Answer to Question #315917 in Management for Arshiya

Question

Tanish a strong Indian jewelry brand founded in 1994. The brand would like to diversify to the Gulf Region and appeal to the millennials. The brand does have presence in Dubai but is not performing as expected. The brand faces tough competition from Damas, Malabar and Kalyan Jewellers.

a. How can Tanish benefit from market research insights? (5 Marks)

b. Suggest a suitable communication strategy to build awareness and customer base in the marketplace.

Answer 1

a) Tanish can benefit from market research insights in the following ways;

It helps businesses strengthen their position within the market.

It minimises any investment risk by comparing with the competitors.

It identifies potential threats and opportunities within the market.

It helps to discover yours and your competitor's strengths and weaknesses.

It facilitates strategic planning to beat the competitors.

b) Tanish can use the direct marketing strategy to build awareness and customer base in the marketplace. Direct marketing activities bypass any intermediaries and communicate directly with the individual consumer. Direct mail is personalized to the individual consumer, based on whatever a company knows about that person’s needs, interests, behaviours, and preferences. Traditional direct marketing activities include mail, catalogues, and telemarketing. The thousands of “junk mail” offers from credit card companies, bankers, and charitable organizations that flood mailboxes every year are artefacts of direct marketing. Telemarketing contacts prospective customers via the telephone to pitch offers and collect information. Today, direct marketing overlaps heavily with digital marketing, as marketers rely on email and, increasingly, mobile communications to reach and interact with consumers.