Factors to determine a company’ success in the online jewelry business in the next 3-5 years
Company’s success is depends on their vision and mission. They need to develop a strategic vision, mission and a set of core values. In developing a strategic vision, manager needs to determine what they want to be in the future. For example is to a best online jewelry business in the world or others. Company need to determine the purpose of their business if they want to success in the business. Online jewelry business’s key factors to determine a company’s success is depends on the company strategy which is strategy of providing educational information, in –depth product ...view middle of the document...
Certification shows that the company’s product is certified by other industry professional and this will build customer confidence in buying online jewelry.
The conclusion is crafting a strategy is important for the company success in the future. It will addresses a series of how to grow the business, how to please customers, how to outcompete rivals, how to manage each functional piece of the business, how to responds to changing market conditions and how to achieved targeted level of performance.
Blue Nile’s strategy
Blue Nile’s implement three types of strategies which is business strategies, supplementary strategies and marketing strategies. Business strategies are a long term plan of action designed to achieve a particular goal or set of goals or objective. Blue Nile’s business strategy is to provide highest quality of standards in the industry, unmatched diamond selection and interactive search tools, and commitment to a superior customer experience, comprehensive education and guidance. Top management believed its strategy of providing educational information, in-depth product information, and grading reports coupled with its wide product selection and attractive prices was the key driver of the company’s success and ideally, would lead to customer looking upon Blue Nile as their jeweler for life.
Second type of strategies is supplementary strategies. Blue Nile’s provide 30-day return policy, free shipping within U.S and appraisal setting the approximate retail replacement value of the item. Blue Nile has a 30-day return policy that gave customers plenty of time to consider their purchase and make sure they had made a good decision. Requests for a refund or different items are processes within a few days. Blue Nile offered free shipping with every order delivered to a U.S. address.
Third strategies are increase Blue Nile brand recognition, generate consumer traffic, build loyal customer base and ads at web portals and search engines sites. For build loyal customer base, Blue Nile offered a Build Your Own Feature that allowed customers to customize diamonds rings, pendants, and earrings. Customer could select a diamond and then choose a variety of jewelry that were designed to match the characteristics of each individual diamond.
Five generic competitive strategies that are most closely fit the competitive approach that Blue Nile is taking
Competitive strategies that are most closely fit the competitive approach the Blue Nile is taking is focused low-cost strategy. This strategy is attractive because it is costly or difficult for multisegment competitors to meet the needs of target market niche buyers. Besides that, Blue Nile target market niche is big enough to be profitable and offers good growth potential. Focused low-cost strategies also have a risk. As attractiveness of the segment is increase, it draws in more competitors, intensifying...