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Name:
Institution:
Gemstone Jewelry Marketing Plan
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Situation analysis

The average jewelry buyers are aged 18 to 34 years (Cohen, 2021), 64% working full

time, 55% married, and 61% having at least one child. This segment buys more jewelry percapita

than the older folks, making them our primary market. Miami, Florida, is believed to buy more

jewelry than other countries in the United States. Americans are also considered to make snap

decisions, so many purchases are expected to be impulsive, requiring a strong sales team. More

than half the jewelry market is concentrated with competition from Tiffany and signet jewellers.

We have a broad knowledge of producing high-quality and innovative jewelry like bracelets,

earings, rings, cufflinks, and necklaces to provide consumer value in their purchases. We also

offer branding services on pieces of jewelry. In addition, we have experience distributing jewelry

to 68% of the jewelry outlets. This market plan aims to provide customers with high-quality,

innovative jewelry in different styles and designs for males and females.

Market analysis

Gemstone jewelry will compete directly with other various jewelry dealers. In 2020, the

market size for jewelry was valued at approximately 76 billion USD (cycles & Text, 2021), with

diamond jewelry being the most valued. Our company’s annual market growth is forecast to

exceed 23%, surpassing our yearly sales growth.

Market segment by age

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The population under 35 purchase over 50% of jewelry in the market, with the dominant

buyers being between 25-35, who buy over 70% of the jewelry. Purchasing behaviour is

expected to differ among genders. Women have the largest market share due to their sense of

style and fashion and a small percentage of men who purchase expensive jewelry.

Consumer behavior

Gemstone has changed consumer buying behaviors by promoting various low-price

designed jewelry. Consumers are keen on price, quality, packaging and durability (Packaging,

2019). The display of these items encourages impulse buying for gifts and personal use. We will

focus on our packaging and design to reach impulse buyers.

Marketing strategy

Although there is intense competition, the gemstone will introduce a new product, the

innovative branded gem watch, using intensive advertising, penetration pricing and enhanced

distribution to increase sales. The watch will be sold at a suggested retail price of $60. We

dominate in quality and product features, making us confident that the price will not scare

customers away. This pricing strategy and the production design will help us enter the market

swiftly and grab a significant market share. We will also improve our online selling to reach the

beyond geographical reach market. We will strengthen our distribution channels to ensure timely

delivery.

Promotion
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Twelve more sales representatives will be employed to help develop the new market

outlets. A trainer will also be hired to recruit the team to sell the new product. We will embrace

aggressive advertising to achieve more brand awareness, putting us a step ahead of our

competitors. The media and online platforms will target young people between 18 and 34,

especially women who are our primary customers. Less attention and resources will be directed

to the other market group.

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References

Cohen, H. (2021, December 7). Here’s How Much Millennials Spend on Engagement Rings,

According to The Knot. INSTOREMAG.COM. https://instoremag.com/heres-how-much-

millennials-spend-on-engagement-rings-according-to-the-knot/

cycles, T. text provides general information S. assumes no liability for the information given

being complete or correct D. to varying update, & Text, S. C. D. M. up-to-Date D. T. R.

in the. (2021, October 15). Topic: Jewelry market in the United States. Statista.

https://www.statista.com/topics/5841/jewelry-market-in-the-united-states/

Packaging, D. W., Writer, iSell. (2019, October 28). How Packaging Can Convince Customers

to Purchase a Product. Packageintegrity. https://www.packageintegrity.com/single-

post/2019/10/29/how-packaging-can-convince-customers-to-purchase-a-product