Strategic Management Essay

2820 words - 11 pages

Question 1
Blue Nile is one of the largest jewelry companies that sell jewelry products online. Blue Nile was formed in the year 1999 (Arthur, 2007). It is recognized as the company with the largest volume of sales in the world. It was recognized by internet retailer, a US magazine, as established in terms of size more than three largest jewelry retailers that conduct their businesses online. It has won several business awards in its historical times. It has also been ranked as the leading company in internet based customer service by consumers in 2002. It is the only jewelry company known to have received this award. Blue Nile has been selling wedding and engagement rings to more than 80,000 partners between the year 2000 and in the mid 2006. Internet retailer also recognized Blue Nile as the leading with the best web in 2007. In 2006 it also received an award from Kiplinger’s as leading best online jewelry retailer.
Blue Nile has a very big market share in the US and it has been dominating the market all through. This has helped Blue Nile to make huge profits that have enabled it to maneuver and become the largest Jewelry Company whose services are online. Customer care is one area that many businesses fail to succeed but Blue Nile has done its best to conquer this weakness. Most of its customers do not shift to other companies due to the satisfaction they get from Blue Nile. Its prices are also fair and reasonable when compared to those of the competitors. For instance, a couple from Hawaii was able to save a large amount of money by purchasing from Blue Nile, when compared to other companies. Moreover, the difference in price was very big, showing that other companies exploit their customers by exaggerating jewelry prices.

Question II
Blue Nile had a working strategy that included offering the best quality diamonds and high quality jewelry with the most attractive, reasonable, competent and fair prices. The second thing they did was to include guidelines besides their jewelry which provides important information concerning the particular jewelry. This information guided the customers in the whole purchasing procedure. Blue Nile’s management had confidence with its strategy. They believed the additional information not only captured the attention of the customers but also assisted them in selection. They also believed that their strategy was working by attracting customers and making their shopping easier through provision of jewelry information and important details that would be important for a customer to make the right decision. The strategy has been conquering the market and Blue Nile has been receiving numerous rewards and most of its success lies within this strategy.
Their prices are very competitive and have played a big part in penetrating the market internationally. Their prices are attractive and free from exaggeration and most of Blue Nile’s success lies upon their competitive prices. Moreover, their online services to...

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