MARK1012_Assignment - What is Jane Liu2019s biggest...

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What is Jane Li’s biggest challenge?Jane Li’s biggest challenge involves identifying whether her observation of the difference in pearl prices between the Eastern and Western market could facilitate a market opportunity to start a successful business in Canada and offer a better product in an existing product category.The head of the Gemmological Association of Great Britain’s comments on the pearl market identifies a large issue; western markets are largely uneducated about pearls and therefore lackinterest and awareness (Su et al 2018).This will be the biggest challenge for Jane as she must create strategies to communicate and raise awareness to grow the market for pearls. Therefore,marketing plays a vital role in the successful operation of this business.Jane is considering several potential business opportunities. Identify the options and describe the (relevant) marketing environment characterising the industry. How would the environmental forces impact Jane’s decision-making? The options that Jane are considering for her business opportunities are whether there is an opportunity for her to enter the market, which marketing channels to apply, how to differentiate her product, her product range and her product creation method. The marketing environment includes the immediate environment and the macroenvironment. Within the immediate environment, the first impact on Jane’s decision making is her company capabilities. Jane is inexperienced and has never operated within the pearl business. She has no experience selling or manufacturing them putting her at a disadvantage when entering the market to her competitors. Jane’s company capabilities will decide whether manufacturing should be internal or outsourced. Competitors are also included in the immediate environment and will heavily impact Jane’s decisions. Her main competitors are physical jewellery stores as well as online jewellery distributors. In the case study it is noted that pearls within the jewelry stores are often not widelypromoted by those business. It states “it quickly became apparent to her that sales staff at most jewellery stores - even at big iconic chains - lacked extensive knowledge of both pearls in general and of particular store offerings (Su et al 2018). Analysing her competitors is important

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