Business Plan for Jewelry Design Enterprise Assignment 2022

BUSINESS PLAN
FOR JEWELRY
DESIGN
ENTERPRISE
Name of the Student
Name of the University
Author Note

INTRODUCTION
 The market for gold and diamond jewelry was seen to
stand at a value of 3.88 million dollars in the year of
2016, and this figure is expected to cross the 6 million
dollar mark by the year of 2022 (Kunz et al, 2020).
 The rising or emerging young population in Saudi Arabia
has been showing an increasing preference for jewelry
that is elegantly designed, which is exquisite to feel and
to hold and which can be worn on various occasions, both
formal as well as informal.
 The desire for sophisticated, high quality and beautiful
gold and diamond jewelry in the country of Saudi Arabia
is something that is synonymous with the rising economic
development in this part of the world (Abalkhai, 2020). .
 The assignment provides a description of the strength of
the business idea, after which industry related issues are
analyzed in significant detail

ORGANIZATIONAL
STRUCTURE AND DESIGN
 The new business in jewelry design that will be
launched in the city of Riyadh in Saudi Arabia is one
that is going to function under the direction and the
leadership of a single owner.
 As such, the organizational structure of the new
business is going to be that of a sole proprietorship.
 It is going to take form and shape under the guidance
of a single owner and based upon its success in the
market in Riyadh after a significant period of it having
been launched, the ownership stakes may be
extended to more than one person.
 The type of leadership that will be implemented to
get the business up and running in the initial stages of
its operations is a top down and transformational
leadership style (Wang & Wu, 2019).

KEY STAKEHOLDERS
 The key stakeholders of the new
business are going to be the owner of
the business, that is, the person who is
investing in the enterprise and who is
going to be taking on the responsibility
of getting this enterprise up and running
in the city of Riyadh, the key financiers
or investors in the business enterprise,
the employees of the new business,
however few in number they may be
and the customers of the business

MARKETING AIMS AND
OBJECTIVES
 Specific – To cater to the interests and requirements of working professionals
in Riyadh, who take pride and pleasure in wearing jewelry items that are
neither too gaudy nor too low key (Basri, 2020).
 Measurable – To ensure a twenty percent hike in sales in the first six months
of its operations in Riyadh and to occupy at least thirty percent of the market
share in Riyadh within a year of operating in the city (Basri, 2020).
 Attainable – The marketing goals and objectives will be kept simple to
achieve. The business, in the early days of its growth and expansion simply
seeks to raise awareness and interest in its target audience, and will not be
looking to engage in aggressive sales activities at this juncture, at all (Khan,
2017).
 Realistic – The marketing plans and activities will be designed and structured
in a way that these may be attained within a specific period of time, and in a
way that these are likely to draw the interest and the attention of the target
audience instead of putting them off (Basri, 2020).
 Time specific – The business will look to ensure good sales figures within eight
to twelve months upon its launch in the city of Riyadh By the end of eight
months, an attempt will be made by the business to see how far it has come,
how much progress it has made and what more is left to be done in order to
ensure better business growth and progress (Abalkhail, 2020).

UNIQUE POSITIONING
 The designs that are produced by this business are those that
are going to cater specifically for working professionals in the
city of Riyadh.
 As such, the designs of the jewelry items are not going to be too
ornate or gorgeous and will be the type of jewelry that can be
worn not only with formal and traditional Saudi garments or
garments that are unique to the Middle Eastern region, but
which can be worn equally easily with western attire as well.
 The aim of the new jewelry design business is to come up with
the type of ornaments that can be afforded by working
professionals in the city of Riyadh, which are ornaments that
they can wear to formal and informal occasions, be it to an
office party or a birthday party, and which they can wear and
use over a long span of time.
 By creating a chain of jewelry items that are meant exclusively
for working professionals in Riyadh, the new business is going to
be able to keep its products quite uniquely positioned in the
Saudi market (Basri, 2020).

MARKETING STRATEGIES
 Product – The product that is being marketed in this instance is the
gold and diamond jewelry as manufactured and designed by the new
enterprise. The gold jewelry and the diamond jewelry will come in a
variety of shapes and designs, and will truly be a sight to behold once
these are launched for sale. Every attempt will be made to keep the
jewelry items that are designed and produced by this new business
androgynous in their appearance and in their feel so that these may be
worn by men and women alike and that too on occasions that are
either formal or informal in nature and character (Nair & Gulati, 2019).
 Place – As mentioned before, the place where the business is going to
be launched for the very first time is in the city of Riyadh, which is the
capital of the country of Saudi Arabia. Riyadh has been chosen for the
launching of the enterprise on account of its strategic enterprise, the
fact that this is a city which is thronged in large numbers not only by
people from all over the country of Saudi Arabia, but from the entire
Middle Eastern region as a whole. The business is going to be able to
locate its target audience with a relative amount of ease when it
launches its operations in the city of Riyadh, given how large and
dynamic and cosmopolitan the city is and the fact that it serves as a
home for people from all over the world (Wang & Wu, 2019).

MARKETING STRATEGIES
 Price – When it comes to the price of the jewelry items, every effort will be
made by the new business to keep the gold and diamond jewelry priced at
a relatively low rate. Given how high the cost of gold jewelry production
is, it is going to be difficult for the enterprise to offer its products at too
low a price. However, attempts will be made to keep the prices
competitive so that people are drawn to the sale of such jewelry in large
numbers. If the business turns out to be a success in Riyadh, the price of
the jewelry items can be hiked at a later date (Nair & Gulati, 2019).
 Promotion – The promotion of the new jewelry items is going to take place
quite actively at the major malls and multiplexes in different parts of
Riyadh. Banners and posters will be created about the new business, as
will pamphlets that will contain information as well as images of the new
jewelry items that are on offer. These will then be circulated in the leading
shopping malls in the city so that people get to know about the new
enterprise quite readily and feel inclined to make an immediate purchase
based on what they are told or what they get to know. Advertising through
the media, that is through major daily newspapers in Riyadh, and also via
magazines is something that the business is going to take recourse to, in
order to spread knowledge and awareness about its existence, as far and
as wide as possible (Nair & Gulati, 2019).

BUDGET AND FINANCING
 The business is going to start operating with a resource base of
$ 100,000 to begin with.
 Since establishment costs are going to be low in the initial
stages of operation, the business is not going to have to spend
too much on paying its employees or on marketing and sales for
that matter, since a lot of the sales and promotional work will be
undertaken via social media.
 Later, as the company expands and as more conventional
methods of advertising is taken recourse to, such as print media
advertising, the budget for running the business will be higher,
and this is likely increase even further when the business takes
up an office space in Riyadh and starts running its operations
from there (Diktas & Tekin, 2018).
 The business shall be started up with personal capital of $
100,000 and later on based on business success a loan of $
100,000 will be applied for at leading banks and financial
institutions in Riyadh, with which to expand the business and its
operations further, in the city of Riyadh.

CORPORATE SOCIAL
RESPONSBILITY
 The business will for example raise funds
to look after the poor and the needy living
in Riyadh and it will also engage itself in
social activities that are aimed at the
reduction of a wide range of social ills
such as gender based violence and
domestic violence among others.
 Through CSR, the business will hope to
entrench its presence in Riyadh in a
positive and constructive way, and that
too, for a long period of time (Serdyuk &
Votchenko, 2019).

CONCLUSION
 Thus, the business plan that has been discussed for the new jewelry design
enterprise is one that needs to be implemented with care, caution and
precision if it is to bear fruit for the new business instead of working
against its favor.
 Marketing jewelry in today’s day and age is quite easy to do owing to the
widespread prevalence of social media.
 However, in a city of Riyadh, which is already home to some of the best
jewelry businesses in the whole world, marketing a jewelry enterprise and
making sure that its products sell well and as regularly as possible is no
mean task. The new business is going to have to cut down on
establishment costs and stick to an online presence in the initial days of its
start up after which it can gradually acquire an office space.
 It also needs to make use of digital marketing platforms in order to reach
out to large sections of its target audience in Riyadh, getting to know about
their needs and requirements when it comes to the regular purchase of
jewelry for office or formal wear or casual wear.
 This new enterprise is going to be one of a kind as it is going to offer its
products specifically for consumption and use by working professionals in
Riyadh, and it will have to conduct its business affairs in a way that it
manages to acquire and retain the interest of this target audience for as
long as possible.

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