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The Pearl Industry: Is There a Market OpportunitySubmitted to:Dr. Brent RamsayOrganizational Consulting Project CoordinatorUniversity of Canada WestPrepared by:Mina KhosraviAugust 09, 2020
INTRODUCTIONFor each Startup, many things need to be considered before starting; otherwise, the lack of market awareness can bring a significant loss for businesses. Jane Li, a businesswoman who would like to start a new setup for pearls in Canada, started to investigate Canada's market and searched about whether it could be profitable or not. There are different options for providing pearl from China market or local production. Similarly, selling pearls can be done in various ways, such as in a physical location like a boutique or online sales. In this regard and to decide toenter the Canada pearl market, she needed to check all the parameters by details. The market situation and competitors should be clear, as well as marketing strategies and sales methods. Therefore, Li would like to consult with a business consultant to evaluate this project from different aspects. Consultants check the potential for successful market penetration by taking certain steps such as performing market research and analysis, following the segmentation, targeting, and positioning framework, and using a successful pricing model and showing Li the right way.PRESENT COMPANY SITUATIONJane Li, an entrepreneur, born in China but live in Canada, decided to run the pearl business in Canada. This idea came in her mind when she was at the seaside in Qingdao, China, and found that the inexpensive pearls cost far more in Canada. Pearls are a small part of the jewelry industry, which is competitive, although pearls are superior to other types of jewelry that do not require cutting or polishing. Although this market is competitive, the retail pearl market inCanada is far from saturated, and there are opportunities to take advantage of this. Culturally, pearls are a symbol of purity and wealth that affect the industry. In some cultures, people are naturally more interested in the luxury lifestyle, so this industry has more fans. In terms of technology, it is possible to sell online in this industry. However, it depends on the Internet's infrastructure and the shopping culture of each community. So, this industry situation and external factors that influence the business should be well analyzed by consultors before enteringthe market.Problem DefinitionLi, a Chinese Canadian woman, wants to enter the pearl trade and bring it to Canada. Themain issue is assessing the Canadian market opportunity and whether it is profitable enough to enter. The market needs to analyzes from different aspects, including financial, demography,
marketing, and competition analysis. Another challenge is related to implement an appropriate product offering method in the market and how to come up with a niche strategy to compete.