Michael Hill Jeweller
Michael Hill jeweller is a multi-specialty jeweller in North America and the Oceania. The company was started in 1979 by Mr. Michael Hill and his wife Ms. Christine when they opened their first store in New Zealand in the town Whangarei. The company then grew to 10 stores by 1987 with an issue of 6m shares each worth 65c. By 31 December, 2011 a total of 245 stores were recorded under Michael Hill jewellers. (NZX, 2014)
Competitive Positioning is defined as how you will differentiate your products or services thereby creating a value for in the market. A good positioning is influenced by market profile, customer segments, competitive ...view middle of the document...
High Price Range Low Price Range
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Product/ Service Offering:
Michael Hill jeweler’s product offering can be classified as follows:
• Core Product:
It generally means conveying love, gift, thanking and other human feelings that doesn’ have words or cannot be expressed for the person buying or for the person receiving it.
• Actual product:
This makes the product from Michael Hill jewelers most distinguished among the other products in the market such as the quality, packaging and brand.
• Augmented product:
The main factor for the customer satisfaction lies in this hint points such as warranty, free delivery, credit finance along with the best customer services.
Michael Hill jewelers can be classified under specialty products since it is something that the customers would really want and would make special efforts and time to find the right one for those special ones.
Evaluating the marketing mix strategy:
Product Jewelery such as rings, chains, pendanents and necklaces with the best quality available.
Place Opening up exclusive showrooms in New Zealand, Australia, North America and Canada.
Price Providing the best price available in the market with special discounts such as seasonal discount and hoilday discounts.
Promotion Best jewelery and latest trends to attract customers. Well experienced customer services personal including sales persons are also available for attracting a huge lot of customers.
Direct Competitors are those companies which identically provide a good or service which is available with a different company and in the same market creating a competiton between the two or more countries. (businessdictionary, 2014)
The direct competitors with Michael Hill are as follows:
• Pascoes The jewellers
• Walker & Hall
• Goldmark Jewellers
• Stewart Dawson
Evaluation of the competitive environment:
The evaluation of the competitive environment can be performed using PESTE
• Life style of the people.
• Income of the people business.
• Social status
• Population Demographics • Speed of technology transfer
• Government rules & regulation
• New developments
Economic Political/ Legal
• Disposable Income
• Exchange rate
• Inflation • Employment Law
• Taxation policy
• Environment protection laws
• Fuel taxes
• Change in public attitude towards products
Segmentation is defined as the process of identifying and categorising markets according to similarities among sub-groups based on their characteristics or behaviour patterns. It is all about making generalisation about consumers. Segmentation also recognises an organisation with different potential customer markets that may be served. (Craig Walters)
The key market segments are as follows:
Segmentation Attributes Classification
Geographic Country, City New Zealand, Australia, Canada, North America...