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Opportunities for Pandora Jewelry to Enter Indian Market
Added on -2019-09-21
This research analyzes the opportunities available for Pandora jewelry to expand its operations by entering directly to the Indian market. The research shows how Pandora can explore the opportunities of the new market which mainly deals with the jewelry of gold and diamond despite being oriented to the silver jewelry only.
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CONSULTANCY PROJECTTo understand the opportunities available for Pandora jewelry toenter into Indian market directlySTUDENT NAME:STUDENT ID:DATE:
1AbstractThe research is being conducted to understand and analyze the opportunities which are available for the Pandora jewelry to further expand its operations by entering directly to the Indian market.Further, the research will show that how the Pandora will be able to explore the opportunities of the new market which mainly deals with the jewelry of gold and diamond despite being oriented to the silver jewelry only. Pandora has offline and online operations in order to provide the products to the customers. Moreover, the research was being conducted by utilizing secondary and primary methods of the research along with the tools of marketing in order to understand the external and the internal environment. The results which are gathered from the respondents are being interpreted in the form of graphs and the charts. Also, our consultancy company provided best and appropriate solution to the customer as per their requirements.
2Contents1.Introduction.........................................................................................................................................3Research aim..........................................................................................................................................4Research objective.................................................................................................................................4Identified research question..................................................................................................................42.Literature review.................................................................................................................................53.Methodology.....................................................................................................................................10Philosophies..........................................................................................................................................10Strategy................................................................................................................................................12Design...................................................................................................................................................13Implementation....................................................................................................................................144.Data collection, analysis, discussion..................................................................................................15SWOT Analysis....................................................................................................................................15PESTEL Analysis................................................................................................................................16Survey analysis....................................................................................................................................185.Conclusion and recommendation......................................................................................................316.Reflective report................................................................................................................................347.REFERENCES......................................................................................................................................368.APPENDICES.......................................................................................................................................40Questionnaire.......................................................................................................................................40Ethical approval form.........................................................................................................................41
31.Introduction To attain the sustainability and the competitive edge along with the maximization of profitability for the longer period of time, the organizations have to change their way of working and further explore the new opportunities to expand their business and create a strong market presence. Furthermore, Pandora is planning to enter the market of India as it is one of the greatest market of jewelry across the globe. The Pandora wants to open around 50 shops in the coming four yearsin order to expand the business. Pandora is targeting the market of India because the country is focusing on the diamond and gold and the youngsters of the country are highly influenced by the western culture and the brands and they are more attracted towards the silver jewelry (PANDORA. 2017). This will be a great opportunity for Pandora to expand the business in the market of India by targeting the youngsters. Moreover, jewelry is being defined as the statement of fashion which is becoming popular among the customers. It is being observed that the countryholds high potential for the company in order to explore the available opportunities and create strong presence in the Indian market. Further, the companies should keep on experimenting according to the change in technology and the time to achieve the sustainability by developing a base of customer loyalty. Furthermore, the background of the project will be demonstrated and the literature review will be shown that is being developed by gathering the information through secondary research i.e. journals, articles, etc. Also, methodology will be shown that will demonstrate the strategies, philosophies and the design that is used in successfully conducting the research. The section of data analysis will demonstrate the interpretation of the data in the form of external, internal and the survey analysis which will show that what opportunities are available for Pandora and to what extent the company can expand its business in the market of
4India. Further, recommendations will be created accordingly in order to improve the strategies to enter the Indian market and also develop a strong presence in the Indian market of jewelry.Research aimThe project’s aim is to understand the opportunities which are being available for the Pandora jewelry in order to enter the market of India by understanding the environment of jewelry in that particular country. Also, by analyzing the competitive edge of Pandora as compared to the international and the national jewelry organizations in the country. Research objectiveThe objectives of this particular research are given below:1.To assess the current situation of the company in the International market.2.To understand the Jewelry environment of India.3.To analyze the competitive advantage of Pandora in comparison to other national andinternational jewelry companies in India.4.To identify strategies that will be suitable to enter and expand in the Indian Jewelrymarket.5.To recommend improvements based on the overall assessment.Identified research questionWhat are the opportunities available for Pandora Jewelry to enter into Indian market directly?
52.Literature review According to (Robson, C. 2002), it is being observed that there is the market for the silver jewelry if it is being aimed at the generation of the youngsters who wants to purchase the fashionable and the light jewelry. It is the correct time for the companies to enter the market of silver jewelry as it has initiated to take off. Further, the Indian market of jewelry is witnessing a great shift in screening the types of jewelry from the initial investment to the appealing artistic ornaments. The focused is being shifted to the unique style of designs. The customers of India are experimenting with the new and innovative designs along with the light weight jewelry ratherthan heavy weighted gold and diamond plated jewelry. Furthermore, it is being observed that since the year 1990, the taste and the preference of the customers are changing towards the type and the design of jewelry. The women are opting for the lightweight and the fashionable Jewelry rather than the chunky traditional Jewelry. There is the continuous rise in the demand for the lightweight and the fashionable Jewelry. Furthermore, the customers prefer silver Jewelry more as compared to the diamond and the gold Jewelry (Titova, A. 2011). Also, it is being observed that the branding provides customers great confidence in order to make the decision for purchases and get satisfied with the products. The recognition of the brand helps the retailers to attract the customers to a great extent and maximize the sales by providing the unique and innovative products to the customers at the affordable prices by satisfying them. Further, the industry of Jewelry has seen the light of branding and initiated to harness the power in order to sell the silver Jewelry.Further, (Boyd, D. R. 2015) stated that the industry of silver Jewelry is still at the stage of infancy in some of the countries but, the maximized rates of growth demonstrate that in the short period of time it would corner a marker’s great chunk. Moreover, the branded silver Jewelry has
6sculpted a niche in the tough market of India, and further, the suppliers are aiming to expand the customer demand for the silver Jewelry in the content of expanding competitiveness and attain the sustainability. Furthermore, it is being observed that the Indian market of Jewelry and gems possess the great potential for the purpose of expansion in future. The market of India has an additional advantage of the reduced cost of production along with the labor which is skilled and further distinguishes it from the competitors. According to the change in dynamics, the jewelers are trying to jump on the wagon of the brand by investing in the advertisements and further attempting to develop a presence in the customer’s perception. (Titova, A. 2011) stated that the silver jewelry had become an essential part of people. Nowadays, the customers are purchasing branded silver jewelry that further creates the statement of fashion and expresses the individuality. Jewelry is becoming a passion for the customers as they look for the contemporary styles and designs at the affordable prices. The concept of silver jewelry has taken a great swing in the various countries, for example, India. The demand of the lightweight and the fashionable silver jewelry is rising and is further influencing the customers of the age group 16 to 27 who hasregarded silver jewelry as the accessory rather than the investment (Saunders, M. N. 2011). The millennium has witnessed the great change in the taste and preferences of customers.According to (Rowley, J. 2002), it has been demonstrated that the market for Indian jewelry is in the phase of transition with the customer's desire for enjoyment of jewelry for the appeal of aesthetic rather than the investment form. Some researchers conducted research to further understand the changing needs of the customers along with the aspirations and the motivations ofthe customers towards the market of jewelry along with the identification of new opportunities and trends. The conclusions which were observed from the research were like the generation of the youngsters were looking at the contemporary and the trendy jewelry and avoiding the
7traditional and the heavy jewelry of gold and diamond. Secondly, the customers wanted a broader selection at a convenient and individual location along with the great experience of international shopping (Kotler, P. 2006). Thirdly, the customers were willing in order to experiment with the new and innovative designs according to the change in time and the technology. They also stated that the branding is the trend which is irreversible as it provides the customer a degree of satisfaction and confidence that they are purchasing a high-quality product of jewelry. It is being observed that the jewelry industry has achieved great success from the pastyears because of the maximized demand of the lightweight and the fashionable jewelry (Jain, P. 2016). Further, the import and the export of the jewelry has also been improved to a great extent.The one of the largest manufacturers of the jewelry in India is the Gitanjali Group, and it manages the four top known brands of the jewelry. The company is unique and innovative along with the structured branding and positioning which further endows with the innovative and unique character and persona of the brand.Researcher (Singh, J. 2015), stated that the jewelry is the kind of accessory which includes, rings, watches, necklaces, bracelets, earrings, etc. Jewelry can be designed from the variety of distinct categories. Initially, jewelry was made from the teeth, bone, and shell around 1, 00, 000 years ago. Later, stone, beads, and gems were incorporated. Egyptians started using metals and gold in order to make jewelry which was being considered as the symbol of wealth and power. Furthermore, brands have boosted jewelry with great values including excitement, sexiness and the fashion rather than the only glamor. It is also being observed that if the customer wants to getassociated with such values, then he is only looking for the branded, lightweight and the fashionable jewelry (Luís, M. S. G. 2015). The Indian market of jewelry has created strides in the design which are being powered by the generation of youngsters, trained professionals and
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