Essay Sample on Sapphire Box: Quality Jewelry for All Ages, Gold & Silver!

Introduction

Sapphire Box will offer all kinds of jewelry to fulfill the needs of all its customers, whether old or young. The company will ensure that all its clients, whether in the country or outside the country, can access the pieces of jewelry online and order for them if interested. The company aims at providing varied jewelry products that would be made from purely from gold and silver. According to Nash et al. (2016), the current population values fine jewelry. Therefore, the company will be able to serve many customers, especially women and the elderly, who have been neglected by many jewelry dealers.

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Sapphire Box will be located at Burlington, which is already a town where the business has been flourishing. Therefore, it is the best idea to start a jewelry business in the area. It is made up of a group of partners who will be overseeing the operations of the company. The partners have broad expertise in sales, marketing, and business administration. Additionally, they will assemble a board of directors who will be providing the company with management expertise. The partners will employ three workers who will earn a total salary of around $40,000 a year. The employees will be required to attend to all the customers, whether through a physical meeting or through online.

Sapphire's main products include purely fine jewelry, gold, silver earrings, necklaces, and trendy pieces with a clean-cut aesthetic. The company's jewelry will have not only staple pieces but also have special seasonal lines targeted to our main audience. The company's exquisite jewelry products are made of sterling silver and gold. They include ornaments made from crystals, and for special fashion lines, they will also include diamond, ruby sapphire, and other high ends products such as jade, pearls, and Tanzanite.

Sapphire Box's target market will be women and the elderly retired men that are into a lavish lifestyle. Statistics have shown that people within that age bracket of 40-80 years old in America and all over the world are actively spending on acquiring an exquisite jewel (Cooper, 2016). Therefore, the company has a big and ready market to exploit. According to IBISWorld (2019), most big jewelry companies like Birks Group Inc., Tiffany, and Co mainly focus on younger generation living in posh estates, and this has left many women and elderly underserved and therefore, Sapphire Box Company with grab this opportunity and expand its operations as much as possible. To create awareness of the target market, the company will use social media like Facebook and Instagram, roadshows, billboards, TV, and radio ads.

Sapphire Box's market advantage is based on its competitor's market segmentation. According to our analysis, many of the company's competitors focus on providing jewelry to younger people below 35 years. On the other hand, Sapphire Box will provide jewelry products to the women, middle-aged, and elderly. Since many jewelry companies have neglected the above group, there will be less competition, and therefore, Sapphire will be able to compete favorably with rivals in the same industry.

Sapphire Box projects a net sales of $532,291 for the first year. The owner of the business will earn $35,000, and the employees will be paid $100,000 in salaries in the 2020/2021 fiscal year. Advertisements and promotions are projected to cost $24,000. There will be other minor expenses that would make the company have a net income of $39,561 in the first year of operation.

References

IBISWorld. (2019). Tiffany & Co (Australia) Pty Ltd - Premium Company Report Australia. http://ibisworld.com.au/australian-company-research-reports/retail-trade/tiffany-co-australia-pty-ltd-company.html

Nash, J., Ginger, C., & Cartier, L. (2016). The sustainable luxury contradiction: Evidence from a consumer study of marine-cultured pearl jewelry. Journal of Corporate Citizenship, (63), 73-95. https://www.jstor.org/stable/90003778

Cooper, F. (2016). Sintering and additive manufacturing: "additive manufacturing and the new paradigm for the jewelry manufacturer." Progress in Additive Manufacturing, 1(1-2), 29-43. https://link.springer.com/article/10.1007/s40964-015-0003-2