Strengths
Lagos Company has developed their brand image in the jewellery industry through delivering unique and antique items in the international market. Under this report, Lagos Company has decided to introduce their new range of jewellery which is made of 18k gold in Australian market. 18K gold range of jewellery includes bracelets, necklaces, earrings, etc. The unique and attractive characteristics of these products are made up of black ceramic and gold and apart from this; these products are outcomes of goldsmithing. Along with these features, the new range of products is user-friendly as they are easily removable. This range of jewellery will define the user’s personality. In terms of explaining these characteristics to the public, organization needs to develop a unique marketing plan so that their attractive features could be promoted in an adequate manner with the selected techniques of the marketing plan. Apart from this, Australian public’s demand is increasing regularly in terms of craftsmanship jewellery as well as for the caviar jewellery. Hence, organization does not need to put much effort in order to promote their new range of jewellery items. Infect they just need to promote the features of the products in an adequate manner so that people could get attracted and find uniqueness in them.
Strengths
- Primary strength for the Lagos Company will be their brand name as they are involved in making unique range of jewellery collection since 1977. Launching of the bracelets, necklaces, and earrings in caviar 18k gold collection will help them to enhance their market image across the globe (Mohammed, Rashid & Tahir, 2014).
- Jewellery manufactured by Lagos Company is easily affordable for US and Australian people.
- As they are involved in the production of jewellery since a very long time, hence; product’s quality cannot be doubted as they have adopted the strategy of implementing consumer’s feedbacks in the production of the new range of products.
- Due to huge brand name in the jewellery industry, much effort for the promotion of the unique range of jewellery items is not required (Klein, 2016).
- The combination of unique and attractive designs and the quality of the jewellery cannot be copied because it is due to the talent of the designers available with the company.
Weaknesses
- Designers of the company have unique talent of manufacturing caviar and craftsmanship jewellery and due to this talent, they demand high payments which lead to increase in the prices of the product.
- Lagos Company is launching their products in Australian market with reviewing the success of their products in US market and this assumption can extract negative results.
- Target audience will be less as only certain group of people likes craftsmanship and caviar range of jewellery (Kim & Hyun, 2011).
- With the effect of company’s expansion in the Australian market, cost of operations will be increased due to import of materials, labour, designers, etc. from US. Hence, it may affect the assumptions of the organization in terms of increasing revenues.
Opportunities
- Due to the design and the features of the unique jewellery collection, Lagos Company has a great chance to establish their market image in the Australian market.
- Purchasing power of Australian people and their interest in the type of jewellery manufactured by Lagos Company could result in the great success factor.
Threats
- Existing brands of Australia involved in the manufacturing of the same type of jewellery could be big threat for the Lagos Company.
- Lagos Company does not sell its products through online websites, hence; it could result in major threat from the organization because most of the people prefer shopping through E-commerce websites in Australia.
- Aggressive promotional and advertisement strategies used by Australian Diamond Company and Gemcraft Australia will be the major threat factor because these will be the primary competitors of Lagos Company (Johnston & Bate, 2013).
Australian Diamond Company and Gemcraft Australia are the two major organizations which are involved in production and distribution of precious stones, jewellery, and other unique items. Both of these are operating their functionalities from Australia but they have developed their market presence in other parts of the globe too. They are known for delivering qualitative and reliable jewellery with authorisation certificate, hence; this strengthens the consumer’s trust over the organizations. In terms of attaining adequate competitive advantage in the Australian market, they need to promote the attractive and unique features involved in the new range of jewellery being introduced in the Australian market. In terms of promoting the new range of jewellery in the Australian market, they need to analyse the strategies adopted by their competitors in terms of promotion and advertisement. After obtaining the results, Lagos Company needs to develop distinctive strategies through which organization can build their unique image in the Australian market and those strategies should be capable enough so that organization can attain the adequate competitive advantage in the Australian market (Helms & Nixon, 2010).
Lagos Company has a great brand value across the globe in terms of delivering adequate qualitative and reliable jewellery items. They basically deal in craftsmanship and caviar type of jewellery items which are precious as well as they are included in the unique type of jewellery items. Every individual does not like this type jewellery and due to specific group of people available to purchase this type of jewellery, organization has used its brand value that they have built up since 1977. They have made their mission and vision clear and it describes the clear motive of Lagos Company that they want to expand their business in the other parts of the world too (Gregor & Hevner, 2013).
Weaknesses
In relevance with the expansion of the business, organization has targeted the Australian market and this market is selected with the results obtained from the market research analysis conducted in the Australian market. Lagos Company got the positive response in relevance with the new range of jewellery items launched by the organization (Greer & Ferguson, 2011).
- Attaining targets as expected;
- Increase in the customers ‘base;
- Gaining competitive advantage as well as developing distinctive image in the Australian market.
- Enhancement in the revenues with the increase in the demand for the unique jewellery in the target market;
- Attaining adequate growth in from the financial perceptive;
- Setting adequate prices in order to compete with its competitors (Fischer, et. al., 2011).
Under this technique, organization needs to promote the special characteristics of the about to be launched products in the target market. Marketing mix technique focuses on the main components of the product such as price of the product, place from which it will reach to its customers, product’s characteristics and the promotion techniques which will be used to promote the product in the target market. Following are the description of marketing mix components:
- Price: In order to enrich the demand of the newly launched products in the target market, the basic thing which can attract the target audience is the price of the product. But being the part of the expensive things, price of the 18k gold caviar jewellery range of product’s price cannot be reduced but adequate pricing strategy could be adopted so that number of consumer’s wishes to purchase the bracelets, necklaces, and earrings range introduced in the Australian market with antique designs and attractive features. Hence, the expensiveness of the product will be its attractive feature (Czepiel & Kerin, 2012).
- Product: In terms of describing the uniqueness of the new range of jewellery collection launched by the Lagos Company in the Australian market, these products are user-friendly i.e. it can be easily removable as well as these are not delicate as other jewellery products are. Apart from this, 18k gold jewellery range of products launched by Lagos Company has various traditional items, as well as items for all age group audience, are also available under this category (Cornelissen & Cornelissen, 2017).
- Place: The major challenge for the Lagos Company will be searching for adequate and centralised location to set up their store. Setting up the store at the centralised location of the target market will provide the facility to the consumers to approach to the store easily (Aaker, 2010).
- Promotion: Promotional techniques for the Lagos Company will be unique and attractive enough to attract the consumers towards the new range of products launched in the Australian market. As, Lagos Company has adequate goodwill in jewellery industry, hence; they do not need to put much effort. Infect they can use their existing promotional strategies which are used to promote their products in the international market (Brandt, Cazzaniga & Hann, 2011).
Nowadays, organization has adopted this strategy as the primary part of the marketing plan. Under this strategy, organization uses their official website, social media platforms, mobile applications, etc. Through these strategies, Lagos Company will be able to promote their unique and user-friendly jewellery items in the target market. As per the recent trends in the market, digital platforms have been a great success factor for the organization’s expansion, launching new products, etc. in the targeted market (Armstrong, et. al., 2015).
- Attractive designs in terms of 18k gold items such as bracelets, necklaces and the earrings will be the primary attraction part for Lagos Company in the target market.
- Introduction of demanded range of unique jewellery items by the Australian people indicates the increase in the consumer’s base.
- Developing outlet of the company at the center of the target market.
- The new range and the existing range of the jewellery items will only be available with the authorised stores of the organization. Other jewellery shops, retailers, distributors will not be authorised to sell those items in the target market or in any other market.
- Expensive price of the new range of products will be the most attractive feature as these are the part of precious metals (Angeloska-Dichovska & Mirchevska, 2017).
- Apart from these strategies, adequate and effective set of techniques will be included in the marketing plan of Lagos Company to introduce the 18k gold items introduced in the target market (Akaka, Vargo & Lusch, 2013).
For evaluating the effectiveness of the above techniques used in the marketing plan of Lagos Company for introducing the new range of products in the target market, appropriate set of methods will be used by the companies’ management. This process is crucial in order to analyse the error present in the strategies used in the marketing plan as well as to fix those errors for making the marketing plan more effective and crucial. These measures will also be reviewed on the basis of goals and the objectives set up by the management to enhance the growth of the organization (Ang, Benischke & Doh, 2015).
Conclusion
From the above discussion, it can be concluded that the above strategies involved in the marketing plan for promoting the new range of jewellery in the target market are the best and suitable for Lagos Company. These techniques are included in the marketing plan with the view to enhance the demand for the products to be launched in the target market. Thus, this marketing plan will be proved as the effective and efficient method for enhancing the growth of the Lagos Company.
References
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