (1922) explains. One of ...
...s the example of the price of the gold to determine the relationships between the Linear Algebra and the Financial World. The uses of the financial concepts and the mathematics equations generally support the author’s aim of the price changing in different period of time. As the mathematics research article, it has clearly uses the symbols and equations to support the point of view of the author which shows the result of the element of the completed market and the changes of the price. However, it is not easy for a people who lack of mathematics knowledge to understand the concepts and equations of the mathematics. It will be easier for them to read and understand the author’s explanation if there are more explain on the equations or more wording explanations. Overall, Barbara Swart had been clearly explained the relationship of Linear Algebra and Financial World.
Pandora Jewelry is recognized as one of the most upcoming and unique jewelry company. It started its trade from Copenhagen, Denmark and now has become a global brand with stores in more than 80 countries on six continents. It is popular for its contemporary designs; inspired by Greek mythology Pandora uses hope and inspiration as the basis for their characteristic style. The product is targeted and designed for women with a concept to inspire women to express their individuality. It has a positive brand image for selling quality, hand finished and modern jewelry at affordable prices. Its strength relies on its unique selling point; it is a leading brand in the charms and bracelet category offering customizable accessories to its customers.
This can also offer more jobs to many other people. If people are spending more money, then businesses will be earning more money and they will need/to hire more people to keep up with the increased sales.
The wealth effect has helped power the US economy over 1999 and part of 2000, but what happens to the economy if the market tanks? The Federal Reserve has reported that for every $1 billion in increase in the value of equities, Americans will spend an additional $40 million a year. The wealth effect has become a growing concern because more and more people are investing; furthermore the Federal Reserve has very little direct control over stock prices. The numbers are staggering. Since the end of 1995, household stock holdings have doubled to more than $12 trillion dollars. And, for the first time, equities are the most valuable asset of the typical American household, not the home. When it comes to spending money, consumers take all their financial resources into consideration, from their income to their home. When an asset surges in value for a sustained period of time, such as the stock market in the 1990s, people feel flush and are willing to spend some additional money, perhaps by buying a fancy car or by taking a more expensive vacation. A good number of Wall Street analysts blame the wealth effect for today's negative savings rate.