Jewellery Industry Analysis

Industry Analysis

Jewellery has been used throughout history as a way to enhance the appearance and attract attention. It has been an integral part of the fashion industry for as long as the industry has existed. In Jamaica, jewellery has always been an essential part of the culture - specifically beaded jewellery.

The costume and beaded jewellery market in Jamaica is made up of many small sellers and few large seller, the majority of which operate in the tourists areas. In the corporate area of Kingston and St. Andrew, the concentration of the market is in the downtown shopping area. In and around the Papine area of St. Andrew, there are no large sellers of fashion jewellery, but there are many small sellers. Around the UTECH campus where the majority of the target market of Unique Fashion Jewellery are located, there are only three sole proprietors who sell only beaded or costume jewellery. These three sellers would be our immediate and main competition, two of which are located near to the Student Activity Centre where we plan to locate our business and the other which is situated in front of the University. UFJ will be the only business in this area with designs that are not easily copied or found elsewhere.

The main competitive edge that Unique Fashion Jewellery has over our competitors is our unique designs as well as the option of customization offered to our customers. Another advantage that UFJ have over its competitors is the promotional strategies put in place by our marketing team. The strength of our management team will help to ensure the success of this business which puts us ahead of the competition as these individuals work by themselves and as the saying goes "two heads are better than one."

The competitive advantages of our main competitors are;

* Their relationship with customers: they have been in the market for a longer time hence they have established a brand relationship with consumers. The management of Unique Fashion Jewellery will have to work hard to gain the trust and build a similar bond with our consumers;

* Their proximity to the target market: they are located on or near the University campus;

* Wider variety: Two of our competitors also sell other types of costume jewellery which offer customer a wider variety from which to choose and;

* Their prices: relatively low for their beaded jewellery except for the individual who sells in front of the school.

However their main disadvantage is their lack of promotional activities. The price of the individual who is situated at the front of the university is relatively high. There are no variations in terms of style in each product line. Our competitors mainly specialize in costume jewellery or non-descript beaded jewellery with very little creativity of design. Their beaded jewellery is easier to copy and as such can be found almost anywhere. This makes them the less desired choice for customers when compared with our products offerings.

In order to compete with this market Unique Fashion Jewellery has to undertake rigorous promoting strategies. The uniqueness of our designs will enable us to compete within this market and gain market shares. The