Before making any decision regarding opening another jewelry store, market research is very much important. In this scenario, the primary question is whether to open another store in Melbourne or in Adelaide. Considering the demographic and economical information about Adelaide, it can be found that compared to the other state capitals in Australia, this city is developing in a slow rate. In addition to that, the age structure indicates that around 27.5% of the general population of Adelaide is aged more than 55 years (Kecharananta and Sukcharoenphon 2015).
Also, as stated by Thammaraksa, Wattanawan and Prapaspongsa (2017) the dominant employment sector in the city is the health care, as it represents around 13% of the annual employment. Even if there are other industries such as car manufacturing, electronic goods and research, defense technology but the entire economy is not moving very fast. On the other hand, a recent study shows Melbourne has shown a significant growth in the employment and population. It has varied population with people from different culture. The economy is diversified and there is a steady demand of jewelry in Melbourne. Therefore, it would be better to open another store in Melbourne, specifically at a different corner of the city.
The issues relevant to the jewelry business are:
- There have been few legal issues between the ACCC and the jewelers in the Federal Court due to dual price advertizing.
- There are numbers of technical issues with the buyers.
- Due to the international jewelers, the domestic jewelers tend to face more competitions.
- Most of the times the jewelers have to rely on exporters for raw materials.
When it comes to production oriented business research, the main focus of the company is make the most of the products, whereas as product oriented organization only focus on the service and products provided by the company (Boonyasana et al. 2017). However, according to Gray (2017) the marketing oriented company shapes its products and services according to the requirements of consumers. Before opening any business, it is important for doing sufficient research on these three matters. In case of jewelry business, these researches would help the management to understand the market needs which later will help the company to reshape their products according to the requirements.
The constraints of conducting research in this scenario are:
- The collection and further processing of the data can be very much expensive.
- There can be limited time before opening the store to conduct and analyze the data.
- The entire data cannot be reliable as well.
- Due to the Data Protection Act, there can be legal issues with holding of the personal information.
The seven steps of scientific research are:
Reference list
Boonyasana, K., Rungrodruttanagorn, S., Techatalokul, S., Silapavanich, S. and Jakor, K., 2017. Impact of 2014 Revolution: Analysis of International Trade between Thailand and Australia. Australian Academy of Accounting and Finance Review, 3(2), pp.58-64.
Gray, S., 2017. Faith Fashion Fusion: Muslim Women’s Style in Australia. Fashion Theory, pp.1-5.
Kecharananta, N. and Sukcharoenphon, S., 2015. The Approach of Gem and Jewelry's Corporate Core Values Development of Pranda Jewelry Group. International Journal of Trade, Economics and Finance, 6(2), p.151.
Thammaraksa, C., Wattanawan, A. and Prapaspongsa, T., 2017. Corporate Environmental Assessment of a Large Jewelry Company: From a Life Cycle Assessment to Green Industry. Journal of Cleaner Production.
