Applied Business Research in Jewellery

This assignment delves into the application of business research within the jewellery industry. It explores crucial factors like market entry barriers, inventory management, brand competition, security risks, and consumer preferences. The assignment analyzes how different research approaches (product-oriented, production-oriented, and marketing-oriented) are relevant to making informed decisions in this sector. Additionally, it outlines the seven steps of the scientific method as applied to business research, emphasizing the importance of data collection, analysis, and communication for effective decision-making.

Running Head: APPLIED BUSINESS RESEARCH
Applied business research
Name of the Student
Name of the University
Author Note

1APPLIED BUSINESS RESEARCH
Answer to question – 1
Research is needed before making decision to determine the type of jewellery people
would prefer, the trends popular among them, if the population in the target market is educated,
belong to high income class, working with high cost of living, can afford luxury items, if the
internet access is high in the target market. It will help decide if the Jewellery store could be
opened in Adelaide (Armstrong et al. 2014).
Answer to question- 2
The four issues relevant to the jewellery business (Sheth, Sinha and Shah 2016) are-
 Barriers to market entry- brand equity of existing players, specialised licenses,
determining the start-up costs, and distribution challenges creates hurdles to
enter a competitive market
 High level of inventories- jewellery sector is dependent on the import of raw
materials. During the slack season it may be difficult to maintain the inventory.
There is a high price risk during the recessionary trends
 Overcoming entrenched brands is the other major issue as the customer loyalty
makes it difficult for new retailers to establish, It is challenging for the existing
retailers to define their brand
 High risk of loss- without the advance security system it is not possible to protect
the high cost inventory. It requires largest infrastructure expenses and regular
monitoring.

2APPLIED BUSINESS RESEARCH
Answer to question 3
The success of jewellery business is dependent on the design of the jewelleries therefore,
the demand is product oriented. Consumer preferences and tastes changes and product changes
must occur accordingly. It is difficult to carry the jewellery in large quantities; therefore sales are
based on the design- book. Since entire quantity cannot be ensured the production in specific
areas may vary (Devishwar and Kumari 2016). There is also need to save the charges that is paid
to different intermediaries of market that may justify the production. Market oriented research is
related to know the latest trend in the market in regards to jewellery, increase and decrease of the
consumers from urban and rural areas and the determination of the marketing channels. For
instance the marketing channel is different for readymade jewellery export when compared to
local and national market channels. It indicates that product oriented, production oriented and
marketing oriented research relate to this business (Boothroyd 2017). Thus, these factors are
highly relevant to the business decision.
Answer to question 4
The constraints are-
 Adequate information- in hand for making the decision. Reliability of the data is
the major constraint.
 Value of research- the research conducted is known if there is an increase or
decrease in the value of the research information in comparison to the cost of
conducting the research
 Time constraints- If the managerial decisions are ineffective, it indicates
insufficient time allocated for research

3APPLIED BUSINESS RESEARCH
 Nature of decision- if the business decisions are of strategic importance, it
indicates conducting business research. It relates to legal and ethical constraints
(Babin and Zikmund 2015)
Answer to question 5
The seven steps of scientific method are-
 Questions- things to be known for business start up
 Research – investigate to collect the desired information
 Hypothesis- prediction of the outcome and conducting an experiment to confirm
the outcome
 Experiment- testing the hypothesis
 Observations- data collection from the experiment and its analysis
 Results/conclusion- determine the correctness of the hypothesis
 Communicate- sharing and replication of results (Yarborough 2014)

4APPLIED BUSINESS RESEARCH
References
Armstrong, G., Adam, S., Denize, S. and Kotler, P., 2014. Principles of marketing. Pearson
Australia.
Babin, B.J. and Zikmund, W.G., 2015. Exploring marketing research. Cengage Learning.
Boothroyd, A., 2017. Setting Up a Successful Jewellery Business. Bloomsbury Publishing.
Devishwar, A. and Kumari, R., 2016. A Study on Customer Preference towards Branded
Jewellery. In Proceedings of the 4th International Conference on Reecent Innovations in Science
Engineering and Management. New Delhi (pp. 1103-1111).
Sheth, J.N., Sinha, M. and Shah, R., 2016. Breakout Strategies for Emerging Markets: Business
and Marketing Tactics for Achieving Growth. FT Press.
Yarborough, M., 2014. Taking steps to increase the trustworthiness of scientific research. The
FASEB Journal, 28(9), pp.3841-3846.