Pandora Jewelry: Consultancy Project for Indian Market Entry

This consultancy project analyzes the opportunities for Pandora jewelry to directly enter the Indian market. It assesses the current market situation, the Indian jewelry environment, and Pandora's competitive advantages against both national and international competitors. The project employs both primary and secondary research methods, including SWOT and PESTEL analyses, along with survey data to understand the external and internal environments. The research explores the shift in consumer preferences towards fashionable silver jewelry, especially among younger demographics in India. The project offers strategic recommendations for Pandora to successfully enter and expand within the Indian jewelry market, considering the country's focus on gold and diamond jewelry while catering to the growing demand for silver jewelry. The project also includes a reflective report and references.

consultancy project
To understand the opportunities available for Pandora jewelry to enter into Indian market directly
STUDENT NAME:
STUDENT ID:
DATE:

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Abstract
The 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.

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Contents
1. Introduction.........................................................................................................................................3
Research aim..........................................................................................................................................4
Research objective.................................................................................................................................4
Identified research question..................................................................................................................4
2. Literature review.................................................................................................................................5
3. Methodology.....................................................................................................................................10
Philosophies..........................................................................................................................................10
Strategy................................................................................................................................................12
Design...................................................................................................................................................13
Implementation....................................................................................................................................14
4. Data collection, analysis, discussion..................................................................................................15
SWOT Analysis....................................................................................................................................15
PESTEL Analysis................................................................................................................................16
Survey analysis....................................................................................................................................18
5. Conclusion and recommendation......................................................................................................31
6. Reflective report................................................................................................................................34
7. REFERENCES......................................................................................................................................36
8. APPENDICES.......................................................................................................................................40
Questionnaire.......................................................................................................................................40
Ethical approval form.........................................................................................................................41

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1. 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 years
in 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 country
holds 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

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India. 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 aim
The 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 objective
The 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 and
international jewelry companies in India.
4. To identify strategies that will be suitable to enter and expand in the Indian Jewelry
market.
5. To recommend improvements based on the overall assessment.
Identified research question
What are the opportunities available for Pandora Jewelry to enter into Indian market directly?

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2. 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 rather
than 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

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sculpted 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 has
regarded 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 of
the 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

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traditional 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 past
years 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 get
associated 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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the designers who are driven by technology. The production facilities of jewelry in the market of
India are being equipped with the unique and latest CAM/CAD and various other advanced
system of designs. Further, the solutions of technology are also available in order to control the
production, management of inventory and the supply chain in the industry of jewelry. The Indian
market of jewelry is a great blend of innovative and modern design and manufacturing
techniques along with the skills of artisan (Sinha, P. K., Thomas, S., & Patel, R. 2015). The
Indian market of jewelry also have a well -developed capabilities, and it is an attractive market
with a great potential in the sector of jewelry. Further, the future of the Indian market of jewelry
is promising because more purchasers across the globe are turning to the country in order to have
a great quality product of jewelry.
According to (Kruse, J. L. 2013), the sector of jewelry plays a great role in the economy of India
by contributing approximately 7 percent of the gross domestic product of the country. It can be
said that the sector of jewelry is one of the fastest expanding sectors. Further, the sector of
jewelry is mainly oriented to exports and is labor intensive. Depending on the potential for the
value and the growth addition, the Indian government has declared the sector of jewelry as an
area of focus for the promotion of export. The country is being known as the hub of the global
market for jewelry due to its reduced cost and the availability of the highly skilled labor. It is
also being observed that the Indian market of jewelry mainly includes the gold and the diamond.
Whereas, the preference of the customers are changing according to the change in technology
and time which is influencing them to use the lightweight and fashionable silver jewelry rather
than heavy gold and diamond jewelry (Gray, L. A., Selbe, J. P., & Wannachai, W. 2015). Also,
customers of the country i.e. India are demanding unique and new varieties and designs in
jewelry along with the strong presence of the brand which will help in fulfilling the change taste

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and preferences of the customers. Furthermore, the increase in the income of per capita has
further led to the maximization in the jewelry sales as the symbol of status. Moreover, predicting
the customer’s purchasing behavior is the responsibility of every business which is driven by the
product. It is essential in order to have the capability to further keep track of the changing trend
of the customers and further assess the desires (Gera, N. 2015). It is necessary to know the
answer to who, why, when, how and where before entering a new market in order to sell the
product and attain sustainability by satisfying the customers and retain them for a longer period
of time.
Researchers (Ramachandran, K. K., & Karthick, K. K. 2014), stated that there is the deal of the
information which influences the customer to purchase particular products and how the buying
relates to the self-image of an individual. Research is prevalent in relation to the tendency of
customers to further select the brand and its high-quality products at the affordable prices. This
further demonstrates that the loyalty of brand is persistent in the buying behavior of customers.
They also stated that the customers buy jewelry in order to maximize their status symbol. It is
being observed that wearing a jewelry of great brand which is popular among the market of
teenage as it is a brand which has promoted its products effectively and efficiently by using the
internet and the traditional methods of marketing are mostly appreciated by the customers.
Moreover, it is being stated that the products of the national brands are being purchased
frequently as compared to the private ones and this is due to the loyalty of brand and the
perception of the quality of the product. Further, branding is an essential activity for the great
development of the company, and it also helps in the acquisition of customers, retention and
develops a favorable and great reputation (Karthikeyan, P. 2015). In today's society which is
driven by technology, it has become more essential for the companies to use the internet with its

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abilities to a great extent even more than it was done in the past. Researchers (Babb, L. A. 2013),
observed that there is the maximizing customer demand for the shopping through online and
minimizing inhibitors in relation to the shopping online for the products of clothing. Due to
increasing demand, the businesses which do not have the secured online option for purchasing
will be soon overlooked and outnumbered, and they will not be able to attain the sustainability in
the market. Also, it is being observed that the online purchasing of the jewelry and the cloths is
mainly done by women and the customers who have the high income. Also, it can be stated that
the tools of social media also plays a great role in order to promote the product and the tools of
social media are transforming the operations of the business and are further becoming the new
era of marketing (Bernstein, B. 2015). Keeping track of the changes in customer's trend and
preferences is essential while creating a new strategy for the business of retail.
Furthermore, it is advantageous to focus on the targeted audience in order to understand that how
the customers see the self -image in relation to the behavior of buying. The prevalence of the
relationships and the attitude towards the particular brand and the image of the brand is the
evidence of how branding and marketing are essential for every kind of product (Manopriya, S.
2015). The Indian market of jewelry has a great scope for Pandora jewelry in order to enter as
the market is mainly focusing on the heavy gold and diamond jewelry. Whereas, the new and
young generation is more attracted and influenced by the lightweight and fashionable silver
jewelry but they are more brand conscious while making the decision for purchase (Suresh, A.
2013).
3. Methodology
Philosophies

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The philosophy of research authorizes the essential assumptions about the individual perspective
of the surroundings. Also, the philosophy of research supports in determining the rules in the
logical procedure of the research and further evaluating and analyzing the data along with the
effective procedure of communication. Furthermore, for this particular research project, the
philosophy of pragmatism is being taken. This included the mix of the various philosophies and
the epistemology, ontology and the axiology is being combined to meet the objectives of
research and find the appropriate solution for the identified research question. Also, the questions
of the research have been answered in the valuable and the realistic way (Guthrie, J., Petty, R.,
Yongvanich, K., & Ricceri, F. 2004). Further, the ontology provides the consideration to the
reality's nature which consists subjectivism and objectivism. This encourages in looking at some
aspects or the factors of various entities which are independent of the approaches of the
individual which are being taken by the entity's actor. The subjectivism helps in understanding
the actual meanings which individual connects to the phenomena of society and is opposite to the
meaning of objectivism. Moreover, axiology is the philosophy aspect which studies the values in
the choices of research since the value offers visible and the appropriate reasons of the actions of
a human. Also, it is essential to differentiate the appurtenant of the personal values to the topic of
research. Epistemology has been described as the knowledge which is acceptable in the
particular field of research. Further, the collection of the information is intelligible. Moreover, in
this particular research project, the philosophy of pragmatist have been used in order to get the
more realistic results and also understand the taste and the preferences of the customers towards
the jewelry. Also, this type of philosophy encourages in covering the various views on the
identified question of the research. Further, the work related to the particular research have been
analyzed appropriately, and the pragmatist philosophy barrels with the appropriate knowledge of