The name of my business is : GlamHind Jewelries
Brief Description of the company :
The name derived from Hind (India) and glamour. The company will do web marketing for Costume Jewelries from India. This company will apply the niche marketing strategy by targeting only the women of age group 20 -50. All the products will get imported from India. Their Product lines are – earrings, necklaces, anklets and bracelets, which can be sold as sets or as individual items.
Target Marget
Jewelry
is the temptation that no woman can resist in the world. Every woman is crazy
about the ornaments. Jewelry can be defined as the ornaments that are worn by
men and women to accessorize or for personal adornment. Basically jewelry is
used to intensify the beauty; jewelry items basically include bracelets,
necklaces, anklets, earrings etc. The jewellery
industry in India is huge and has a varied demographic uniqueness. Each state
has its own design which GlamHind will capital. GlamHind is trying to sell
online and targeting the women of age group between 20 – 40. Most possibly they
are the working group as they cannot find the time and energy to go to a store
and spend hours in finding the perfect product so they prefer online shopping
at their convenience. People who buy everything online like clothing, books,
CDs, etc can also be a huge target as they believe in only online purchasing
and they trust that source of purchase.
Segmenting GlamHind Market
The company will use the following
characteristics to segment its market:
Geographic segmentation – since this company is adopting web marketing, the target
market will be the entire world (though initially only in US).
Demographically this company’s segmenting will be done
on several variables, such as:
Age group (between 20-40), Gender (Female), Income (Working group as they do not have much time
to shop, but it includes low income group also), Ethnicity (Obviously Asian
Indian will be a major segment but the business will target the American women
as well), Education (Educated and interested about world history
as well as technology savvy) .
The type
of company is global, as it is web based.
GlamHind’s strategy for selecting target market will be
concentrated targeting. It selects a market niche for targeting
its marketing efforts. Since it is only a small segment or a particular group,
the company can concentrate on understanding the needs, motives and
satisfactions of that segment’s members also to maintain a good marketing mix.
It could be more profitable also.
GlamHind will use one
to one marketing strategy .This way it will be able to build a profitable
relationship with its customers.
Positioning
is
the place a product occupies in customer’s mind. In this case “Beauty And The
East “ tagline may create that place . This company will use the price and quality (low price and
quality) as a base for its positioning. As it is a web based company so “emotion” will play a major role, how
the ladies feel after they physically touch the ornaments or wear them. By the
name GlamHind , the company will be able to attract Asian Indian as well as
women from all over the world.
My hope is Based on the evaluation of target marketing and the
successful implementation of marketing mix GlamHind can survive in the long
run.
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