Prince Jewellery Assignment
Prince Jewellery Assignment
COMPANY PROFILE
Prince Jewellery is one of South India's most contemporary jewellers, specializing in the latest variation of fashionable ornaments, a la mode, ranging from gold, diamond, rubies, emeralds, silver, platinum jewellery and colored gold. With the distinction of being the trend-setters in jewellery design, Prince Jewellery has an exquisite jewellery collection in wedding, lightweight, designer and work wear for women.
Prince Jewellery is a name that has been synonymous with purity and trust for almost two decades. Renowned for their custom-made jewellery, with a focus on designs for 'career women', they also provide opportunities for young, enterprising designers and train students of the National Institute of Fashion Technology, in jewellery design. Comprising 5 spacious showrooms - in Panagal Park, Cathedral Road, Spencer Plaza, Jayanagar 3rd block at Bangalore and East Fort at Trivandrum, this premier jewellery is managed by Princeson Jose, the Managing Director, who is a designer himself. With an innate understanding of the value of practical design, Prince Jewellery was the first to launch a lightweight jewellery collection in addition to jewellery for working women. Their official website is www.princejewellery.com.
To facilitate the accessibility of premier jewellery to the common man, Prince Jewellery has a variety of schemes - the Prince Gold Plus savings scheme and diamond jewellery savings scheme, which offers the option of buying contemporary jewellery in easy installment schemes.
Customers can expect to see an outstanding variety of gold and diamond jewellery in coordinated set of bangles, necklaces and earrings in this store. Added excitement is an impressive array of Platinum jewellery and Designer jewellery, which makes Prince Jewellery a one-stop shopping venue for buyers of fine jewellery. Among customers, Prince Jewellery is known for its economic schemes, its varied jewellery design and also the general ambience of the store with the employees proving to be courteous and helpful. With more than 75 years of crafting world-class jewellery, and a trusted name in jewellery business since 25 years, Prince Jewellery is on an expansion spree. Prince Jewellery has opened up stores in Kochi and Trichi. Prince jewellery - schemes Prince 916 Gold Purchase Plan - A monthly installment Jewellery savings scheme. Customers can buy gold every month without being affected by the rising gold prices. The installment money is converted in terms of value in weight of gold. This is then credited to the customer that can be redeemed whenever they choose to. They acquire the accumulated weight in gold at the rate of gold on the date of payment of the installment. Installments are subjected to a minimum of Rs.500. The duration of the plan is a minimum 12 months and maximum of 24 months. Precious Poetry - A Diamond Jewellery Purchase Plan - This scheme is the latest from Prince Jewellery. This Diamond Jewellery Purchase plan allows customers to possess breathtaking pieces in diamonds through Easy Monthly Installments. The scheme allows customers to put in monthly installments in multiples of Rs. 1000 for over a period of 12, 18, 24, 30 and 36 months and purchase the diamond jewellery of their choice on maturity. This scheme allows one to plan for occasions and celebrations in life, just as one plans other things. Customers can plan their schemes around birthdays of people who are special to them, or anniversaries or their daughters wedding or just any occasion that's out of the ordinary.
Prince 916 Gold Accumulation Scheme The customers are asked to fill a simple form and they become a member of Prince 916 Gold Accumulation Scheme. They will be given a membership card to maintain payment particulars. As gold prices soar the world over, the dreams of many are shattered. With this new scheme, customers can purchase gold every month. It's made possible by converting their installment money in terms of its values in weight of gold, based on the recommended rate by the Madras Jewellers Diamond Merchants Association. This is then credited to the customers account and can be redeemed on Maturity. Customers have the advantage of acquiring the accumulated weight in gold at the rate of gold on the date of payment of the installment. With the Prince 916 Gold Accumulation Scheme, the monthly conversion of installments makes customers eligible for gold accumulated in their account on maturity, unaffected by the increasing gold prices. The scheme is for a period of 12, 18 & 24 months with a monthly installment in multiples of Rs.500/- They can plan upto fixed monthly installments of any amount. Advantages 1. With the available gold weight by their savings, customers can get Prince 916 Gold Jewellery. 2. 3. 4. They They Discount are will be in protected getting making from a inflation. bonus. charges.
5. VAT is applicable as per the prevailing rate in the respective states. 1% VAT will be borne by the company and if any additional VAT is to be paid over phone & above 1% it will be paid by the customer. Prince Gold Plus - Prince Gold Plus will give customers some of the most beautifully crafted Gold Jewellery, Diamonds and precious stones they've always wanted, in just 15 months. Customers have to make regular monthly payment of Rs. 100/- for 15 months (savings option available in multiples of Rs. 100/- such as Rs. 200, Rs.300, Rs. 400, Rs. 500/- Rs. 1000/- etc.) In the 16th month, they can take home gold ornaments of their choice for the accumulated
amount credited in their account plus the interest with bonus, or they can place orders for patterns on their choice. Jewellery collections Prince jewellery, Chennai concentrates on These Platinum jewellery Diamond jewellery Gold ornaments Traditional Indian jewellery Antique jewellery Precious stones Light weight jewellery Quality jewels are the latest needs of International as well as Indian customers.
They provide a range of models, starting from Light weight jewellery (current fashion in Chennai) to quality gems and precious stones. They also provide an option for customers to choose from different custom designs. Prince jewellery has been one of the leading jewellery legends in India for several years and has created a brand of recognition in its own business.
January - Garnet February - Amethyst March - Aquamarine April - Diamond May - Emerald June Alexandrine July - Ruby August - Peridot September Sapphire October - Opal November - Topaz December - Zircon/Turquoise
SWOT ANALYSIS
Strengths Established jewellery brand that is known for delivering precious stones and metals of true quality and authenticity. It is a south Indian brand, so unlike its competitors it can focus its complete attention on its definitive target market. It is known for coming up with new collections that are generally very effective; hence its novelty will be praised and welcomed. With showrooms in Kerala, Karnataka and Tamil Nadu, Prince Jewellery incorporates jewellery design genres of all three states and has the freedom to mix and match. Opportunities The birthstone collection opens up a new avenue for Prince Jewellery in the field of precious gemstones. It might help them get a firm foothold in that field.
The introduction of new gemstones hitherto unknown by the target audience might stimulate curiosity and hence increase awareness. Certain traditional, astrological beliefs related to gemstones and birthstones might increase sales among believers. Weaknesses Pure gold jewellery is generally preferred in South India, especially Tamil Nadu, in comparison to stone studded jewellery because of the formers greater resale value. The unavailability of certain precious stones in India might require the company to involve itself in complicated import contracts and processes. The company has never before introduced gemstone jewellery as an individual collection, with emphasis on the stone and not the metal. Diamond is the only exception. Threats Competitors like Joyalukkas and Tanishq prove to be veterans in the field of precious stones and gemstones with their own outstanding, varied collections. Negative superstitious beliefs about a few stones might actually reduce the sale and recognition of the collection.
Target audience In almost all cases, jewellery ads target women. Women of all age groups find something desirable in jewellery. Their needs might be different but the desire to purchase, own and cherish is the same. These targeted women might be mothers buying for daughters, newly engaged women looking out for bridal collections, working women searching for economic, everyday jewellery. But a simple fact that is often overlooked is that men, be it fathers, husbands, fiancs, also have an equal role to play in the selection and purchase of jewellery. Hence the target audience for this campaign includes both men and women.
Details Gender: Male, female Age: 25 55 Class: Middle class, high class Society: South Indian Positioning Jewellery is famous in India, especially in the south because it is considered a financial asset, something that has a substantial resale value. Jewellery also plays the role of a status symbol in several occasions. But all of this is due to the fact that jewellery is made of a precious metal for which it is so heavily priced and valued. But the Ratnanjali collection offers very little on metal and a whole lot on stone. Stones are equally expensive but do not have so great a resale value. From the analysis above, the company has concluded that gemstones cannot be positioned as financial assets. The company has therefore decided to position this collection in the audiences minds as gifts. Jewellery is often gifted and stands as a mark of the gift givers s tatus. Hence, a proper marketing of this collection might bring about a successful, effective positioning.
Message to be conveyed With the target audience and the positioning decided upon, what remains is the message. The message should clearly communicate the product as a gift and must also include men as buyers and gift givers. The company has decided in this case to represent this collection as a metaphor for love. The message conveyed will describe this collection as a gift of love with the tagline The greatest gift. This will be detailed by the company later during the framing of the creative strategy.
BASIC COMPONENTS
Gemstones Gems are also called semiprecious stones and are utilized in the making of jewellery. Theyre used owing to their luster and other properties that add aesthetic appeal. Gemstones are as valued because of their color, strength and rarity. Gems are most popularly classified on the
basis of color among other scientific ratios. There is no universally accepted grading system for gemstones. A few gemstones are considered birthstones according to astrology. A birthstone is a gift of a precious material that symbolizes the month of birth in the Gregorian calendar. It is sometimes also called birthday stone, sometimes used as a synonym for an anniversary gift, which is related to the recipient's age, that is, year of birth. Birthstones are classified in various ways,, according to the Gregorian Calendar, according to Ayurveda, Tibetian mythologies, zodiac signs, months of the year, etc. The last classification is the most common and that has been used in this collection. It includes, January - Garnet February - Amethyst March - Aquamarine April - Diamond May - Emerald June - Alexandrine July - Ruby August - Peridot September Sapphire October - Opal November - Topaz December - Zircon/Turquoise The next component is the designing and the setting of stones. Designing Prince Jewellerys select team of designers has come with a lot of innovative, fabulous designs that blend conservative traditionalism with modern convenience to give pieces that suit anybody and everybodys needs.
Once the stones and the designs have been decided and worked upon by Prince Jewellerys creative team, what results is the Ratnanjali collection.
Month April May June July August September October November December January
Modern Diamond Emerald Alexandrite Ruby Peridot, Jade Sapphire Opal Topaz Turquoise Garnet
Traditional Diamond Emerald Agate Ruby, Pearl Sardonyx Zircon Sapphire Citrine Lapis Lazuli Garnet
Mystical Opal Sapphire Amethyst Moonstone Diamond Agate Jasper Pearl Onyx Emerald
Taurus
Apr 21 May 20
Gemini
May 21 Jun 20
Cancer
Jun 21 Jul 21
Leo
Jul 22 Aug 21
Virgo
Aug 22 Sep 21
Libra
Sep 22 Oct 22
Scorpio
Oct 23 Nov 21
Sagittarius
Nov 22 Dec 20
Capricorn
Dec 21 Jan 19
Aquarius
Jan 20 Feb 18
February March
Amethyst Aquamarine
Amethyst Bloodstone
Bloodstone Jade
Pisces
Feb 19 Mar 20
Customers also have the freedom to combine two or more sets or stones. The stones are set in both Gold and Platinum. Prince Jewellery also offers customization where customers can create their own designs to be executed, mix and match gemstones, etc. The collection itself is presented under an umbrella logo.
Each stone has its own logo. The different logos are,
The collection also includes designs of each zodian sign, where the respective animal/ symbol is studded with a birthstone of the customers choice. The Zodiac designs include,
Prince Jewellery is also working on a sub collection called the Birthstone bride which is a combination of both the bridal collection and the birthstone collection. Birthstone jewellery , for obvious reasons, are the best gifts when given on birthdays. But, as a special celebration initiative, Prince Jewellery has released a small inner collection called the Festive series within the collection which consists of jewellery designed for sp ecial days such as Valentines Day (complementary and harmonious birthstone jewellery), Fathers day, Mothers day and anniversaries.
PACKAGING
Prince Jewellery has come up with a creative way of packaging this product so that it is synonymous with a gift. Instead of the usual jewel case, Prince Jewellery has dedicated a small section of the store which stocks different gift wrappers, wrapping ribbons, cards and special message sections so that customers do not have to search outside to wrap their jewel gi fts. This section also has available a special gift hamper basket which is offered to high end customers who buy jewellery exceeding Rs.1,00,000.
The capability of Prince Jewellery as a brand The result of the SWOT analysis The analysis of the product The level of usage of the product Geographical factors Value and lifestyle factors
celebrations jewel buyers become heavy users. Hence the company should orchestrate
their marketing approach by dividing customers into heavy and light users based on the time of the year.
GEOGRAPHICAL FACTORS
For this particular product, the target audience falls within South India because, 1. Prince Jewellery is firmly established in South India and therefore can reach out to the target audience effectively using brand image and recognition. 2. Surveys made by the company has shown that South India is one of the zones where stone studded jewellery is popular and where the need for such jewellery is the greatest.
product, the ESP of the product, that is, the appeal used to market the product and the brand image that accompanies it.
Based on the USP and the positioning, the company has arrived at a tagline, which is, Exclusive. Exquisite. Eternal.
THE SPOKESPERSON
In accordance to the products positioning, the company also votes for a befitting spokesperson Jyothika. Jyothika as a successful South Indian actress with a reputed and unique acting style has her share of Exclusiveness, with delicate features and a soft voice she also personifies Exquisiteness and in her good looks and stature, she represents t he Eternal. Therefore, Jyothika would be synonymous with the collection. Her personality would blend perfectly with the products personality.
EXECUTION
The campaign will be a yearlong event starting from the month of March, 2011 till March, 2012. The campaign will include heavy advertising and inventive promotional ventures that contribute to the IMC factor of the campaign and the company. The campaign has been planned out, designed and produced all with Prince Jewellerys advertising budget in consideration. The initial part of the campaign, that is, the first three months of March, April and May have been completely planned out. Since it is a new collection with unique positioning, the first part of the campaign will focus more on the collection as a gift. The campaign will make sure that people understand what birthstones are and what birthstone jewellery is and more importantly how they make the perfect gifts.
ADVERTISING
The advertisements for this campaign include TV ads, radio ads, print ads and new media ads. The campaign will deliver ads that provide the ESP with two different appeals. One range of ads will appeal to the giver of the gift and the other range will appeal to the receiver of the gift. TV ads The TV ads for this campaign will be in consonance to the general tone and style used by Prince Jewellery in their previous campaigns. These ads will involve normal, upper middle class people so that both sections of the target society can understand them. The actors in the ad will become the reference group for middle class audience to look up to and for the upper class audience to identify with. Story board for the Gift giver ads
The ad starts with a homely women applying sindhur to her forehead in front of a mirror. From the reflection of the mirror, we can see her husband approach from behind. She turns to him smiling and he moves his hand from his back to produce a gift wrapped box with a Happy Anniversary gift card. She is curious and when she opens it, she is delighted to see a necklace of emeralds with matching earrings. She turns to her husband with tears in her eyes and smiles as he says I love you. The scene freezes and Jyothika walks into the scene saying, Give her a gift she wants, a gift she adores, give her..yourself. The scene shifts to a darkened room where a college girl is bent over a desk working busily. She leans back and closes her eyes and yawns, obviously tired. When she opens them she sees a gift wrapped box on her desk all of a sudden. As she bends to open it, we can see that she is unaware of her parents standing behind her. She opens the box to reveal a beautiful set of bangles with rubies set in gold and a delicate ring in the middle. Just then her parents lean in from both sides, and say Happy Birthday. A gain, the scenee freezes and Jyothika walks in s aying, Give her a gift she deserves, a gift of your love, the greatest gift of all. The entire ad has a soft, lilting background score. Then a plain black screen appears with the Ratnanjali logo and the tagline E xclusive. Exquisite. Eternal. with Jyothikas voice in the background saying those words. Storyboard for the Gift receiver ads This ad too has no one talking and it has the same background score as the previous one. It starts with a middle aged man on a chair searching for with a newspaper in his hand. He is trying to read it while using his hand to feel for his reading glasses in the nearby table. His hand collides with a something else and looks to see what it is. It is a gift wrapped box. He opens it to see a ring set with a large sapphire. From behind his chair his daughter and son emerge sheepishly holding a board that says, Happy Retirement, dad! and they all laugh together and the scene freezes. Jyothika walks in and looks at the people before her and then turns to the screen and says What greater gift could you ask for? the scene fades and comes back to show a young, sick girl
standing in a balcony looking out at the scene on the road which show us group of college girls laughing and riding their bikes. From behind her a hand comes and places a convocation cap on her head and another slips a slim gold chain with a diamond pendant around her neck. She looks back to see her friends standing smiling at her. They are all holding their convocation robes, caps and graduation certificate in their hands and t hey are holding out her certificate and a cup to show that shes topped her class. She rushes to them and hugs them and holding the cup in one hand looks down to admire her new chain. The scene agai n freezes and Jyothika enters saying, A gift for all your greatest moments. The entire ad has a soft, lilting background score. Then a plain black screen appears with the Ratnanjali logo and the tagline Exclusive. Exquisite. Eternal. with Jyothikas voice in the background saying those words. Print ads The target audience has ample time to look at the product and discern sufficient details in print ads. Therefore, the print ads for this campaign will use lesser emotional appeal than the TV ads. The print ads will focus on the jewellery, displaying different pieces. This way, the audience will learn more about the designs that Prince Jewellery has to offer, the different birthstones that are present and the audience might come to relate themselves to a particular birthstone. In order to simplify the print side of the advertising campaign, the company has decided to release one very simple, very catchy print ad throughout the initial stage. This one print ad will be released throughout with the only change being in the pieces of jewellery displayed. Description The print ad will show a model in a well lit room with several windows. From the windows will be a lot of people looking in at her smiling happily. She will be in the process of wearing jewellery. She will already be wearing a necklace, earrings and a ring and will be in the process of latching on a matching bracelet. The entire collection of jewels will have come from a box lying beside her on a side table. Unde r the jewel box
will be a half torn gift wrapper and a ribbon lying negligently showing that the jewel box is in fact an unwrapped gift. The jewels will be displayed prominently. And the textual message of the print ad will read One of the greatest gifts ever givenWhat more could you ask for? What more could you receive? Then the pieces worn by the model would be displayed much more prominently below which another message will read, The gift was a complete set of jewellery studded with the rarest Perid ots, the birthstones of August. The gift is from the
Collection.
And the necessary details of the different birthstones offered in the collection, the store address and phone number will be specified. The email id will be given to consult for more in depth details about the collection. These ads will be published in newspapers and also be given out as pamphlets. New media ads The company has decided upon the internet and the outdoor as its new media. Internet The collection will receive prominent advertising space in Prince Jewellerys website www.princejewellery.com for the first three months of the campaign. The website will boast details about all birthstones, their properties, the astrological beliefs related them, the pieces of jewellery available for each individual gemstone, the zodiac designs offered, the available customization options and the payment schemes that Prince Jewellery thinks is advisable to opt for this collection.
Outdoor Outdoor advertising includes mounting hoardings in the most commercial areas of the city and also areas of the city where Prince Jewellery stores are present. Outdoor advertising will also be done by using bus stop signs and buses as media.
PROMOTIONAL VENTURES
Press Release The press release, conducted in Chennai, for the Ratnanjali collection will be a highly publicized event that follows the initial relay of TV ads. Audience will be curious about the collection at that particular point of time and therefore the press release will act as an answer to their questions. The press release has been strategically timed to increase awareness and recognition for the collection as much as possible. The press release will contain twelve elaborate, stone studded pieces of jewellery, one for each stone. The company CEO will talk about the merits of the collections and the chief designer of Prince Jewellery will give an introduction of the intricate designs incorporated in the collection. The press release will include reporters from The Hindu (Metroplus), The Times of India (Chennai Times) and Femina. Sponsorships In order to increase awareness for the collection, Prince Jewellery will be sponsoring a lot of TV programs such as the morning astrology programs relayed in a lot of South Indian channels, dance programs and talent shows (Vijay TVs Jodi No.1) This will increase awareness and increase the probability of targeted audience (astrology believers) getting attracted to the collection. Workshop Surveys have shown the company that a lot of people are not aware of what birthstones actually are. They are aware of their existence, but nothing more. So the company thinks that proper knowledge of birthstones and the beliefs associated with t hem will actually
stimulate interest among the audience and might bring about greater sales. The workshop can also act as a walk in brochure with experts from Prince Jewellery discussing the advantages and merits of the collection. The workshop will al so include a small activity / lecture on jewellery design so that when common customers ask for custom designed jewellery they are better informed and equipped with better resources. This workshop will not only increase awareness for the Ratnanjali colle ction but will also ensure increase in brand loyalty, thorugh such close brand customer interactions, the customer base for Prince Jewellery will be further strengthened. A considerable amount of the advertising budget has been dedicated to the initiati on of these one - of - a kind workshops. They will be weeklong workshops. Free tickets are issued for people who participate for the first time. Repeated participation requires payment on the participators part. These workshops will conducted for the fi rst two months of the campaign in different areas of Chennai and Bangalore.
TV ads provide more opportunity for the much needed and much planned out emotional appeal to be communicated. The target audience for this campaign falls under the reach of the television. The impact of Jyothika as a spokeperson can be felt by the audience the strongest only through television. Reasons for choice of secondary medium Newspapers and magazines Once the target audiences curiosity has been aroused by the interesting, aesthetic TV ads, they will look for more details about the collection. Print advertising is ideal for the provision of details. Audience who are interested in the kind of designs offered will have ample time to examine those designs through print ads. Newspapers have a enormous amount of reach in regional zones like South India. Magazines and journals provide for extremely specific targeting. Media vehicles Keeping in mind the reasons for choice of media classes, the media vehicles have been chosen. TV media vehicles Since a small zone (South India) is being targeted, ads for the collections will be relayed in a lot of channels. Major channels for each state (Tamil Nadu, Karnataka, Kerala and Andhra Pradesh) like Vijay TV, Sun TV, Teja and Surya have been selected for placing of ads. TV ads will be relayed in different languages like Tamil, Malayalam, Kannada and Telugu using the glocalization concept. Newspaper media vehicles Newspapers will include The Hindu and The Times of India and also their lifestyle supplements MetroPlus, Magazine, Friday review, Literary Review, CinemaPlus, and Chennai Times for extremely specific targetting.
Magazine media vehicles Femina, Womens Era, Vikatan and Kumudham are the chosen magazines for this campaign. They are all women related magazines and have been chosen because, despite the fact that men are targeted, experts have shown that greater increase of awareness can be created for a product by targeting women more. Especially, in this campaign, the company has targeted women through print ads with the goal of creating awareness through viral, word of mouth advertising.