1 / 16

BM0083 - Integrated Studies for TEP Year 04/05 Sem 2 - ICA 3 Subject: Creativity Project

BM0083 - Integrated Studies for TEP Year 04/05 Sem 2 - ICA 3 Subject: Creativity Project. Topic: Jewellery Industry. Team Members :. Sheila Sim Ching Ting Ng Yoke Huey Kaw Jing Hao Husnul Amar Robin Yap Jin Kiat. Executive summary. State the problems faced by Teck Cheong Jewellers.

nelle-pickett
Download Presentation

BM0083 - Integrated Studies for TEP Year 04/05 Sem 2 - ICA 3 Subject: Creativity Project

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. BM0083 - Integrated Studies for TEP Year 04/05 Sem 2 - ICA 3 Subject: Creativity Project Topic: Jewellery Industry Team Members : Sheila Sim Ching Ting Ng Yoke Huey Kaw Jing Hao Husnul Amar Robin Yap Jin Kiat

  2. Executive summary • State the problems faced by Teck Cheong Jewellers. • Background on current situation of the jewellery industry. • Proposed potential ideas. • Recommendation and presentation of selected ideas.

  3. Problems faced by Teck Cheong Jewellers: Teck Cheong is experiencing a steady loss of business. Teck Cheong is operating on an outdated management mindset. Emergence of new competitors. Emergence of new trends. Location of the shop. Scenario

  4. In Singapore during the festive season, gold jewellery is normally one of the top items on shopping lists. Tendency to buy gold items of lighter weight during a rise in gold prices. Generally, Chinese and Indians are more price sensitive. (Mohamed Salleh, MD of Golden Chance Goldsmith) Jewellers’ Association expects the economic turnaround in the economy will help give gold jewellery sales a boost. Current Situation

  5. Goldsmiths and jewellers in Singapore have been trying new marketing campaigns and create innovative items to hold on to customers. Fierce competition among jewellers to put retail prices of gem set jewellery within reach of average housewife or office worker. Young consumers go for trendy designs instead of traditional designs. Jewellers say over the past few years, they have seen more men coming to their stores to treat themselves to a diamond or two. Jewellery is popular with tourists as proven by hike in re-export figures. Current Situation

  6. Potential Ideas • Teck Cheong should come up with their own distinctive and innovative jewellery designs. For example: Rings that expand into bracelets and dual design pendants. • Teck Cheong can introduce a sub-line of jewellery which adopts a new name and image to appeal to the masses.

  7. Potential Ideas • Demographics of customers. • Younger customers are providing a key market for jewellers. • Teck Cheong can consider hiring younger sales staff to attract more young shoppers. • Teck Cheong should have their own website and advertising in the internet. • Teck Cheong should be involved in exhibitions and road shows, to exhibit new and current products.

  8. Monthly and Annually lucky draw to attract customers, cash prizes (Higher for annual draw). Draw is telecasted live on television. Teck Cheong should endorse a famous celebrity to be the spokesperson for their jewellery. Membership benefits, cooperate with credit card companies to offer privileges. Concentrate sales effort towards strong selling products, market to the emerging male market. Potential Ideas

  9. Adopt new management style. Hire younger staff. Re-organize the management hierarchy. Venture into manufacturing and wholesaling. Low production cost. Have a hand in entire value chain. Economies of Scale. Decrease the mark up to lower prices of the items. Normally, jewellery retailers have a mark-up of 47% - 355%. Operate at a decent mark up of 25% - 35%. Discounts for minimum purchase. Potential Ideas

  10. Selected Ideas • Teck Cheong should come up with their own distinctive and innovative designs to attract the new wave of young and trendy customers who prefer something nice to wear and match with their clothes. • Teck Cheong can introduce a sub-line of jewellery which adopts a new name and image to appeal to the masses. Lee Hwa Jewellery has enjoyed success with their sub-line, Aspial, while Soo Kee Jewellery has SK.

  11. Selected Ideas • Teck Cheong can revamp their shops so that up-to-date jewellery and younger range of jewellery can be showcased upfront. • Marketing campaigns include: • online catalogues for browsing and ordering, • pre-order for occasions like Valentine’s Day, Mothers’ Day etc. • Teck Cheong should offer a wide selection including: • baby gifts • bridal gifts • fragrances • key rings • writing instruments • for Him & for Her • silver accessories

  12. Selected Ideas • Teck Cheong should be involved in exhibitions and road shows, to exhibit new and current products. • For example: Taka Jewellery reaped $2.3 million worth of sales in 5 days during an annual jewellery fair in Hong Kong. • Teck Cheong should endorse famous celebrity to be the spokesperson for their jewellery. • For example: Citigems recruited MediaCorp Actresses Fiona Xie and Joanne Peh to be their spokesperson.

  13. Concentrate sales effort towards strong selling products, market to the emerging male market. Hew Yee Min, Managing Director of Tiffany & Co, said: "They typically look for ear studs, but they also look for things like pendants, bracelets and rings. Those are becoming popular with men too." - CNA Selected Ideas

  14. Suggested Online Website Design

  15. The End The End.

More Related