Marketing Management Assignment help on : Aspial Corporation
The firm that is selected for further expansion is Aspial Corporation who owns the Lee Hwa, Goldheart and Citigems brands and is one of the best known in Singapore. Lee Hwa has about 27 retail stores and leads in industry in case of contemporary jewellery. Their Destinee series is specialised in the purple gold range of products. Gold heart also offers a wide range of the quality pieces for a customer with modern tastes. Cities are targeted at younger teenagers and are cheaper than the most products (Aspial, 2012).
Lee Hwa Goldsmiths and jewellers Pte Limited is a company that was incorporated in November 1970. It later on set a manufacturing division at Citimac Complex. They were the first to introduce white gold in Singapore. Their vision was to become a leading jewellery company in Asia for being innovative and having a strong brand. Their mission is to learn innovate on each step of their growth, build their brand and have value added partnerships with suppliers, customers, business partners and employees. One of the major strength of Aspial is that it appeals to the affluent, sophisticated and discerning woman who appreciates the finer things in life (Aspial, 2012).
Business Environment London
The city to which they are looking for expansion is London which is the capital city of UK. The initial target of expansion is set UK as Aspial had participated in the London Jewellery week and was appreciated for its designs. It is also a place that gives high importance to jewelleries and fashion weeks. The GDP growth in UK is has been as fast as it is in the case of the European Union. There was also a construction in the case of the UK economy as in the case of the many other countries in 2009 and it is growing again now. The Harmonised Index of Consumer Prices stood at 4.5% in 2011. UK is also famous for attracting foreign investment. There are also plans to reduce the corporation tax to 22% in UK (UK Trade and Investment, 2012).
It can be said that in the case of British and European public are paying inflated profit margins in the case of diamonds. The profit margin is high and it can be used for developing new designs and stocking them. The jewellery trade industry in UK has seen a drastic change. Most of the jewellers concentrate on retailing now. This is a quality were Aspial will stand unique as they offer both retailing and custom made jewelleries for customers. Craftsmen who are working for Aspial have the asset of experience and handling with precious metal and jewels and knows what clicks in their combination.
The jewellery manufacturing now is undertaken by labelled designers which are where expertise from Singapore will help Aspial. On further analysis it can be seen that the requirement of the jewellery industry in UK is a jeweller with in-depth knowledge in metals, precious stones, designs, process of manufacturing along with the ability to appreciate beauty and set a reasonable value for merchandise (Street directory, 2012).
The consumers in the case are also starting to look for brand in the case of jewellery and are looking for designs that are exclusive in nature and would love to take it from prestigious companies (Street directory, 2012). Apart from the favourable attitude from the customer there is also relaxed attitude towards foreign investment. UK is also highly advanced in terms of technology and infrastructure. The standard of living is high in UK which is one of the reasons why there would be a genuine attraction towards jewellery.
Marketing Issues
One of the major issues that would be faced by any company in jewellery business is t be specially identified. The ornaments that are made by the jeweller are not tagged and the users identify them for the designs that are made. The same design can be made by more than one jeweller. It is not practical to patent all the designs that are manufactured as the profit made in that process will be hugely compromised. This means that it is important to give additional value to the customers. There is a high challenge that the designs and the ornaments by Aspial will fail to carry the identity of the corporation.
Making a space among the competitors in the current market is also an issue to be faced. There will be certain amount of reluctance in the customers to believe in the quality of ornaments as we are expanding for the first time to a European Country. But these misconceptions can be changed as London fashion week only appreciates the best of the brands. The customers in UK are slightly extravagant in nature and refer to designer labels attached to it. In UK people are extremely busy and hence there are opportunities for growing in the online business.
Marketing and Branding Strategy
Vision: The vision of the promotional strategy is to become the most preferred jeweller in UK
Mission: Innovate and design the most appealing ornaments for a reasonable price
Target Market: The target market for the ornaments designed by Aspial Corporation would be younger and middle aged women who is highly serene, sophisticated and modern, who depicts modern and confident women of today. Here the customers are sensitive to quality and flawlessness of the design rather than any other factor. Price, service quality and availability of choice matter to customers who are targeted by Aspial. He customers are highly sensitive to the changes in the jewellery market as it is hyped by media and their genuine interest in ornaments. The customer segment that is chosen will go for elegance and not showy which is why the designs made by Aspial will particularly attract them.
Product: Aspial Corporation can launch a retail show room where they display all the designs from the three main categories including the Lee Hwa, Goldheart and Citigems brands. This will suit the options that are automatically chosen by women as Citigems are cheaper and the other two belong to higher class. They can manage to achieve the same grandeur with the products on terms of the affluence from these three brands. There will be collection of diamonds and gold set on 19k. There is also a requirement of introducing 14k gold in accordance with the hike in the rate of precious metals recently. The designs are all mostly contemporary in nature. However ethical and traditional designs will also be made on special orders. There will also be an option for custom made designs provided exclusively for the special customers in case they require it. There will also be an exchange option where in the customers will have the option of exchanging ornament for a compromised price. This will ensure that buying these jewelleries are as much as an investment because the prices for precious metals are hiking.
Price: the prices that are set for the ornaments will be highly dependent on the market rate of gold. The rate of diamonds is also very high. But however, the surcharge that is charged on modern and contemporary designs will be only 30% unlike others in the case of other jewelleries. The Lee Haw, Goldheart and Cities will all be branded under the name of Aspial and each design will have a separate name. The prices of of Citigems are affordable for young students also but are not compromised on their designs.
Place: Though the place that will have the retail shop of Aspial is in London, there will be option of online sales as well; where in customer from any part of the world can order from the products. The website launched by Aspial will begin with one show room initially and depending upon the sales it will expand to have show rooms in multiple places. Aspial is also planning to set up their products with the suppliers who are interested in showcasing their products. Aspial will also make its presence in the jewellery week. A reality show will also feature the products of Aspial. This would mean increased attention for the products of Aspial.
Promotion: There will be banners and advertisements that are printed on behalf of Aspial in the jewellery week. This will also mean additional promotion for Aspial. Aspial will present on two major themes from the two brands citigems and Apart from this Aspial will make Lee Hwa. A strong presence in social media sites and advertises personally giving every one the chance to respond to the decisions taken and encouraging them to experience and to become a part of Aspial. Aspial is also looking for the process of relationship marketing where they can keep in touch with the customers and send them new designs and the rates included.
Aspial will make short videos for promotions depicting the elegance and the value that the ornament would provide to the ladies along with a confidence of owning it. There will also be sufficient dedication towards social and environmental responsibility. Aspial also plans to attempt on broadening it base on the basis of word of mouth publicity. This will all require additional dedication from the employees of the place. Value should be generated on terms of the quality of products and the intangible benefits that would be experienced by them.
People: It is very important to be careful about who gets in touch with the customers as it will make an impression about the products that is used. This will also have an impact on the satisfaction rate that is experienced by them. This is why Aspial will be extremely ready to select people who are friendly and helpful and would represent the image of Aspial very well. They will be highly motivated, trained and will have the right and a helpful attitude.
Process: One of the major mottos that would be adapted in Aspial is that the products will not be pushed into the customers. The customers will be allowed to try on the products they are purchasing. The contemporary designs will be designed by the designers and the designs will be manufactured by the craftsmen. The customers will have the option of choosing a design, or designing their own ornaments according to their needs. Self designing will take up to a week as the craftsmen have to manufacture it separately once the order is made. The process of shipping will also take a gap of one week to reach the customer in case the order is kept online.
Physical Evidence: one of the best qualities about jewellery is the physical evidence it doesn’t fail to share with others. The ornament can be used for showing off and represents the mindset and the attitude of the girl who is wearing it. They can feel the product before its purchase and evaluate its worth in the case of jewels unlike in the case of many other products.
Financials:
The total investment in the case of promotional strategy is half a million dollars. The stock of the ornaments will be initially shared between Singapore and UK and this one of the reasons why the capital cost is lesser than what is expected. The fund allotted for marketing and sales should be one by fifth of a million. The breakeven can be expected only in two years as expenses required in marketing and expenditures are high in UK for marketing in comparison to Singapore. The expenditures are bound to increase if they are planning to open another retail store.
Conclusion
To conclude it can be said that, the business atmosphere has a high influence on the performance rate of the business. It is also highly dependent on the situation on the global economy as people tend to sacrifice on purchase of ornaments when there is a recession. Also strategic implementation of the plans require high amount of hard work and attention. A compromise on this would mean the fall of the brand. Aspial Corporation has a potential future in UK. But one should reach up to the expectations of the customers.
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