Marketing Essay For Introducing Sustainable Jewelry By Inaya Jewelry.

Importance of Innovation and Creativity in Business

Innovation and creativity play an extremely important role in the overall development of a company. This also brings to light the fact that evolution is an inescapable process and that change is the only constant (da Silva Marinho et al 2016). In regards to a business, the company has to constantly be creative in its approach and innovative in its service and product so that it can keep up with the changing trends within its industry as well as retain its customer base. This also elaborates the fact that for a company to remain relevant in its designated industry, it is extremely imperative that they adhere to the relevant trends of the time while also contributing heavily to their creative approach in their usual functionality (Abdullah et al 2016). The following paper will evidently express how A jewellery company strives to innovate its range of products by introducing sustainable jewellery which evidently refers to jewellery made out of waste products. The paper will present a marketing plan that will enable the company to not only market its new product into its targeted customer base but will also allow it to strategically beat its competitors in its designated industry.

Sustainable business mainly refers to conducting business in such a way that it contributes to the betterment of the world and the environment that the business functions out of (Han et al 2021). This mainly elaborates the fact that a sustainable business contributes to the development of the environment rather than harming it. In regards to sustainable jewellery, the company will evidently strive to contribute to the betterment of its society, community as well as the environment so as to ethically run its business while also keeping up with the relevant trends in the market (Rosing et al 2018). It is also imperative to note that making jewellery out of waste has been an extremely popular trend in fashion. This brings to light the fact that by producing innovative jewellery made out of waste products, the company will succeed not only in being innovative in its approach but will also decidedly enhance its position in its designated industry among its fellow competitors.

It is also imperative to note that the success of a product evidently depends on the way the company chooses to promote it. This means that the company must ensure that it markets the product in such a way that it not only garners the attention of its customer base but also situates itself at the top of its designated industry. In regards to the jewellery company, Inaya Jewelry, the company must strive to market its product to its customer base in such a way that it not only appeals to them and attracts them to make a purchase but also enables them with the knowledge of how the company is contributing to the betterment of the environment. This not only spreads word about sustainability but also helps create the company’s reputation as a brand that supports sustainable ventures (Wood 2016). The following paper will present a critical analysis of the marketing context in regards to Inaya Jewelry trying to launch jewellery made out of waste materials. The paper will also present an STP analysis. In addition to this, the following paper will also present a marketing mix along with the various issues that might arise while implementing the marketing strategy so that the company can successfully promote its sustainable jewellery to its targeted customer base.

Sustainable Business and Sustainable Jewelry

Sustainability has become an integral part of the business world today. This mainly illuminates the idea that sustainable businesses are a relevant trend in the industry currently. In regards to Inaya Jewelry, the company mainly creates jewellery made out of rare metals and gemstones. The current trends within the jewellery industry not only include sustainable jewellery but also focus on jewellery that has been made out of waste and recycled materials (Thorlakson et al 2018). This mainly suggests that the current fashion trend within the industry includes jewellery that is made with care about the environment that the company functions out of. This also illuminates the idea that the jewellery industry all around the world has chosen to focus on contributing to the environment in their own ways which has made sustainable jewellery an extremely sought after commodity.

It is also imperative to note that while Inaya Jewelry attempts to introduce sustainable jewellery in its range of products, there are certain companies that have already made their names in the sustainable jewellery industry. This evidently puts emphasis upon the fact that the United Kingdom witnesses several jewellery brands that believe in creating ethical jewellery and hence contribute to sustainability within the environment. Some of these competitors include Emma Aitchison Jewellery where the gold and silver used for the jewellery is 100% recyclable. In addition to this, this brand also ensures that it’s gold and silver is all Fairtrade. The company also ensures that it produces jewellery on the basis of order to avoid over production and wasting materials. Another competitor includes Feather and Chain All the silver that has been used is recyclable. in addition to this the company also makes it a point to use gems that are man made rather than mind. This suggests the fact that the company believes in responsibly sourcing its materials and hence contributing to the betterment of the environment. This company also strives to conduct corporate social responsibility as it delivers one euro to a charitable cause for every piece that it sells. This means that the company not only values sustainability in terms of its products but also practises it by contributing to social and charitable causes.

Therefore, it is evident that the current trends within the industry not only look for sustainable jewellery but also look for jewellery that can be ethically sourced and is yet valuable. This primarily lays emphasis on the fact that in regards to customer attitudes within the industry, the customer base of the company demands jewellery that is ethically made but also has lucrative value. This means that the companies within this industry must focus on creating jewellery that has been made through sustainably sourced products and hence contributing the betterment of the environment (Scott 2018). This also brings to light the fact that Inaya Jewelry faces an opportunity to not only cater to the demands of its customer base but also contribute to the betterment of its environment through a variety of different ways. This mainly lays emphasis on the fact that the company can not only benefit the environment by sustainably sourcing its raw materials but can also create various job opportunities for its community members by choosing to locally source their ingredients and materials. This means that Inaya Jewelry will endeavour to create more job opportunities for its community by choosing to launch innovative jewellery made out of waste materials as one of its products. This also illuminates the idea that the company is also in a position to contribute heavily to charitable causes as it will not only contribute to the betterment of the environment through its sustainable venture but will also be able to contribute to its development through monetary funding. Therefore, it is evident that the company through its innovative idea faces the opportunity to not only contribute to its community in regards to creating job opportunities but also to its environment by contributing to charitable cause.

Promotion Strategy for Inaya Jewelry's Sustainable Jewelry

Segmentation plays a key role in the marketing of a product. This mainly suggests the fact that segmentation helps the marketing process to be more efficient in terms of money, time and various other resources (Dolnicar et al 2018). This also brings to light the fact that market segmentation enables the company to delve deep into the psyche of the customers. This means that segmentation enables the company to understand their customer base more personally and hence customise the marketing process accordingly. Segmentation can be divided into 4 main bases. These are geographic segmentation, demographic segmentation, psychographic segmentation and behavioural segmentation (Ernst and Dolnicar 2018).

Inaya Jewelry will mainly focus on geographic segmentation and psychographic segmentation. In regards to geographic segmentation, it essentially refers to demarcating the customer base on the basis of their region. In regards to Inaya Jewelry, the company will evidently market its products to people who live in the United Kingdom. This is because the company is UK based and will succeed in ethically delivering jewellery to customers who are based in the same country (Camilleri 2018). Similarly, in regards to psychographic segmentation, this mainly includes demarking the customer base on the basis of their social status, attitude and personality. In regards to Inaya Jewelry, the company will promote its sustainable jewellery to clients on the basis of their attitudes which includes the kind of jewellery they prefer, on the basis of their personality which also refers to the type of jewellery they prefer to wear and finally, social status which mainly includes the pricing of the product (Liu et al 2019).

In terms of targeting the company can use the Porter’s Generic Strategy Model. This will enable the company to not only understand their customer base but will also help them to target the customers in such a way that they can earn lucratively from it. The three strategies mentioned in the model include cost leadership, differentiation and focus.

This mainly lays reference to the company increasing its chance of earning profits by reducing its cost of manufacturing. In regards to Inaya Jewelry, the company can endeavour to cut down on its cost of making the jewellery so that it can be sold for cheaper and eventually earn profits (Firoz Suleman et al 2019). This is however, not a feasible option for the company since the product that it has chosen to innovatively create is still extremely premium and hence would need to be made with the utmost care. This means that reducing costs is not an option for Inaya Jewelry as it strives to create jewellery made out of waste products.

This mainly refers to ensuring that the company makes its product different from its competitors. This primarily lays reference to the fact that the company will provide a unique factor in its product that cannot be replicated by its competitors. In terms of Inaya Jewelry, the company has the potential to innovatively make its product in such a way that it cannot be copied by its competitors (Van den Brink et al 2019). This uniqueness adds value to the company’s product and hence enables it to earn lucratively. This also lays reference to the fact that Inaya Jewelry can provide sustainably sourced jewellery by using waste materials, man made gems etc. This will not only help the company to provide a unique factor in regards to its jewellery but will also allow it to set itself apart from its fellow competitors. This also provides the company with the opportunity to price its product in a premium way (Greckhamer and Gur 2021). This means that the company will successfully provide its customer base with an innovative product and lucratively earn from it through premium pricing since the product is unique and cannot be replicated.

Current Trends in the Jewelry Industry and Inaya's Competitors

This evidently lays reference to the company focusing on its cost as well as on its differentiation. In regards to costs, the company will not only look out for the cost of making the product but will also ensure that it prices it accordingly. In regards differentiation focus, the company will ensure that its product is unique in its designated industry and cannot be replicated by its fellow competitors (Islami et al 2020). This will provide the company with an edge against its competitors and hence will enable it to rightfully price its product in a premium way. In regards to Inaya Jewelry, since the company provides its customer base with sustainably sourced jewellery made out of waste materials, it can not only strive to price its products on the basis of premium pricing but also provide its customer base with an extremely authentic and unique product (Thorlakson 2018). This will not only help it earn the loyalty of its customer base but will also enable it to flourish in its industry for being creative and innovative in its range of products.

 Therefore, it is evident that for Inaya Jewelry the best approach for targeting includes differentiation. This means that the company can not only provide its customer base with a unique product but also price it on the basis of premium pricing so that they can provide their customer base with a high quality product at a fair price (Schlegelmilch 2016). This will not only enable the company to demarcated its target audience but will also help it understand its clientele and hence create products that suit them best.

It is also imperative to note that positioning is tantamount to the overall success of the product. It not only helps the company connect with its customer base but it also allows it to answer any questions that the customers might have about the product (Andaleeb 2016). In terms of Inaya Jewelry, the positioning statement would not only suggest the company’s contribution to the environment but will also showcase its contribution and devotion towards fashion. Therefore, in regards to the new innovative product, positioning statement that the company might successfully use is “it is fashionable to care”. This statement will not only draw the customer base of the company towards the brand but will also pique their curiosity in regards to what the brand endeavours to offer its clientele (Paruchuri 2019). The company can use this positioning statement to not only situate itself in its designated industry but also help the clientele of the company to understand the importance for sustainability and how the company can contribute to it through fashion.

This mainly refers to how the company enables to market its products to its customer base. In terms of Inaya Jewelry, the company does not only provide an innovative product to its customer base as it makes sustainable jewellery but it also focuses on the overall branding and packaging of the product. This means that the company will not only provide its customers with beautiful jewellery that is made out of waste materials but will also ensure that the packaging is eco-friendly and agrees with the sustainability message. This means that the company will think about the overall experience that the package will bestow upon the customers (Lahtinen et al 2020). This will help the company evidently flourish in its designated purpose which is to market the product successfully to its clientele.

Customer Attitudes towards Sustainable and Ethically Sourced Jewelry

This mainly lays reference to the way that the company strives to price its product. In terms of Inaya Jewelry, the company provides its customer base with an innovative product that is sustainably sourced. This means that the product’s raw materials are not only expensive but are also of the best quality (Thabit and Raewf 2018). This also suggests that the company will price its products in a premium way. This will not only help the company manage the cost of making the jewellery but will also allow it to earn a lucrative profit from the sale that it makes. Therefore, it is evident that the company will price its jewellery on a premium basis.

This mainly elaborates how a company chooses to promote its products to its customer base. In terms of Inaya Jewelry, the company will not only promote its innovative product through advertisements on the television and the radio but will also use print media (Išorait? 2016). This means that the company will provide advertisements for its innovative sustainably sourced jewellery made out of waste materials on newspapers as well as magazines. In addition to this, the company can also choose to promote its products on its various social media handles. This means that in regards to digital marketing, the company will promote its products on its social media accounts such as on Twitter, Instagram and Facebook. This will not only enable the company to connect with its customer base through its social media platform but will also allow it to anticipate the needs of its customers (Gr?dinaru et al 2016). This will eventually help the company as it will be able to assess what its customer base would want next and would evidently create products accordingly.

This mainly focuses on the way the company chooses to distribute its product. In regards to Inaya Jewelry, since the company is focusing on sustainability, it will endeavour to lower its carbon footprint through sourcing its raw materials from local vendors. This means that the company will lower its carbon footprint as it sources its products from local vendors. In regards to distribution strategy, the company will deliver the products to its customer base through home delivery (Asdi and Putra 2020). This means that the company will provide its products to its customers through doorstep delivery. Since the company evidently functions in the United Kingdom, it will be cheaper to send out packages all around the country which will eventually help companies save money.

This evidently refers to the various issues that the company might face in executing this entire marketing plan. It is imperative to note that the implementation of a plan evidently refers to its overall execution. The execution of the plan is one of the most important factors involved in the success of the plan. In regards to businesses, the company must ensure that it implements every step of its marketing plan efficiently so that the company can eventually succeed in its overall purposeful. In terms of Inaya Jewelry, the company must ensure that it implements its strategy efficiently and diligently. However in doing so, there are certain factors that the company must be vary off. This mainly suggests that since the product is an innovative creation, the company must ensure that it succeeds in creating a beautiful product with waste materials. This is one of the biggest implementation risks that the company is taking. Inaya Jewelry must make sure of the fact that it’s jewellery is 100% authentic in regards to its contents which is waste products. In addition to this, it is also imperative to note that the company faces the issue of sourcing its raw materials ethically. This mainly brings to light the fact that in light of the coronavirus pandemic, distribution all around the country has been temporarily banned. This means that due to the maintenance of the lockdown restrictions, it has been extremely difficult for businesses all around the world to conduct their usual functioning. This illuminates the fact that in regards to the implementation process, the jewellery store might face difficulties in sourcing its raw materials which will be used to make the jewellery. Finally, another implementation issue that the company might face is in coordinating every aspect of its marketing plan. This mainly suggests that the success of a plan depends on the synchronised harmony of its overall functionality. In regards to the jewellery store, the company must ensure that every aspect of its marketing plan goes off without a hitch. This includes the segmentation, targeting and positioning process. In addition to this, this also includes the company’s marketing mix. This means that the company must ensure that every step of its marketing mix goes efficiently and smoothly so that it can flourish in its designated industry and successfully launch its innovative product to its customer base. This will enable the company to not only earn lucrative profit but will also allow it to create a brand recognition for itself in its designated industry among its fellow competitors.

Opportunities for Inaya Jewelry to Contribute to the Betterment of the Environment

Conclusion

Thus, in conclusion, it is evident that marketing plan contributes to the overall success of a company in the promotion of a product. In addition to this, it is also imperative to note, that the marketing of the product not only contributes to the overall development of its company but also allows the brand to create an identity for itself. The above paper expresses the importance of innovation and creativity within a company. In addition to this, the above paper also discusses how Inaya Jewelry chose to promote an innovative product into the industry which is creating jewellery from waste materials. The paper also expresses the importance of sustainable sourcing and creating products that contribute to the betterment of the environment (Jadhav et al 2019). Moreover, the paper also discusses elaborately how the jewellery store chose to implement segmentation, targeting and positioning in its overall purpose. Furthermore, the paper also presents a marketing mix that the company must adhere to so as to promote its product successfully in its designated industry. Finally, the paper also presents the various implementation issues that the company might face in its endeavour to introduce a new and innovative product in its designated industry. This also brings to light the fact that the successful implementation of this marketing plan will not only enable the company to attract a wide range of customers but will also allow it the chance to contribute to the betterment of the environment. This mainly refers to how the company can contribute to the community that it functions out of by creating job opportunities for its people.

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