The product to be developed for marketing will constitute high quality 18k Italian gold jewelry. The choice of gold specification for this jewelry product is based on the premise that 18k gold jewelry constitutes approximately 75 percent of pure gold which is standard for consumer and designer jewelry4. This will ensure development of high quality jewelry products for the target market.
The high quality Italian gold jewelry portfolio to be developed will feature products such as earrings, pendants, necklaces and bracelets. Each of this product offering will meet the 18k gold measure while ensuring that each is completely handmade by experienced and talented goldsmiths. To enhance the ability of the produced jewelry to withstand daily wear and for high shine, metal alloys such as copper, palladium, nickel, zinc and silver will be blended with gold. Besides improving luster and durability of the gold jewelry, blending of gold with these metals will assist in enhancing the color of the product4.
Production of the high quality 18k Italian gold jewelry will be entrusted to a renowned jewelry company situated in Italy. This will allow exploitation of the outstanding craftsmanship of the experienced goldsmiths employed by the firm to produce high quality jewelry products that are handmade 1. Production of handmade jewelry will enable the goldsmiths to observe quality of each and every jewelry product besides ensuring consistency in design. This will also allow for the customizing of the gold jewelry where customers can recommend personalized engravings on the products.
The 18k gold jewelry will be suited to the need for quality and genuine products among gold jewelry consumers in the United States. Value proposition will be created as part of the strategic marketing plan for the product through assuring clients of genuine and high quality 18k Italian gold jewelry. This will assist in the differentiation of the product from those offered by competitors in the market thereby enhancing the competitive edge of the product3. The market segment that will targeted during marketing of the product will therefore constitute affluent clientele who seek to mark occasions such as anniversaries, weddings, birthdays, and births among others with high quality gold jewelry either through commissioning a piece or direct purchase.
The strategic marketing plan for the product will also entail creation of employees, partners and suppliers value. Value proposition for partners will be aimed at demonstrating to the firm contracted to develop the product of the value and benefits it stands to derive from the partnership2. Additionally, value proposition for the suppliers and employees will show how each stands to benefits from their input in distribution and production of the high quality gold products.
Internal strengths and weakness of the firm may affect product development and marketing. The firm may benefit from availability of highly skilled and experienced goldsmiths and its strong financial capital in the development of 18k gold jewelry. Internal organizational factors such as location of production center far from the target market and dependence on a single market may affect product sales and marketing efforts. Similarly, the environment external to the organization offers opportunities and threats for the new product2. Factors external to the organization such as ready market for genuine and high quality 18k gold jewelry globally can be exploited by the firm to boost its revenues. The firm can also seek to diversify its jewelry products by venturing into gold watch production. However, the new product faces threats such as well established and trusted gold jewelry manufacturers whose may offer stiff competition to the developed product. Development of substitute either genuine or counterfeit jewelry may also threaten the success of the new gold jewelry products offered by the firm.
- Disqus. (2011). Fine Italian gold jewelry made in Florence. Retrieved from http://www.visitflorence.com/florence-typical-products/gold-jewelry-florence.html
- Kotler, P., & Keller, K. (2011). Marketing management (13th Edition). New York: Prentice Hall.
- McKinley, M. (2002). Marketing alignment: Breakthrough strategies for growth and profitability. Tucson: Wheatmark, Inc.
- Simona. (n.d). 18k Gold Jewelry at Simona Fine Italian Jewelry. Retrieved from http://www.simonaitalianjewelry.com/18kgold.aspx