Business Research on Jewellery Business-Free-Samples for Students

Questions: 1.Why would you decide to have research done before making a decision? Using the information you have sourced on-line: 2.Explain 4 issues relevant to this jewellery business. 3.How does product oriented, production oriented and marketing oriented research relate to this business. Is this relevant to the business decision? 4.What are the constraints that may determine whether this research is conducted. 5.Explain the 7 steps of the Scientific Metho. Answers: 1.Research is needed before making decision to determine the type of jewellery people would prefer, the trends popular among them, if the population in the target market is educated, belong to high income class, working with high cost of living, can afford luxury items, if the internet access is high in the target market. It will help decide if the Jewellery store could be opened in Adelaide (Armstrong et al. 2014). 2.The four issues relevant to the jewellery business (Sheth, Sinha and Shah 2016) are- Barriers to market entry- brand equity of existing players, specialised licenses, determining the start-up costs, and distribution challenges creates hurdles to enter a competitive market High level of inventories- jewellery sector is dependent on the import of raw materials. During the slack season it may be difficult to maintain the inventory. There is a high price risk during the recessionary trends Overcoming entrenched brands is the other major issue as the customer loyalty makes it difficult for new retailers to establish, It is challenging for the existing retailers to define their brand High risk of loss- without the advance security system it is not possible to protect the high cost inventory. It requires largest infrastructure expenses and regular monitoring. 3.The success of jewellery business is dependent on the design of the jewelleries therefore, the demand is product oriented. Consumer preferences and tastes changes and product changes must occur accordingly. It is difficult to carry the jewellery in large quantities; therefore sales are based on the design- book. Since entire quantity cannot be ensured the production in specific areas may vary (Devishwar and Kumari 2016). There is also need to save the charges that is paid to different intermediaries of market that may justify the production. Market oriented research is related to know the latest trend in the market in regards to jewellery, increase and decrease of the consumers from urban and rural areas and the determination of the marketing channels. For instance the marketing channel is different for readymade jewellery export when compared to local and national market channels. It indicates that product oriented, production oriented and marketing oriented research relate to thi s business (Boothroyd 2017). Thus, these factors are highly relevant to the business decision. 4.The constraints are- Adequate information- in hand for making the decision. Reliability of the data is the major constraint. Value of research- the research conducted is known if there is an increase or decrease in the value of the research information in comparison to the cost of conducting the research Time constraints- If the managerial decisions are ineffective, it indicates insufficient time allocated for research Nature of decision- if the business decisions are of strategic importance, it indicates conducting business research. It relates to legal and ethical constraints (Babin and Zikmund 2015) 5.The seven steps of scientific method are- Questions- things to be known for business start up Research investigate to collect the desired information Hypothesis- prediction of the outcome and conducting an experiment to confirm the outcome Experiment- testing the hypothesis Observations- data collection from the experiment and its analysis Results/conclusion- determine the correctness of the hypothesis Communicate- sharing and replication of results (Yarborough 2014) References Armstrong, G., Adam, S., Denize, S. and Kotler, P., 2014.Principles of marketing. Pearson Australia. Babin, B.J. and Zikmund, W.G., 2015.Exploring marketing research. Cengage Learning. Boothroyd, A., 2017.Setting Up a Successful Jewellery Business. Bloomsbury Publishing. Devishwar, A. and Kumari, R., 2016. A Study on Customer Preference towards Branded Jewellery. InProceedings of the 4th International Conference on Reecent Innovations in Science Engineering and Management. New Delhi(pp. 1103-1111). Sheth, J.N., Sinha, M. and Shah, R., 2016.Breakout Strategies for Eerging Markets: Business and Marketing Tactics for Achieving Growth. FT Press. Yarborough, M., 2014. Taking steps to increase the trustworthiness of scientific research.The FASEB Journal,28(9), pp.3841-3846.