The Diamond Room is a locally owned jeweler that offers unique jewelry, high quality diamonds, and well trained in house goldsmiths. With stable strengths such as employee skills and knowledge, relationships with suppliers, and high-quality products, The Diamond Room falls short on their marketing and advertising.
Throughout the last couple of weeks, we have been doing market research for The Diamond Room. This research includes an Environmental Analysis which looks into outside forces that are affecting the company’s ability to market and sell their products. After the environmental analysis was complete, we took a look at what was happening internally with a SWOT analysis. A SWOT analysis is a framework for the company that shows their strengths, weaknesses, opportunities, and threats.
At this point it was clear as to what exactly the company needed as far as marketing. Marketing objectives are terms that are developed to help a company reach its goals. These marketing objectives need to be specific and measurable to view progress toward its goals. Our marketing objective for The Diamond Room is to increase awareness to 50% in females that are twenty to thirty years old over the next year.
We have decided on three different marketing strategies to use while implementing our objective. The strategy we decided to use for targeting will be the concentrated strategy, which allows The Diamond Room to mainly focus on one single market; women, age twenty to thirty.
When creating strategies to reach our target market, we had to be sure who exactly we were searching for. Psychographic variables consist of personality characteristics, motives and lifestyles. The Diamond Room needs to target pre-engaged couples who are looking for a long relationship or to “tie the knot”.
The three strategies we pursued were using candid advertising, facebook advertising, and designing a...