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Tiếng anh: Phân tích dự án kinh doanh của PNJ mở rộng kinh doanh sang Ấn Độ. Bao gồm: giới thiệu PNJ và product lines, PESTEL, SWOT, 5 forces, porter diamond, Ratio analysis, and solution: 4Ps, Campaign roadmap.
I Introduction 1.1 Overview of Phu Nhuan Jewelry Joint stock Company Phu Nhuan Jewelry Joint Stock Company specializes in producing and trading gold, silver, gemstones jewelry, business gifts, fashion accessories, souvenirs, watches, gold bar trading, providing diamond and stone inspection services, precious metals, and real estate Established in 1988, PNJ has become the leading jewelry manufacturer and retailer in Asia, with more than 350 retail stores nationwide In 2010, PNJ was ranked 16th by Plimsoll in the top 500 largest jewelry companies in the world • Vision: to become a leading jewelry manufacturer and retailer in ASIA, sustaining its no • position in the middle and high-end jewelry market share in Vietnam Mission: PNJ brings pridr to customers by exquisite and transcending jewelry • products Core value: integrity – responsibility – quality – innovation – cohesion 1.2 History of foundation- development: • 1988-1998: Pioneering process: MNJ defines its development strategy as a professional • jewelry manufacturer and trader 1999-2008: Consecutive breakthroughs: This period marked a lot of changes The core values of PNJ were always promoted and developed into a strategic “launching base’ that • turned challengses to opportunities 2009-2020: Making exploits: PNJ has realized its vision as a leading jewelry retailer and manufacturer in ASIA maintainning the number one position in the middle high-end jewelry market in Vietnam 1.3 Products and services: • PNJ gold jewelry Since its inception in 1988, PNJ Gold Jewelry has taken constant efforts to innovate and produce hundreds of collections,which are varied by the gold materials and gemstones Their designs representthe essence of pioneering and honor of the beauty, elegance and class of Vietnamese consumers The gold jewelry products under PNJ brand are always the fascinating mix of luxury and uniqueness, fashion and modernity Every piece is vividly souled by talented designers and skillful hands of jewellers, who guarantee the high sophistication and aesthetics to please the tastes of all customers • CAO fine Jewellery: Born in 2005, CAO Fine Jewelry gradually won the heart of high-class customers for its distinctive high-end niche CAO Fine Jewelry products are made from 18K gold, diamonds, precious stones and semi-precious gems of vivid colors - all are guaranteed of the illumination and sharp cuttings which are done by first-class masters of precious stones crafting, or accredited by the world’s leading testers • PNJ silver jewelry and assesories: Since its first steps intoVietnam’s jewelry market in 2001 until now, PNJSilver has been like a modern young girl who always leads the trend by wearing diverse and contemporary jewelry and accessories Pursuing the fashionable and dynamic pink and purple colors, PNJ Silver is proud to be a recognizable jewelry brandin many shopping centers across Vietnam andquenches the thirst for fashion jewelry of young people who are of PNJ Silver's target customers • Jemma jewelry and accessories: Inspired by the ever-louder trend of fashion accessories in the world, JEMMA as a highend jewelry accessories brand was born in late 2009 Heading forthe position of a fashion accessory high-class and modern brand, JEMMA offers itself as a new choice forwomen’s elegance and nobility All JEMMA products are designed in modern style and follow the uptodate fashion trends usinga diversity of materials from silver, high-grade alloy and colorful semi-precious stones These pieces of craft are not just original fashion products, but representative of the class, the pride and exquisite aesthetic taste of those who wear them • PNJart- Premium corporate gift: The advantages of design level, crafting technology and a team of highly-skilled artisans and goldsmiths has empowered PNJ as one of the pioneering brands to develop a Gift line to serve corporate customers with diversified and preminent quality models These gift products are carefully elaborated in the meaning of giving values, making beautiful expressions, not only honoring the true, the beautiful of both sides but also manifesting the pure and corlorful beauty • PNJ watch: The first presence of PNJ in the watch market in 2012 was made toward the middle and high-end segments, just in line with the company's jewelry market conquering strategy PNJ Watch has been making steady progress with popular products namely Longines, Michael Kors, Movado, Tissot Against the context of a fragmented market, this business promises a leading stance in genuine watch distribution throughout Vietnam • PNJ Inspection services ( diamond, gem, precious metal): PNJ Laboratory Company Limited was established by PNJ as an leading inspection company for diamonds, gemstones, precious metals in Vietnam PNJLab is now the leading inspection company in Vietnam and among a very few Vietnamese accrediting companies that are successfully built and operated according to international standards ISO/IEC 17025 More than 20 years of operation, a team of experienced and well informed experts and modern technology equipment, the responsibility, honesty, transparency, neutral behavior and high precise has empowered PNJ Lab to affirm its reputation toward domestic and foreign customers II Business objective With the goal of becoming the leading manufacturer and retailer in the jewelry industry in the Asia market, bringing the beauty value to woman and confidence with the strong capital and current position of PNJ in the Asia market, PNJ will expand the market to India with the desire to achieve a net operating profit of $ millions within 18 months (6 months of surveying the Indian market and 12 months of official sales) The campaign will be implemented after the Indian market recovers (from 2022 to 2023) III External and Internal analysis 3.1.Pestel analysis • Political/Legal factors that affect India India is one of the most powerful countries in the world New Delhi is its capital It neighbours two powerful countries i.e China and Pakistan Other neighbouring countries are Bangladesh, Myanmar, Nepal, Bhutan, & Sri Lanka India is the largest democracy in the world and enjoys a relatively stable political environment This political culture of tolerance contributes immensely to maintain a stable political climate which is in fact a very important factor to attract foreign direct investment (FDI) Before 1992, the import of gold into India was banned by the gold control legislation Only two businesses are allowed to import gold into India, namely MMTC (Minerals and Mentals Trading Corporation of India) and SBI (the State Bank of India).However, in 1992 the law controlling gold was removed, allowing major exporters to import gold freely With India creating investment opportunities for the import and export of gold and jewelry has led to the penetration and of many businesses Not only domestic enterprises India’s opening up of investment opportunities for the import and export of gold and free jewelry has led to the entry into this market by many world-famous brands Duty tax rate for imported jewelry from ASIAN : 12.5% (30% from others) =>With a stable political and there are many laws which are favorable for importing gold into the Indian market, PNJ believes that this is a opportunities to penetrate into India Moreover, with the tax rate for imported jewelry is 12.5%, this is also an advantage for Vietnam when investing in Indian market • Economic factors that affect India India is the 5th largest economy in the world India and attracted a high FDI According to the Department of Industrial Promotion and Inland Trade (DPIIT) under the Ministry of Industry and Trade of India, the total amount of foreign direct investment (FDI) in India from April 2020 to September 2020 reaches 500.12 billion USD, this firmly affirms the position of this country as a key and safe investment destination in the world.5th largest economic in the world India is one of largest economies in the world in terms of nominal GDP Its GDP growth rate in 2020 was worth around 5% The inflation rates around 4.9% and tend to declines in recent years The disposal income is $2,170 However, the consumer demand has weakened recently Consequently, the economy is slowing down causing people a lot of concern The lockdown in 2020 was devastating for the country with a job loss of around 122 million people The unemployment rates of India around 7% and tend to decrease The corporate tax rate in India is 25.17%; however, it is forecast to increase soon It is worth noting that the country witnessed frequent corporate tax rate changes over the years For example, the tax rate in 2010 was 33.99%, while it reached an all-time high of 38.95% in 2001 (Trading Economics, 2021) India’s key exports are petroleum products, jewellery, pharmaceutical products, transport equipment, machinery and readymade garments to name but a few On the other hand, India imports crude petroleum, gold and silver, electronic good, pearls and precious stones and many other things Some of the top trading partners of India are China, UAE, Switzerland, Saudi Arabia, USA, and Qatar (Guardian News and Media Limited, n.d.) India is one of the fastest growing economies in the world It has a massive domestic market that offers numerous opportunities for both local and international organisations After growing at very high rates for years, India’s economy had already begun to slow down before the onset of the COVID-19 pandemic According to data released by the Indian Ministry of Statistics and Program Enforcement at the end of August 2020, in the first quarter of 2020 GDP is at constant prices of This country only reached about 37.8 billion USD, down about 23.9% compared with the positive growth of 5.2% in the same period last year The Government and Reserve Bank of India (Central Bank) also quickly implemented measures to reform, cut interest rates and launched economic stimulus (stil mi lớt) packages to reduce the impact of pandemic In its latest World Economic Outlook report published on January 26, the World Monetary Fund (IMF) predicted that India's GDP would grow at a rate of 11.5% by 2021 =>PNJ believes that with India's efforts in disease prevention and economic recovery, the future of a strongly developed economy is possible This robust domestic economy will increase the proportion of middle to upper middles-class and that will effectively increase the market share of the firm Since jewelry has high income elasticity of demand, as incomes rise, customers “will likely use their increased income to purchase more luxury goods and services” • Social factors that affect India Demographic India has a gigantic consumer market with a total population of over 1.380 billion (Worldometer, 2021) while 48.04% is females growing at an average annual rate of 1.82% and population growth rate is 0.99% Three largest city has the highest population density: Mumbai & Deli , Bengaluru The age distribution: 63.66% females at age 15-64 years Such a huge market is a great opportunity for multinational companies No wonder why so many multinationals are operating in India! India offers cheap labour and is likely to become one of the top three economic giants in the world over the next 10-15 years (IBEF, 2021) Accessible and affordable labour force has encouraged many multinational companies to outsource some of their business operations to India India is one of the most attractive markets in the world in many sectors Standard of living is gradually improving and the country has a growing middle class with good disposable income However, it is worth noting that India still suffers from poverty with millions of people live on less than $2 a day Likewise, poor wealth distribution is also an enormous problem for the country Culture - Jewelry is an indispensable part of Indian culture, having its roots in ancient culture Previously, jewelry for the needs of aesthetics and beauty accounted for only a small share in the jewelry market due to the perception of the Indian people seeing jewelry as an investment Today, even though the government has opened the door to deregulate luxury goods, the Indian people's perceptions of jewelry have not changed completely, most of them are still very cautious However, this concept has gradually changed and is especially strong for the upper class, who have the opportunity to come into contact with many cultures around the world - Gold jewelry is widely used and widely used, playing a role in the customs, culture and aesthetic issues of both men and women In addition, the issue of class has not been clearly shown, so high-end jewelry is still a way to help the elite assert their level This is also the reason why luxury jewelry is popular and attracts the attention of many people Indians tend to increase their purchasing power with gold jewelry products when the festive season comes With many families in India buying gold also takes place regularly on a monthly or quarterly basis - India ranks second among six key gold markets in the world: China, India, Italy, Saudi Arabia, Turkey and the United States (according to a report by the World Gold Association) In the late 90s, the Indian jewelry market saw a shift in consumer perception of jewelry Instead of gold jewelry being evaluated as a choice to start from, it is now evaluated for its aesthetic appeal In other words, it seems that the focus has shifted from content, quality to shape and style => This can be viewed as promising opportunities for PNJ to expand its business as the demand for gold, jewelry in special occasions is substantial, and the market is still young • Technological factors that affect India India is one of the strongly developed countries in digital technology and digital economy In fact, according to some sources, it is the 3rd most technologically advanced country in the world No wonder why more and more tech giants including but not limited to Facebook, Microsoft, Amazon, and Apple are investing billions of dollars in the country The Indian government has devoted a lot of attention, support and promotion to the digital economy and turned it into a strong growth driver of this country India has many programs to promote the development of digital economy such as: National e-Governance Plan; Digital India; Make in India; Skill India; Smart Cities Digitalization offers Indian users a whole new online shopping experience Of which 85% tend to prefer the experience through mobile devices over traditional ways Consumer spending is now heavily influenced by digital in all ways, with getting recommendations from friends, finding new products or deciding to shop =>In order to penetrate the Indian market, in addition to building stores and jewelry centers to increase brand awareness, it also focuses on building shopping websites with professional layouts, glitter, and clear information on each product and launch attractive advertisements Along with that, PNJ also needs to have online shopping services, pay by credit card, transfer and allow buyers to place orders via mobile phones by sending text messages 3.2 Five forces analysis • Threat of substitutes is low Because there is no substitutes product that can replace jewelry and gems to serve the same purpose and provide the same value for users • Bargaining power of suppliers is low Materials of jewelry is gold and gems whose price is controlled strictly by government Therefore, suppliers have no right to make price • Competitive Rivarly is high Competitive rivalry in this sector is very high as there are a large number of players with similiar products, whereas the customers not have a switching cost • Bargaining power of buyers is low Buyers have no power due to the price of gold and gems in market regulated and therefore it is fixed and usually similiar across sellers Besides, the gap of prices of jewelry often causes by the design, which customers must accept • Threat of new entrants is high With the policy as reducing duty tax rate from ASIAN countries aims to encourages foreigner’s investment thus, it is not very difficult to set up a jewelery business in India 3.2 Porter’s Diamond analysis • Factor conditions: India has large population - 1,391 billions which rank 2nd in the world, in which working age population accounts for about 60% of total population and the unemployment rate is not higher than 10% (during pandemic covid-19), which shows that India is an potential market to penetrate Moreover, PNJ should refine their product lines to concentrate customer group at age 18 to 45 who accounts up to 35% of population With stable political and developmental capital market, specially FDI, capital mobilization to expand market operation becomes more easily in India • Demand condition Jewelry is one of india's most essential products which belongs to culture, so the demand for jewelry is high, however, Indian are strongly influenced by religion, so product design needs to be focused to easily conquer customers • Related and supporting industries Technology industry is one of key industries of India, therefore, it could provide the high quality marketing media to endorsing products In addition, technology market develops will promote e-commerce activities India’s transportation industries is quitely developmental, which can support retail market • Firm strategy, structure and rivalry The jewelry market in Indian operates through traditional small shops thị trường which accept cash payment However, since 2016, the government tightened in cash payment and improve the tax service systems GST, therefore, the traditional shop has not been position on the market To deal with these changes, PNJ could operate through franchising or established the official brand with large small retailed shops systerm as in Vietnam All in all, India is a potential market for PNJ explore and expand operation market, additionally, it is the opportunity for PNJ to raise their brand into the world 3.3 Financial analysis 3.3.1 Ratio analysis Ratios Current ratio quick ratio days sale in account receivable days sales in inventory equity ratio net income to net sales ratio ROA 8.ROE 2020 2,21 0,16 2,38 176,02 0,62 0,06 0,13 0,20 2019 1,83 0,06 3,06 161,72 0,53 0,07 0,14 0,26 Current ratio increases from 2019 to 2020 and around 2, which indicated that the company has success in paying short-term debt by short-term assets However, although quick ratio increase from 2019 to 2020, this ratio is still less than Therefore the ability of paying short-term deb is improved but the large portion is based on sales inventory Days sales in account receivable decrease from 2019 to 2020, which expresses that the company has improvement in convert account receivable into cash Days sales in inventory rises from 161,72 days to 176,02 days (2019-2020), it can be implied that the compay becomes selling inventory more slowly than in 2019, which can be explained by the affect of covid 19 pandemic Equity ratio increases, which can be explained that there is a large amount of profit in 2019 is not distributed in 2020, which leads to the owners’equity increases Net income to net sales ratio, ROA and ROA decrease, which express that the sales of the company is not good during 2020 when pandemic occurs 3.3.2 Horizontal analysis (Unit: millions VNĐ) Net revenue from sales Financial income Interest expenses Selling expense General and administration expenses Net profit after tax 2020 17,510,789 2,369 (154,417) (1,420,856) (505,573) 2019 17,000,682 16,821 (115,368) (1,361,808) (475,832) Change 510,108 (14,452) 39,050 59,049 29,742 % Change 3.00% (85.92)% 33,85% 4,34% 6.25% 1,069,311 1,193,925 (124,615) (10.44)% From 2019 to 2020, Net revenue from sales of goods and rendering services increases 3%, which implies that PNJ still could sell products during the pandemic covid-19, but in order to achieve that, PNJ must bear the increase in selling expense (4.34%) and general and administration expenses (6.25%) Moreover, financial activities is unsatisfactory as financial income significantly drops by 85.92%, whereas interest expenses increases by 33.85% from 2019 to 2020 Sources of income is disappointed while expenses increases, which leads to net profit after tax of PNJ declines by 10.44% In short, it can be stated that PNJ could sell products in any case, but high financial investments could drastically affect to net profit of PNJ as whole 3.3.3 Vertical analysis Ratios to Total resources Liability Short – term borrowings Owners’ Equity Owners’ Capital 2020 38.21% 21.68% 61.79% 26.83% 2019 46.79% 30.35% 53.21% 26.19% Variance (8.59)% (8.67)% 8.59% 0.64% In 2019, PNJ seems to balance the debt and owners’ equity in the resources with relatively portions are 46.79% and 53.21% In which short-term borrowings makes up 30,35% and Owners’capital accounts for 26,19% of total resources, these are main resources of company However, in 2020, there is a gap between Liabilities and Equity when the enterprise slightly raises the amount of owners’capital and decrease the amount of short-term debt by 8.67% It seems that the company have potential resources which less depend on debt, it might be due to short-term debt has more risks, one of disadvantages clearly realized is interest expenses shown in Income statement increases by 33,85% from 2019 to 2020 Ratios to total revenue Cost of goods sold Gross margin Net profit after tax 2020 79.61% 19.43% 6.05% 2019 78.98% 20.19% 6.96% Generally, it does not change in structure revenue of PNJ from 2019 to 2020 The cost of good sold is quitely high which accounts 80% of total revenue Therefore, gross margin is around 20% and net profit after tax only makes up 6% of total revenue It can be indicated that trade in jewellry does not bring potential profit for PNJ =>PNJ has potential resource from their shareholders which less depend on debt However, although PNJ products are high value, cost of good sold is still high which could not bring high profit for PNJ 3.4 Swot analysis • Strengths PNJ has more than 20 experienced-year in the jewellery industry, thus, PNJ has built strong brand awareness and trusted by consumers With high technies and technology in jewelry manufacturing, PNJ could provide the diversity in types of products which have thiết kế tinh tế to conquer customers Moreover, PNJ also have multiple investments in R&D in order to find new products meet customer’s need Besides, PNJ usually maintains sustainable relationships with partners helps the entity has strong capital resources to have capacity to operate in foreigner • Weakness Most of materials is imported from foreigners with high cost, thus, the cost of goods sold are affected strongly by this material cost Whereas, although product price is high, the gross profit margin is still quite small In additional, because the long-term investments are quite large, PNJ might face the financial risk when these investments are not effective • Opportunities India has young population with high income, which provides a large amount of potential customers for jewelry market Besides, due to the influence of culture, for Indian, jewelry is an essential products for females daily, specially, in wedding or festivals Therefore, it is no doubt that India has always been a major country with respect to jewelry demand, which is in 2nd rank in importing jewelry in the world In addition, the government of India always encourages foreign enterprises and has tax incentives for jewelry products imported from ASIAN So this is an opportunity for PNJ • Threat India market is the open market, and jewelry industries is potential market in India, thus there is fierce competition for domestic and foreign enterprises in this field Besides, because Indian affected seriously by the religion and the gap between jewelry brands is design, therefore, PNJ need to study carefully about the design to coquer Indian customers Moreover, Indian economic currently is significant fluctual caused by covid-19 pandemic, which PNJ ought to concern before implementing the project IV Solution: 4.1 STP A Segmentation There is a clearly defined segmented market for PNJ jewellery Since the PNJ jewelry is a manufacturer of women's jewelry, the first obvious segment is women Further, since the reach of gold and silver jewelry is far wider in the Indian market than that of diamonds, because of several reasons like culture, price, tradition, etc the market is segmented into women of upper middle class and upper class - Geographic segmentation: PNJ is spread through many stores in Commercial Center throughout India: especially in Mumbai, New Delhi, Surat, Chandigarh cities market - Demographic segmentation: • • • • - Age: 15-55 years old, mostly 20-45 Gender: Female Class: Middle, upper- middle, upper Income group: above Rs.30000p.m Psychographic segmentation: • • - People have keen interest in intricate design People have good knowledge in diamonds and gold Behavioral segmentation: • • Occasions such as weddings and Diwali etc Consumers who like traditional items and uniqueness Class High Upper- middle Consumer Profile Product Preference Inherited income/ Professionals/ Business/ Branded Designer Jewelry and Exceptional ability Diamond studded jewelry Professionals/ Business career oriented/ Executives B Targeting 20-50 years old women who have middle and high income Explanation: Sex: Usually in India, the gold consumption are taken place by women and men itself The ratio to buy jewllery compare with men is more for women Age: PNJ mainly caters to women between the ages of 20-50 years of age as they are the people who are large consumer of the jewelry in India market PNJ have a collection available for the age of 20-50 years old gold and diamond which is light in weight and affordable to buy even it can give as an gift to the same age group Income: For the working women, PNJ have separate collection which they can wear on their work place which is more light in weight and with the modernized look and design in it which is also affordable for the women who are working in the medial income group It is also available in plain gold and also in diamond with very elegant and fancy design with give a very attractive appearance which will attract more age group below 25 years as it will be so high in range to hit their pocket, they can buy the product easily due to its affordable or low price With the women have high income; these women are placed in metropolitan cities like Mumbai, Delhi and Chennai They belong to the upper-middle income class Their target woman loves jewellery or has a specific inclination towards diamonds and gold They may also target married men who want to buy presents for their wives who belong to the above category C Positioning PNJ positions itself as luxury jewelry The taglines are “Honoring the value of beauty of women” and “honoring the value of beauty” which state that the jewelry brings the value of beauty to the wearer In Vietnam, Thanh Hang – face of the product is called “ godness of beauty” implying the same positioning PNJ tries to identify this quality of hers and draw parallel lines between her image and that of the product The designs are pre dominantly unique and floral implying very Vietnam- Indian taste When entering in Inidian market, PNJ can choose Katrina to become the face of brand because since Katrina joined in the industry, most of her movies has been successful and she has been viewed as godness of beauty The jewelry market of India is still heavily dominated by diamond, gold, silver jewelry as these metals have traditional significance in the culture of the country Since ages, women wear gold jewelry at their weddings In the last decade, this trend has been changing as more and more women in the urban areas have embraced diamond jewelry for weddings as well as regular use 4PS A Product Description of the product Recently, PNJ has just been honored in the Top Retailers of the Year and the best enterprise in the ASEAN region, under the JNA Awards This is an international recognition of PNJ's contribution to the regional jewelry retail market PNJ are not only famous for the trendy jewelry but also are known for bringing Vietnamese culture into jewelry At that time, not only each jewelry item becomes an interesting story, but it will also be a factor attracting curious customers especially when PNJ become Asia’s leading jewelry retailer And this is also an important strategy of PNJ when entering the Indian market First of all, PNJ chooses a unique product trading strategy, with the aim of providing "pure high quality" products to the Indian market And as analyzed above, PNJ jewelry focuses on sophistication and wants to provide customers with sophisticatedly crafted products Approaching the Indian market, PNJ is especially interested in the pattern system in this country, Most Indian jewelry products are inspired by Buddhism and related icons The Indian people especially value nobility and purity Therefore, we decided to launch a new collection named “Lien hoa bao ngoc” In the new collection we take the inspiration from the lotus flower - the symbol of nobility and purity In addition, the lotus is also a Buddhist symbol , this is very suitable for creating a jewelry collection based on the culture of two countries- Vietnam and India The idea for this collection is derived from the work "Lien Hoa Bao Ngoc" that won an 1st award in the "Golden Hands of the jewelry industry" in 2019 To enter the Indian market, we created a few more details in order to be suitable with the culture of the Indians In the collection will include: necklaces, and earrings and Netthi chutti • • • • Serving for esteem needs For wedding days Material: CAO fine and PNJ gold Packaging: Products must be packed securely and able to withstand high heat and humidity during the summer, can be stored outdoors or in warehouse and tied with steel wire We not use plastic bag instead of paper bags or jute bags in order to protect the environment Packaging must be different for different jewellery item like there should be separate box for bangles Round box or boxes with cushion in it should be there, small and long boxes or set should be there, chain boxes ect Packaging material should by handy and rough in carrying it like velvet pouches should be smooth and should have a zip or button on it Packaging must have a logo of the company which increase the brand and the image Moreover, we also have the thankful notes to customers Services: Services would be regarding the customer's jewllery repair and after sales After sales: As jewellery is not a cheap thing item to purchase, after buying the jewellery we provide the customer a facility of after sales In after sales any damage happened to the jewelery like break down, need polishing, solidering, fixing of stone, polishing of uncut demand, posting and re- thearding would be taken care by the manufacture itself, as customer are always seeks for after sales service After sales is very necessary as it build the customer relationship for long time, any queries related to products can be re-solved Customer service: customer comes in store, we have them with good service like offering tea, coffee or water so that they feel home friendly Customer are happy with small-small such things, this also helps an organization to cam a better from customer pocket, understanding customer requirement and fulfilling the requirement is also one of the method of customer service, more we understand the customer need better we have a changes to grow and more business are expected from them Also we celebrate our customer birthday in store which is the unique way to sustain our customer so that they not get diversified to other competitors Celebrating customer birthday in stores and sending them birthday wishes card makes them remind their of us Returns: Many of the old jewelers cheat their own clients when they come back to sell their old when they are in need of money, they cut the impurity charges making charges of the product Due to the better reputation with the customer we give the full price of jewelry at the prevailing price so that there is full transparency with the customer when they buy from our stores Our return policy are same for our all products B Price: Flexible price for each products collection from neutral to high-end, moreover, add value for products through providing free PNJ Inspection services times for each products sold C Place/ Distribution Transportation PNJ decided to choose the shipping method by airplane This is a high-end product, the value of a very large shipment, so it is necessary to ensure that the transportation to India is done quickly and safely (airplane considered the safest means of transport) On the other hand, because of the sophisticated, expensive, complex structure of the product, it is easy to lose damage when being transported, so it is necessary to take precautions such as buying insurance, signing a contract with the carrier Exclusive distribution strategy: Including four distribution channels located in four cities: Mumbai, New Delhi, Surat, Chandigarh PNJ built exclusive distribution channels, sold in genuine showrooms, stores in commercial center of cities mentioned above, shop and shop in famous street Do not sell through intermediaries, brokers, agents to show the exclusivity, elegance and luxury of the product.We also build the website for customer to buy online and customers can easily search the product information (size, color, price, ) through our websites D Promotion After analyzing the factors affecting the business, we will launch a new collection promotion event called “Lien Hoa Bao Ngoc” CAMPAIGN ROADMAP Objective PHASE 1: PHASE 2: PHASE 3: Awareness Awareness Raise sales (from to ) - months - months - The main target of phase - PNJ wants ( to - PNJ want to cooperate is to form an image of continue promoting with Bollywood studios PNJ in the perception of its high-end product to gained a position in customers It is the image lines, we will the market of a brand associated with introduce the new luxurious and aristocratic collection “Lien Hoa things but still retaining Bao Ngoc” but now traditional features it will officially Products of the business appear on the are product lines designed market with the exclusively for the elite, brand name “Phu contributing to affirm Nhuan Jewellry" their class - approach - raise brand potentiall awareness customers, and market to - attract customers find which types of PNJ - lauch products products or which types of design can be served Indian demand Tactic Digital marketing Digital Marketing • Contact and with Indian film producers and studios that intend to enter the Indian film market to relationships create and collaborate on projects to produce jewelry for films • films Selection of suitable for production requirements • Sponsor and is responsible for the main production of jewelry samples in selected content • Sponsor and award in-kind prizes to actors who have won prizes in film festivals E-magazine Public Relationship Social media Sponsor to famous Facebook fanpage Poster film Fashion show for PNJ products Website special discount member: gold silver card, for card, diamond card Celebrity endorsement Sale promotion Exhibition Objectives Khảo sát thi trưương, tiếp Official sale + raise Raise sale ( 5tháng ) cận khách hàng (6 tháng ) brand awareness (7 June – Oct (đây mùa tháng) cưới mùa lễ hội, nhu cầu cao Phase 1: Awareness Objective: The main target of phase is to form an image of PNJ in the perception of customers It is the image of a brand associated with luxurious and aristocratic things but still retaining traditional features Products of the business are product lines designed exclusively for the elite, contributing to affirm their class Tactics: - In phase 1, we will use mass media such as televisions, high-end magazines, social network and focus on creating advertisements mainly emphasizing the characteristics, quality, and unique designs of products but not explicitly mentioning the brand for the sole purpose of attracting the attention and arousing curiosity of the customer Because our target customers are between 20 to 45 while 20-35 is the age which they usually spend a lot of time using social network especially Facebook so that they are easily attracted and 36-40 is the age they spend time reading magazine and watching television • We will shoot a short advertisement about our new products with unique designs and post it on TV and social media platforms like Facebook, Instagram • at week of… Until week of… ( It will happen within month) We will cooperate with VOGUE India Magazine, Verve Magazine, New Woman Magazine, Filmfare Magazine (there are also famous magazines which are read most by women in India and these magaznes are about women's luxury lifestyle, fashion, beauty) to conduct a brief interview regarding to the new material that can make jewellery more beautiful and luxury with an affordable price is CAO fine Through the interview, we also preview the collection which will launch in the future Phase 2: Objective: In the phase 2, the main target of us include: After attracting the attention of customers, PNJ wants to continue promoting its high-end product lines, we will introduce the new collection “Lien Hoa Bao Ngoc” but now it will officially appear on the market with the brand name “Phu Nhuan Jewellry" Tactics: - At the second phase, we are going to introducing the new collection named “Lien Hoa Bao Ngoc ” which take the inspiration from the lotus flower - the symbol of nobility and purity In addition, the lotus is also a Buddhist symbol , this is very suitable for creating a jewelry collection based on the culture of two countries- Vietnam and India We will create a event to launch a new collection which will take place at week of - ….(we will notify the information of event at week of… (relating to phase 1)) Location of event is: Jewelry exhibitions We also invite famous singers, actors and journalists to our event When entering in Indian market, we will invite Katrina to become the face of brand and our new collection “Lien Hoa Bao Ngoc” because PNJ positions itself as luxury jewelry, the taglines are “Honoring the value of beauty of women” and “honoring the value of beauty” which state that the jewelry brings the value of beauty to the wearer Since Katrina joined in the industry, most of her movies has been successful and she has been viewed as godness of beauty Phase 3: Objective: The main objective in phase is that PNJ want to cooperate with Bollywood studios to gain a position in the market Tatics: • We will contact Indian film producers and studios that intend to enter the Indian film market to create relationships and collaborate on projects to produce jewelry for films • Selection of films suitable for production requirements • Sponsor and is responsible for the main production of jewelry samples in selected content • Sponsor and award in-kind prizes to actors who have won prizes in film festivals Sales promotions: To increase the sales and to attract more customer, our company keep some sales promotion activity during the peak season and during special occasion like festivals, marriage season, teachers day, mother days, doctor day, etc On special occasions like festivals we have discount offer for the customer so that they can buy gold At the time of festival we paper inserting regarding the sales promotion, about the discount on the special products Even on marriage sason we keep discount on diamond jewellery like up to 10% on the total value or flat 12% discount on purchase of diamond jewellery 2 Organization of implementation Through research and investigation, PNJ has sketched out the schedule of the work proposed above as well as the assignment and organization of groups and divisions to perform each stage Time for customers to recognize and perceive the brand is months • Market research and development team: will continue to search for new ways to reach the market and bring brands to customers in a better way In the course of business, this group is still exploring the market to capture new trends in order to adjust products to suit tastes This is a long-term plan, so it is expensive Depending on the fluctuations of the market and the business situation that will allocate the budget for • this plan appropriately Marketing group: continuously launched compatible promotional campaigns for new collections, stimulating market demand The estimated run time is months for each collection Time to advertise the new collection is estimated from to months, • depending on the time (festival, season) and the hotness of the product PR group: doing the search and contacting the event organizers, so that the forms of advertising for the business become richer Create good relationships with the local government, associations, media and press agencies This is also a long-term job and requires dexterity in communication and handling situations References https://wp.nyu.edu/dispatch/women-and-jewelry-the-tradition-of-wearing-jewelries-inhindu-culture/ (culture) https://www.worldometers.info/demographics/india-demographics/ https://en.wikipedia.org/wiki/Demographics_of_India https://unemploymentinindia.cmie.com ... beauty • PNJ watch: The first presence of PNJ in the watch market in 2012 was made toward the middle and high-end segments, just in line with the company's jewelry market conquering strategy PNJ Watch... genuine watch distribution throughout Vietnam • PNJ Inspection services ( diamond, gem, precious metal): PNJ Laboratory Company Limited was established by PNJ as an leading inspection company for diamonds,... after tax of PNJ declines by 10.44% In short, it can be stated that PNJ could sell products in any case, but high financial investments could drastically affect to net profit of PNJ as whole