Marketing Strategies of Jewellery Intermediaries

             Marketing strategy is a set of objectives, policies and rules that guide a firm's marketing efforts. Marketing strategy is the complete and unbeatable plan designed specifically to achieve the objectives of the firm. In a jewellery market where the gold prices have risen to a great extent, marketing strategies are designed by jewellers to stimulate the desire of the customers to buy gold jewellery and to retain the existing consumers. Formulation of marketing strategy consists of three steps. They are STP - Segmentation, Targeting, Positioning and assembling the marketing mix.

Market Segmentation

Market segmentation is the process of grouping of buyers who have common characteristics, so that their needs are better served. Jewellery market is segmented on the basis of gender, that is, male and female.

Market Targeting

Market targeting is the process of taking decision regarding the market to be served. Target market means a group of customers at whom the organization specially intends to aim its market effort. Jewellery marts in India target at women customers since jewellery is mainly a woman's accessory. Of course men have also started to wear simple jewellery like chains, rings, and bracelets. but women have great fascination towards gold jewellery. For a woman, jewellery is a desirable need the desire could be ego fulfillment, social need, technology generation need, investment need, or simply a gift to loved ones.

Market Positioning

After deciding the market to serve, the next major dimension of marketing strategy relates to the positioning of the offer, that is, the type of products to be offered to the target market. So to fulfill the desires of women, jewellers offer wide range of jewellery collections, both traditional and modern with stunning and unique designs.

Assembling the marketing mix

Once STP is fixed, assembling the marketing mix becomes the main task in marketing strategy formulation. Assembling the marketing mix means integrating the 4 Ps such as product, price, promotion and place / physical distribution. This process involves selection of the appropriate marketing activities and allocation of appropriate marketing effort to each one of them. Jewellery marts usually aim at increasing sales and to earn profit. So they select appropriate marketing activities and allocate their income from jewellery sales to various marketing mix elements appropriately.