Strategy Essay Example | Topics and Well Written Essays - 1000 words - 2

Strategy - Essay Example But the need to look attractive has never decreased. Hence, a good demand exists for the alternatives that are cheaper and equally attractive. The Industry: Jewelry industry is a very developed enterprise in the world. Scores of world famous brands of Gold, Platinum and Diamond are popular in New York and other big cities throughout the USA. The sales have however dropped a great deal in the recent times due to acute rise in the prices (Wallop, 2011). Jewelers have now developed a new breed of artificial jewelry that looks exactly like the original gold but costs way lesser than the original. An alloy with 82% by mass of pure copper, 11.5% zinc, 4.9% tin and small quantities of ammoniac salt and limestone shines exactly like gold with the same color. And once the alloy is obtained in ingots, the process of making jewelry from it is essentially the same as from original gold. Similarly, other alloys such as Mosaic Gold, Nuremberg Gold and French Gold all resemble original gold in appe arance and manufacturability without having traces of pure gold in them. The idea presented to Triangular Solutions is to market artificial jewelry made up of any of these alloys and decorated with semi-precious stones. We can observe that, apart from eye-catching appearance, designers’ brand names are what make the jewelry attractive. Hence, it is proposed that the jewelry must be marketed under a proper brand name. Market Size: Gold jewelry is equally popular among men and women in the country. From earrings, bracelets, bangles to crowns, a great variety of jewelry items exist that are in style among the women. Men’s variety includes bracelets, watches etc. Reports indicate that the gold sales have dropped by more than 50% in the past three years from 45 tons to about 15 tons per annum (Finch, 2009). Clearly, the reason for this drop is the rise in gold prices. Hence, if an alternative is given to the customer which is affordable and as good as the original gold, the n it is expected that the people will be attracted towards it in large numbers. Team Requirements: The team must have following members for successful execution of this business plan: Chief Executive Officer: His job will be to look after the overall operations of the business and coordinate between the teams. Jewelry Designer: His job will be to come up with new and attractive jewelry designs. Domain / Market Expert: His job will be to understand and explain market trends to the team Marketing Manager: He will be responsible for marketing and sales departments. Finance Manager: He will be responsible of the financial matters of the business Scalability of the Product: The business idea suggested here is reasonably scalable over a range of business volumes. The jewelry will be manufactured by individual workers without use of any sophisticated machine tools in general. The increase in the demand will be met easily by increasing the number of workers. Another feasible option will be to get the jewelry manufactured abroad in India or China where labor is comparatively cheap. This option can specially be considered if mass production is required to meet a very high demand. If however, the product does not gain expected popularity, the productions can simply be scaled down by decreasing the labor force. Financials: The price of gold in US markets is around $1500/oz. This amounts to around $10/carat. On the other hand, artificial gold alloys discussed above cost $0.15/carat on average. The major