govindji’s marketing alan daniel, priyanka sampat, thang duong, nebiyu, adam nuffer
TRANSCRIPT
Govindji’s Marketing Alan Daniel, Priyanka Sampat, Thang Duong, Nebiyu, Adam Nuffer
HISTORY/BACKGROUND 22 K Gold and Diamond
Jewelers Top 6 best watches in the
world 1957-First watch repair
store 1961-Purchase of official
Rolex store 1982-Introduced 22 K
jewelry to DFW 2013-Largest in the
nation
PROBLEM Misunderstanding
of the customers’ needs Poor, misdirected
marketing
TARGET AND SEGMENTATION TARGET:
Indian Population Segmentation:
Mid 20’s – Early 40’s 45 and up
Underlying Needs: Good quality gold
jewelry, honest pricing
Personal & Cultural reasons
WHY? Why do Indians
purchase gold over diamonds? Observations Facts
India is world’s largest consumer of gold.
Essential part of religious holidays and festivities.
2011- 933.4 tons of gold was bought
WHY? Facts
Significance of gold Auspicious
sentiment Investment Symbol of wealth Mentioned in
religious book
SWOT Strengths:
Reputation of unparalleled quality, attention to detail and singular innovation in Indian jewelry designs which adds to a powerful brand image.
Loyal consumer base
Weaknesses: Poor understanding of
consumer needs/wants. Trying to impose unwanted
products on consumers. Poor marketing due to poor
understanding of consumer wants.
SWOT cont… Opportunities:
Younger generation is more inclined.
Rise in economy
Threats: If current marketing
methods continue, the company will not be relevant.
Competitors are actively and aggressively marketing.
Competitor’s Video
http://www.youtube.com/watch?v=BeWpD7T-7YQ
PRODUCT No re-used jewelry 916/22K stamping 6 top best watches in
the world Top quality diamonds Gold Various styles Service Brand name
“Official Rolex dealer”
PRICE Based off of the
market price Tax Import duty Labor Profit
Last call section Too many in the
inventory
PLACE Highly visible Luxurious and
appealing 12,000 sq. feet,
largest store in nation
In the midst of Indian hub
PROMOTION CURRENT:
Main focus on watches
Magazines mainly have watches
Second goal on diamonds
PROMOTIONAGE GROUP: Mid 20’s-Early
40’s45 and above
PREFERRED MARKETING
Social media and cultural events
Magazine and cultural events
TYPE OF PURCHASES
Smaller Items (earrings, rings, etc..)
Bigger Items (full sets, set of bangles, etc…)
Reason for Purchase
Personal and Religious
Personal and Religious
Preferred Environment
Straight Forward
Bargaining Power
PROMOTION RECOMMENDED:
Sponsorship at cultural events
Raffles at events Social Media
Marketing
CONCLUSION Govindji’s marketing
needs to target the gold buyers.
This needs to be done to stay in business and compete well.
Suggestions are: Sponsor cultural events Advertise gold jewelry in
magazines Get on the social
network
BIBLIOGRAPHY http://www.govindjis.com/files/history.aspx http://global.factiva.com.libproxy.utdallas.edu/aa/?ref
=AFPR000020130131e91v006bt&pp=1&fcpil=en&napc=S&sa_from=
http://www.moneycontrol.com/news/gold/7-reasonsindians-love-gold_696046.html
http://www.gold-eagle.com/editorials_98/madhok101598.html
http://www.manfromindia.com/2007/12/who-do-indians-love-gold.html
http://www.resourceinvestor.com/2006/04/26/indians-purchasing-more-gold-than-disclosed-by-the
http://www.lexisnexis.com.libproxy.utdallas.edu/lnacui2api/results/docview/docview.do?docLinkInd=true&risb=21_T17137999196&format=GNBFI&sort=BOOLEAN&startDocNo=1&resultsUrlKey=29_T17138001505&cisb=22_T17138001501&treeMax=true&treeWidth=0&csi=8200&docNo=17