Research On Popular Jewelry Marketing Strategies

Jewelry consumption at the beginning was mainly on the fine jewelry.Consumer demand for fine jewelry came from the following demands:showing off,identity;pray,gifts,investment,adornment,etc.At the beginning,the attribute of adornment was notfocused,however,when the market was full of the homogeneous products,consumer concept upon jewelry changed a lot,they stopped chasing the product value attributes,but more back to the essential attribute of the decoration,therefore;fashion jewelry market was born and increasing.On the other hand,during recent years,China retailing environment has undergone huge changes,and the essence is that the market has changed from past product-oriented to market-oriented whereas demand for the new strategy or scheme to be introduced to adapt to this change.In this paper,light luxury fashion jewelry brand LN is the research object,the basic theories involved in the paper including PEST analysis method and Five Force Model.It deals with in-depth analysis of external economic environment and the industry environment and then analyzes the brand internal strengths and weaknesses,and through the comprehensive evaluation of internal and external factors,we draw the conclusion that LN faces more opportunities than the challenges and the advantages outweigh the disadvantages.Then,according to the SWOT analysis matrix,we find out it is rational to implement SO Strategy by differentiation and further we discuss how to adapt to the current market change which is customer-oriented and realize the brand marketing strategy through 7Ps marketing mix strategy.The marketing strategy of 7Ps includes:product strategy:to improve light luxury gene by develop new line with celebrities,and to enhance brand image and expand the peripheral products and services to improve customer perceived value;pricing strategy:to take into account of the market pricing and customer pricing rule on the basis of traditional cost method,to make innovation of pricing method.Channel strategy:shorten and narrow and standardize the current channel,and realize the sharing covering goods,membership and services in various channels;push strategy:to use Data Mining to achieve precise marketing,and to use digital media instead of traditional media;and encourage the customers to get involved in the promotion activity;personnel strategy:to improve the incentive and welfare programs to enhance employees' satisfaction,and through authorization to improve employees' fast response to customers;service process strategy:to add standardization and experience into the consuming process;physical environment:to abandon commercialization,utilitarian,direct whitening but strengthen the relevance of brand culture and add the experiential scenes on the visual merchandizing.In short,the past 4Ps theory is no longer adaptive to the current market,whereas 7Ps which is characterized of customer oriented is adaptive.Through the study on how to make the marketing strategy of 7Ps to adapt the new retail environment transformation,LN is expected to realize high brand consciousness and market share and also I hope it helps LN realize the SO strategy and adapt to the changing environment and suggestive to other brand as well.