Essay Example on Establishing a Manufacturing Co. Exceeding Client Expectations in Design, Quality, & Cost

Business Goals

The business aims to establish a manufacturing company that exceeds the client's expectations in terms of design, quality, and cost of products. Innovation in terms of design will be promoted across the company, with the increase in operational capital anticipated to coincide with an increase in the number of jewel designs offered. A projected 6% annual increase in the jewel design will increase the choice, taste, and preferences of customers, increasing market coverage, and quantity of sales. The company also aims to utilize contemporary designs in over 50 galleries in meeting the customer’s expectations. Galleries and art shows will increase product promotion through mass sensitization from different parts of the country (Ray, 2015). Familiarity with the products and customer participation will increase the demand for jewelry as the modification is enhanced through customer specifications. Customer satisfaction raises sales and boosts commitment to the brand. Therefore, in the long run, brand loyalty and market dominance in the jewel market is projected. The focus on customers will give the business a customer-oriented approach to jewelry business with innovation, customization, and integration of manufacturing techniques focused on producing high-quality products.

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Royal Jewelry Store’s objectives include:

• To be recognized as a national and international leader in jewelry inventories and services related to jewelry.
• To expand its operations to the international level in the first 5 years
• To utilize sustainable business management approaches in production and distribution

Keys to Success

The keys to the success of the business lie in its proximity to the harbor, its market target, and product promotion strategies in place for the company. Royal Jewelry store is located on Kingsley Harbor, which attracts tourists from different parts of the world. The advancement in technology and the internet has shifted the marketing platform to online channels. An existing website provides fast access to the products and increases market coverage to internet enthusiasts. Therefore, the Royal Jewelry Store enjoys significant market coverage as well as favorable marketing and product promotion channels. The product range and suitable market access strategies are the basis for Royal Jewelry Store’s competitive advantage over competitors and should provide room for its success.

The key to the success of Royal Jewelry Store lies in:

• Outstanding jewelry inventories and jewelry-related services
• Marketing and promotion strategy
• Location of the store
• Competitive pricing strategy

Company Summary Industry History

The jewelry industry has observed a lot of evolution since its development in the prehistoric era. The event of ornaments and other from jewelry from locally available was a significant development in this industry. Ancient forms of jewelry were developed from stones, bones, and shells (Shefa, 2017). Most of these items were culturally designed, and each had a symbolic meaning or identification. Traditional jewelry was worn to indicate rank and social status in the community. Traditional jewelry was worn because of the magical power they believed to possess and, hence, a sign of protection for the owner. Historically, Cro-Magnons are believed to be the first ancestors to use crude jewelry comprised of necklaces made from bones and animal teeth.

The Greeks started making jewelry from gold and other gems in 1600 BC. Most of the economic activities taking place during these times included the processing of gold through the use of simple techniques such as twisting bars, casting, and making wires (Shefa, 2017). However, there has been a lot of changes taking place in the jewelry industry in the past decades. Diversification in production has facilitated creation of different kinds of jewelry. Due to the radical changes in the market trends, however, the adoption of different marketing techniques is essential in aiding the flexibility in the market demands to ensure the products available in the markets satisfy the current needs.

However, the recent developments in the fashion and design industry call for professional products and specified production skills to match the market trends. Historically, the jewelry was worn symbolically to indicate power and prestige; however, recently, jewelry is used professionally, and they are specific with matching various occasions. The production of jewelry is at its pick since there is jewelry at least all parts of the body. More so, acceptance of jewelry use among men is critical since it widened the market size for jewelry products (Shefa, 2017). There has been an ever-increasing demand for these luxurious products. Innovative designs and product branding have been fundamental in aiding the relevance of this product in the markets. In the past years, the jewelry did not contribute significantly to the economic growth of many countries. In recent years, jewelry has created a lot of significant impact on the economy through revenue collected in both local and internal markets, with many of these products being utilized both locally and internationally. More so, recent technological advancements have led to the development of high-quality products that suit both the local and international markets.

Therefore, the Royal Jewelry Store in a well-developed market system that has significantly evolved from primitive forms of jewelry to auxiliary products to satisfy both local and multinational market demands for these products. Since the need for these products is projected to increase through the coming years continually, the company is expected to fully incorporate in the market niche through the selling of varieties of brands (Shefa, 2017). Furthermore, Transcultural designs and utilization of emerging trends in the market will give the company both local and international popularity. More so, the use of jewelry is not limited to specific occasions in this era since the use of jewelry has been adopted to become a daily routine in many of the regions globally. The use of jewelry has been significant on occasions; a lot of wealth is projected to be spent on activities such as weddings and other celebrations. The use of jewelry items as gifts and honorary appreciations will have a significant impact on the market, and this is fundamental for the business. Therefore, with these developments in the market, a lot is expected from the company to stay relevant in the market.

Legal Form of Ownership

The business will operate as a sole proprietor with Miss Wyncote Bliss taking charge of all the management roles, design and production of the products. However, she will use help from a qualified bookkeeper to facilitate effective management of financial records.

Location and Facilities

The environment surrounding business at Kingsley Harbor has a significant influence on the company. Therefore, thorough evaluation of surrounding factors affecting business is very critical. For any business to be successful, it needs to master the challenges within the location and possible ways to overcome these setbacks (Mazzarol& Choo, 2003).