Business Studies – 3.3.6 Marketing strategy | e-Consult

For this online retailer, a product-focused marketing mix combined with a strong digital marketing approach is most suitable. The online nature of the business necessitates a heavy reliance on online channels.

• Product: The jewellery itself is the core product. Emphasis should be placed on high-quality photographs and detailed descriptions highlighting the unique craftsmanship and ethical sourcing of materials. Offer a range of styles to cater to different tastes. Consider offering personalised jewellery options. Justification: Online shoppers rely heavily on product visuals and information. Highlighting unique selling points (USP) differentiates the retailer.
• Price: Implement a value-based pricing strategy. The price should reflect the quality of the materials, the craftsmanship, and the ethical sourcing. Justify the price through clear communication about the product's value. Offer occasional promotions and discounts. Justification: Customers are willing to pay more for ethically sourced and high-quality products. Promotions can attract new customers.
• Place: The primary place is the online store itself (website). Ensure the website is user-friendly, secure, and mobile-responsive. Consider selling on online marketplaces like Etsy to reach a wider audience. Justification: The online store is the core channel. Etsy provides access to a large, targeted customer base.
• Promotion: Focus on digital marketing channels:
  • Social Media Marketing: Utilize Instagram, Pinterest, and Facebook to showcase the jewellery's aesthetic appeal. Run targeted ads to reach women aged 25-45 interested in ethical fashion.
  • Search Engine Optimisation (SEO): Optimise the website and product descriptions for relevant keywords to improve search engine rankings.
  • Email Marketing: Build an email list and send newsletters with new product announcements, promotions, and behind-the-scenes content.
  • Influencer Marketing: Partner with fashion and lifestyle influencers to promote the jewellery to their followers.
  Justification: Reaches the target demographic where they spend time online. Digital marketing is cost-effective and allows for targeted advertising.

This mix prioritises showcasing the product's unique qualities and reaching the target audience through online channels, which is essential for an online retailer.