Marketing Essay Example | Topics and Well Written Essays - 1500 words - 40

Marketing - Essay Example Such beads and jewelry also attract tourists from other countries who come to learn culture and way of life of a group of people. The company will focus on making of quality beads and jewelry which are cheap for locals to buy and attractive to tourists. In order to achieve this, the company will need to purchase various local materials and beads, which will be combined in different colors and proportions to appeal to the customers. The company will be dealing in making of jewelry and beads, which will be used as ornaments, beauty products in the house, decorations in public occasions like weddings and general decorations in offices. The company will need beads shaping machines, firing equipment and a number of workers who will be joining the beads and jewelry to form meaningful shapes and structures. Paints and colors will also be needed to turn the sculptured beads into the desired colors and decorations (Dismore, 15). Market identification is a crucial thing for any business. It is the realization of the different needs of different markets and structuring products so that they can suit every buyer in the market. This phase of business formation is crucial because without good market identification the business will incur loses and eventually fails in operation. The best segmentation technique in the jewelry line of business is the using demographic factors. In this case, an entrepreneur is supposed to consider such factors as age ranges and their concentrations in the market, gender ratios, and its effect in the market, the different ethnic communities in the market, and education levels of the community. Other factors that also need to be considered include the different occupations in the community, the religion and religious views of the community and the income status of the different families in the community (Dismore, 33). This market