Market Size And Trends Of Jewelleries In Bangladesh Marketing Essay

In every portion of the universe, in every human civilization and for 1000s of old ages, people have been have oning jewelry in assorted signifiers and for assorted reasons.A In Bangladesh different types of jewelry is being used by the adult females from ancient period. There are so many festivals among the assorted community people in our state. Every community people use the jewelry and purchase on their ain festivals such as Eid, Christmas, and Durgapuja etc. Some of the usual decorations are nose rings, earrings, watchbands, Crowns, rings, bobbysocks and necklaces. JewelleryA has remained unchanged with design dictated by regional and spiritual tradition.

( a ) Market size and tendencies of jewelries in Bangladesh:

Gold jewelry is utilizing as a tendency from the history of Bangladesh. In general people use gold as an attractive jewelry every bit good as manner. More or less every age group of adult females in Bangladesh wears these sorts of jewelry. In the yesteryear, the Bangladeshi jewelry market size was non big but now a twenty-four hours it becomes a common phenomena. Except the gold, many rocks and unreal stuffs came in the market in the ornament subdivision such asA bone, dirt, A animate being dentitions, shell, A and wood which are used to do assorted sorts of jewelries.

But in the current state of affairs gold market is diminishing twenty-four hours by twenty-four hours and other stylish stuff increasing because the monetary value of gold has increased really much in the last few old ages. Peoples are now more stylish and modern. They accept the jewelry by fiting their colour, frock, places and state of affairs etc. Customer purchases the jewelry which fulfills their wants and can acquire within their low-cost monetary value.

Figure: Recent jewelry market place in the Bangladesh.

Market cleavage

Gold plated silver jewelry is acquiring popular twenty-four hours by twenty-four hours in Bangladesh. The market for gold plated jewelry had flourished as the monetary value of gold has become unaffordable to most. These decorations are made of Ag and fitted with semi-precious rocks. By and large, the cherished rocks are really dearly-won, and ladies and gents wear those on fingers as rings merely. Whereas the semi cherished treasures have its alone coloring material and form and it look fabulous while crafted in jewelry. Sometimes Ag is washed with gilded H2O, so it gets a aureate expression and it looks like existent gold.[ 1 ]

Market section of jewelry user: Table-1.1

Age16-25

Age 26-35

Age 36-45

Urban country

********

**********

*****

Sub-urban country

****

********

*****

Rural country

**

******

****

Urban Area: In the urban country ‘s adult females more or less wears jewelry in the party every bit good as their community.

Sub-urban country: In the Sub-urban country ‘s adult females are utilizing jewelry every bit good as the urban country. In every age of our state adult females are seek to step every bit with others.

Rural Area: In the rural country ‘s usage of gold is seen really rare. But after matrimony adult females are to seen have oning jewelry.

Market section of jewelry user: Table-1.2

Light user

Medium user

Heavy user

School/ Collage

*****

University

*******

Job Holder/ Housewives

***********

School / Collage: Young misss who are in the phase of school and college degree are the light user of the jewelry.

University: University pupils can be considered as the medium user of jewelry.

Job Holder/ Housewives: Chiefly this group of adult females is the of import user of jewelry for Bangladeshi context.

( B ) Patterns of competition within the market and the function of distributor/ retail merchants

In Bangladesh there are so many jewelry stores and markets for traditional gold jewelry. Among them, Amin jewelry makers, Apan Jewellers, Muslim Jewellers Apurba Jewellers, Venus Jewellers, Grameen Jewellers and Shanonda Jewellers are good known. For manner jewelry like rocks, Ag or metals there are so many stores and stables in Bangladesh. Aziz ace market, Dhaka new market and Rapa place are known every bit good for this class of jewelry. In our state, a distributer and a retail merchant is the same individual. They are playing function of both distributers and retail merchants at a clip. For the traditional jewelry concern they import the natural gold as gilded biscuits chiefly from UAE, India, Korea, South Africa and Chaina. Then the procedure of fabrication is done in our state when an order is given. Sometimes readymade gold jewelry is besides sold to the terminal user. In other manus, manner jewelry straight imported from many foreign states sing the demand of the clients.

The jewelry organisations compete with each other by sing assorted factors. Brand name besides creates competitory factors for some organisation.

Some factors of competition:

Free service

Ad

Provide guarantee

Unique characteristics

Provide accurate weight for gold

alteration installations

( degree Celsius ) Competition parametric quantities between traditional and manner jewelry

Monetary value of jewelry: We mean gold, Diamond as traditional jewelry. The monetary value of these sorts of jewelry is much higher. In other side, manner jewelry determines low cost stylish decorations that look good but cheaper. Many unreal stuffs are used in this jewelry.

Juncture: Jewelry is used in different occasions in Bangladesh. Women in our state wear traditional jewelry in traditional occasions such as matrimony ceremonial, Eid occasions, Christmas etc. Manner jewelry has besides different utilizations. In some occasions such birthday party, New Year parties, invitations etc adult females like to have on stylish jewelry.

Populating criterion: Gold as a traditional jewelry is symbol of high standard degree. Though, these standard people besides like to have on stylish jewelry, but traditional jewelry expresses the criterion of life.

Age of people: Manner jewelry is preferred by the younger between the age of 15 and 25.In some instances, older prefer manner jewelry, but most of the clip after matrimony adult females wear the traditional jewelllery.

Resale value: Traditional jewelry such gold, diamond has immense resale value for longer clip period. But the manner jewelry does non hold such resale values after buying.

Assetss: Traditional jewelry can be valued as an plus. Many people in our state sedimentation gold alternatively of hard currency money. Because it returns more than liquid money.

Factors of competition

Traditional

Manner

Materials

Gold, diamond

Fiber, Ag, rock, pearl, wood etc

Others ( rock, gold plated )

Very few

Very much

Monetary value

Is high

Is low

Resale value

Good resale value

No resale value

Users

Aged, professional

Students, Professional

Guarantee

Needed

Most of the clip non needed

Social value

Moderate

High

Task-2

The jewelry has been played important function in our national and cultural civilizations. It has been used to denote position in our state. Particularly our adult females believe that it takes attending of a party like marrying ceremonial, Eid festival, Christmas and Birthday party etc.

( a ) When jewelry is purchased: Normally we purchase jewelry on assorted occasions. Every community people use the jewelry and purchase on their ain festivals such as Eid festival, Christmas and Durgapuja. Besides this people purchase jewelry for different sort of event or plan such as New Year party, birthday party, marrying ceremonial. Some of the usual decorations are nose rings, earrings, watchbands, Crowns, rings, bobbysocks and necklaces. JewelleryA has remained unchanged with design dictated by regional and spiritual tradition.

Why jewelry is purchased: We purchase jewelry to increase our societal position. There are two types of jewelry one is traditional and other is manner jewelry. Those Different clients like different sort of jewelry. Young and middle aged adult females prefer manner jewelry because it is comfy, available, cost low and safe. Whereas married adult females prefer the traditional 1 because after matrimony they think they can acquire societal values and regard by demoing their jewelry to the society. There are some factors why people purchased jewelry:

It is cultural tradition in our state

To keep Social position

Social category & A ; criterions

Peers force per unit area

Manner and beauty

How jewelry is purchased: Most of the clip ; we purchase jewellery through hard currency or look into sometimes by bank loan. But in some instances, we exchange new designed jewelry with the old theoretical account and adding some excess money.

( B ) The relation between the buyer and the receivers of the jewelry:

Relation is really importation factor for both the buyer and the receiver of the jewelry. There are two types of relation between the buyer and receiver. These are 1 ) Formal relation and 2 ) Informal relation.

Formal relation is maintained in the jewelry concern. It is favourable to the buyer every bit good as the receivers. The installations provided in formal relation- money reception, guarantee, guarantee, accurate weight, free gifts with buying, etc. Most of the clip formal relation is built with traditional jewelry clients. Formal relation is long term relationship between the buyer and the receivers.

Informal relation is besides built between the both parties. The factors in informal relation- invitation card for ceremonials, invitation for new merchandise launch event, update of the current manner etc. This relationship can be fluctuated.

( degree Celsius ) The motive for purchase: We are motivated for buying the jewelry by the milieus, environment, and socio-cultural events and sometimes by the equal force per unit areas.

Social function: Social position motivates us to buy jewelry. In our typical society there are some adult females who try to measure others comparing how much jewelry a individual holds. Who has most she is more esteemed among all.

Cultural function: Harmonizing to our state, adult females can non believe of go toing in any parties or festivals without have oning jewelry. It has been a tradition for our state adult females.

Peer force per unit areas: When people motivated by their friend, co-worker or relation to buy jewelry that the fact of equal force per unit areas. When adult female wore attractive jewelry so others come to cognize about its monetary value, topographic point and so forth.

Pre matrimony and station matrimony: Most of the adult females of our state purchase traditional jewelry after they get married. Such as gold jewelry, battle ring which worn by a adult female bespeaking herA battle to be married.

Undertaking: 3

Jewellery purchase consists of a figure of elements in our state such as advertisement, the retail merchant and stigmatization. These elements play a critical function on selling and buying the jewelry in our state. Innovatory design is besides of import in buying the jewelry. In instance of major buying client ever wants hazard decrease.

( a ) The function of advertisement: Ad of the jewelry can be done by its clients themselves. Jewellery is a gorgeous thing that attracts other people. When it wore by a adult female and if it truly attractive, others come to cognize about its monetary value, topographic point and so forth. Automatically the promotional advertisement is done by the jewelry holder.

The function of stigmatization: Stigmatization is one of the most of import factors to pull the client. The stigmatization is the mark of a company, which has a strong value in general people of Bangladesh. Branding drama most affectional function to satisfied chiefly traditional jewelry client. A trade name name can increase net income border of the company.

The function of retail merchant: In our state traditional jewelry concern, most of the retail merchant is besides maker every bit good. Though, natural stuffs are imported from other states but the jewelry is manufactured by local maker of our state. Most of the makers have their ain retail show room. In other manus, some retail merchants import the readymade jewelry straight from other state and sell them to the client of our state. For illustration diamond universe. In instance of manner jewelry a major figure of retail merchants import the finished merchandises from the foreign states such as Thailand, India, and China. A few makers are doing and planing manner jewelry by utilizing the local natural stuffs in our state.

( B ) The importance of innovatory design: Now-a-days, the immature coevals wants the latest manner in all goods or merchandises. This is besides applied to the jewelry merchandises. Most of the client want their jewelry has to be alone and particular, comparing the other people. As a consequence, new and innovatory design has to be offered to carry through the client demand. That is why, merchandise invention is really much of import to both marketer and client.

( degree Celsius ) Mechanism of hazard decrease: In the jewelry concern, client and man of affairs both have some hazard. They can cut down their hazard by following some major stairss.

Customer hazard: Customer hazard can be reduced by offering station buying services, exchange, reselling etc. When the client purchase traditional jewelry like as gold, in that clip marketer should guarantee the accurate weight and their honestly is besides of import.

Businessman hazard: To cut down the physical hazard, company should enroll smart and good trained security guard. Seller should implement technological support such as close circuit camera, finger print engineering, warning dismay system to cut down their hazard. And authorities should take all necessary stairss to cut down the hazard for both client and man of affairs such as constabularies have to implement their jurisprudence purely to cut down the force from society.

Undertaking 4:

a ) MethodologyA can decently mention to the theoretical analysis of the methods appropriate to a field of survey or to the organic structure of methods and rules particular to a subdivision of cognition. Primary research involves the aggregation of informations that does non already be. This can be through legion from, including questionnaires and telephone interviews amongst others. There are 4 types of research method. These are- Experiments, Surveys, Observations and Existing informations. Among these research methods, Surveying is the most appropriate for researching the attraction of the James Porteous Collection. Below, the chart is demoing the inside informations.

Focus Group: For the study research we need some people whom we can supply our questionnaires and roll up their sentiment. In some state of affairs the sample size is bigger. The sample size refers to the group of people on whom we will study. When the sample size is bigger, we focus on some peculiar people to do our sample more appropriate. This group of people is considered as the focal point group.

Focus group interview is a qualitative research method in which little sample of respondents discusses selected subjects as a group. Normally there are 4 to 15 respondents in a group. Respondents discuss an elective subject for approximately 1 to 2 hours with a moderator in attending.

There are some advantages with focal point group interviews. These are given below:

Interaction among group members refines sentiments, giving more elaborate, accurate information than could be gleaned individually.

Opinions or thoughts of single group members can be taken and refined by the group, ensuing in more accurate information.

The techniques are peculiarly adaptable to kids and to state of affairss where grownup literacy is low.

The technique is exciting, heightening the likeliness of obtaining more meaningful remarks.

Secondary research can used because it besides help to happen more information and besides of import to garnering informations that make the whole thing easier.

B ) Sample frame: Before researching we make a model, with what we collect sentiment and information from the respondents. It can be questionnaire, unfastened minded inquiry etc. These types of framing are known as the sample frame. For our study, we have made a questionnaire as sample frame. This is shown in the below.

Questionnaire on Jewellery market and its users

Name: aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦ Ageaˆ¦aˆ¦aˆ¦aˆ¦..

Occupation: aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦aˆ¦ Sexual activity: aˆ¦aˆ¦.aˆ¦aˆ¦

1. How frequently do you see the jewelry shops in a month?

a ) 0-2 B ) 3-5 degree Celsius ) 6 or more

2. What types of jewelry you like most?

a ) Traditional Jewellery B ) Manner jewelry

3. What types of Jewellery you purchase for the festivals ( Eid, Puja, Christmas etc ) ?

a ) Traditional Jewellery B ) Manner Jewellery

4. How many Jewellery stores are at that place in your convenience?

a ) 0-2 B ) 3-5 degree Celsius ) 6 or more

5. Did you purchase Traditional Jewellery ( Gold ) in last six months?

a ) Yes B ) No

6. Are you satisfied with the stuffs utilizing in traditional jewelry?

a ) Yes B ) No

7. Are you satisfied with the guarantee, replacing installations etc?

a ) Yes B ) No

8. Are you satisfied with the station buying behaviour of the marketer?

a ) Yes B ) No

9. How frequently do you speak with your co-workers or friends about jewelry in a month?

a ) 0-2 B ) 3-5 degree Celsius ) 6 or more

10. Make you hold any remarks on the jewelry of our state?

a ) Yes B ) No

If yes, _____________________________________________________________________________________

Thank you

degree Celsiuss ) In-depth research technique:

In-depth research is a great manner to talk to clients to happen out precisely what they want. We know that, studies are great for supplying an indicant of what clients or chances do and believe. But they ca n’t state youA whyA they feel that manner. In-depth research, in the signifier of single interviews or focal point groups, is needed for that. There are chief two types of in-depth research, Interviews of one to two hours continuance with an person where you probe inquiry and discuss countries of involvement. Other is focus groups which involve a figure of people in a room discoursing countries of involvement with a moderate, such as person who can direct the conversation and guarantee it remain within the subjects.

The manner of research:

At first need smart and good trained research worker.

Choose a suited topographic point for research and so choose the interviewers for research.

Ask them all one by one about your intended inquiry.

Collect all of your of import reply.

Measure the reply and eventually take to implement.

Some markets prefer the single in-depth interviews because they feel that respondents are free of group force per unit area, less likely to give socially acceptable responses, more likely to stay attentive, and more likely to uncover private ideas. The In-depth interview methodological analysis is frequently employed by Market Research when appraising concern proprietors, high-ranking executives, community and concern leaders, cardinal sentiment influencers, technicians, specializers, and other professionals ‘ subjects.[ 2 ]

Undertaking 5

( a ) On the footing of my analysis of the forms of consumer behaviour, I do believe there is a feasible market for this type of jewelry within our state. In my analysis, I analyzed the market size, section and tendencies, forms of competition, distribution channels, client groups, motive, advertisement, stigmatization, hazard and mechanism of hazard decrease, research methodological analysiss and study with questionnaire following research techniques. After analysing the undertakings those antecedently completed, I have found some grounds to verify my reply.

Customer handiness: In our state there is immense figure of client.

Profitable concern: Jewelry concern for our state is one of the profitable concerns. But to get down this concern, a big sum of capital is needed.

Cheap labour cost: Labour cost is the most of import fact at jewelry concern. In our state laborer are available.

Security of nest eggs: As salvaging for the hereafter gold jewelry is more secured. The monetary value of gold is increasing quickly.

Value to the cultural by traditional design: Sometimes people order traditional design that represents the cultural events. For illustration, jewelry for nuptials must be designed entirely and beautifully.

These are the grounds to back up my analysis.

( B ) From the chance of Bangladeshi jewelry market, buyers get some specific competitory benefits. Identifying these benefits I would lucubrate this portion. These are given below.

After sell services: after selling their merchandises companies give guarantee to last in the competitory market.

New exciting design: in competitory markets concern work forces ever collect new and updated design which attracts the client.

Assurance of the best quality: celebrated companies ever provide the best quality to the clients.

Free gifts: sometimes client gets free gifts with their merchandises.

Better resale value: after sale marketer may give a good resale value to the client.

Less doing rewards: marketer may offer the most sensible rewards comparing to the other competitory market.

Membership card: some companies give rank card installations which help them to purchase the merchandise with some release.

Better relationship: now a yearss, relationship between clients and concern work forces play a critical function in competitory markets, so concern adult male ever seek to maintain a better relationship with their clients.

( degree Celsius ) Define the mark market: Target market for the jewelry can be defined sing both demographic and psychographic cleavage. Specifying the mark market we considered the demographic variables such as age, gender, household life rhythm, income and coevals. And the major variables of psychographic cleavage such as lifestyle and personality are largely considered for aiming the market for the jewelry.

As our targeted client is immature coevals, so the mark market has to be defined harmonizing to psychographic cleavage including lifestyle and personality. Lifestyle can be divided into three peculiar conditions. These are winners, slaves and subsisters. And personality can be explained into four conditions. These are compulsive, gregarious, autocratic and ambitious. For the jewelry, we can specify our mark market with the support of these two variables of psychographic cleavage.

To advance the section I would propose the undermentioned tools that must be specific. The promotional tools those I would propose are given below:

Ad: Ad is the most appropriate promotional tool for these peculiar merchandises. Attractive advertisement in telecasting, newspaper, bill-board, magazines ( colored ) must convey the message to the clients and the end of the advertizer must be done.

Personal merchandising: Personal merchandising besides effectual for this merchandise. It involves personal interaction between two or more people, so each individual can detect the other individual ‘s demands and features and do speedy accommodation.

Gross saless publicity: Gross saless publicity includes a broad scope of tools such as, vouchers, competition, premium, and others all of which have many alone qualities. This type of promotional activities attracts client attending to hike gross revenues.

PR ( Public Relation ) : public relation is more effectual for this industry. Seller creates a good relationship and ever attempts to maintain in touch with clients. This is more utile for this industry in a competitory market.

Direct selling: There are many signifiers of direct selling such as, direct mail, telephone selling, online selling, and others. Direct selling is good suited to extremely targeted selling attempts and to constructing one to one client relationship.

Market besides can take two basic publicity mix schemes, push scheme and pull scheme. But push scheme is more effectual than pull scheme the jewelry market of our state.[ 3 ]

( vitamin D ) Merchandise pricing Scheme:

Pricing schemes alterations as the merchandise passes through its life rhythm. Get downing a new concern we have to take a challenge of puting monetary values for the first clip. For the jewelry concern I can take between two wide schemes: market-skimming pricing and market-penetration pricing. But market-penetration pricing is the most effectual scheme for the manner jewelry concern in our state.

Market-penetration pricing is the pricing technique of puting a low monetary value for a new merchandise in order to pull a big figure of purchasers, client and a big market portion. The scheme works on the outlook that clients will exchange to the new set because of the lower monetary value. Several conditions must be met for this low monetary value scheme to work. First, the market must be extremely monetary value mediums so that a low monetary value produces more market growing. Second, production and distribution costs must fall as gross revenues volume additions and eventually, the low monetary value must assist maintain out the competition and the incursion pricer must keep its low monetary value place.

Distribution: There are chiefly two common distribution schemes, one is selective distribution and other is sole distribution.

Selective distribution: Selective distribution involves a manufacturer utilizing a limited figure of mercantile establishments in a geographical country to sell merchandises. Such as, two-channel equipment, furniture company etc.

Exclusive distribution: Exclusive distribution is an utmost signifier of selective distribution in which merely one jobber, retail merchant or distributer is used in a specific geographical country, which is offering a merchandise for sale merely in one mercantile establishment or the mercantile establishments of a individual company. Such as car company Toyota, Honda.

So, selective distribution is the most appropriate scheme for this jewelry concern in our state. There is an advantage of this attack is that the manufacturer can take the most appropriate or best executing mercantile establishments and concentrate attempt on them.[ 4 ]

Jewelry is utilizing as a tendency from the history of Bangladesh. The Bangladeshi jewelry market size was non big but now a twenty-four hours it becomes a common phenomena. This assignment analyzed the market size, section and tendencies, forms of competition, distribution channels, client groups, motive, advertisement, stigmatization, hazard and mechanism of hazard decrease, research methodological analysiss and study with questionnaire following research techniques, mark market, pricing scheme and distribution. To success in jewelry concern all the sectors mentioned above are of import.

Mention and bibliography

hypertext transfer protocol: //www.theindependent-bd.com/details.php? nid=148751

hypertext transfer protocol: //smallhomebusiness.suite101.com/article.cfm/indepth_customer_research

Principles of Marketing, Philip Kotler and Gary Armstrong, 12th edition

hypertext transfer protocol: //tutor2u.net/business/marketing/distribution_channel_strategy.asp

hypertext transfer protocol: //www8.svsu.edu/~sherlock/Module1/Methods/slide1.html

hypertext transfer protocol: //en.wikipedia.org/wiki/Jewellery