FEATURES OF MARKETING STRATEGY IN THE JEWELLERY INDUSTRY

Abstract

The way to stay on the market and increase sales results is to use the potential of modern marketing strategies. The article discusses the essence of the concept of marketing strategy as an element of competition in the jewellery market. In recent years, the owners of jewellery enterprises have increased the number of their franchise shops and new brands have appeared. There has been a qualitative change in the retail jewellery market, which in turn has influenced the marketing strategies of both the jewellery giants and small producers. The challenges facing the jewellery industry as a result of the COVID-19 pandemic and the changes in marketing strategy that have occurred as a result were analyzed. Players in the jewellery industry can not just do business as usual and expect to grow their profits; they must be vigilant and respond to important trends and events, otherwise they risk remaining behind more flexible competitors. The marketing strategies are analyzed. The emphasis and complexity in promotion shift from traditional channels to new ones – mainly the Internet and its advertising opportunities. Particular attention is paid to the 4C strategy, which in the opinion of the author is most suitable for jewellery industry. In the jewellery industry, the customer’s opinion is the most important. Most jewellery products are bought by an individual client, and its solutions depend mainly on elements that make up the entire 4C marketing. The peculiarities of the behavior of the buyer in choosing jewellery products are investigated: what needs satisfy the buyer, when looking for jewellery; what is most often required by the client when choosing jewellery; convenience of purchase. The national and world-class brands, their special positioning on the jewellery market are considered. It is clear that in the past the main growth of brand jewellery was due to the expansion of well-known jewellery brands and the emergence of new participants. The upcoming growth of brand jewellery is likely to come from players, who do not belong to jewellery manufacturers but who work in related categories such as elite clothing or leather products.