Report on 'Citrine by the Stones'. Research on the entering of the Dutch market & the selection of a media strategy application.
Report on 'Citrine by the Stones'. Research on the entering of the Dutch market & the selection of a media strategy application.
Samenvatting
This report provides different strategies of how to enter a new market with an important section on how media strategies play a big part in this. The family company, Citrine by the Stones, is a small luxury fashion jewelry company, based in Miami. To create more brand awareness in its EU markets, a new entrance strategy was needed. Entering a new market is a real challenge and because of this an analysis of the new (consumer) market, applicable communication theories and media strategies had to be conducted. In order to conduct my research, and to come up with practical advice and recommendations, the research is divided into a three part analysis: (1) The existing market (including the company as it exists today, the current market, the current media strategies, the current consumer/customer and his behavior and the current jewelry industry); (2) The new market (including the reasoning behind entering the Dutch market, the distribution possibilities, segmentation of the target group, the Dutch consumer/potential customer and his behavior and the Dutch jewelry industry); (3) Introducing the brand (including branding, positioning and media strategies). I researched these questions by studying literature, doing desk research, spreading a questionnaire, organizing a group interview and getting into contact with "the Stones" themselves. After reading this research you will know what to expect when crossing a domestic border with a luxury fashion product, you will understand what considerations need to be made and finally you will read the recommendations on how to enter the Dutch market with the media strategies that are available. The opportunities of entering the Dutch market, the level of consumer wealth, and the possible bumps along the way, like lack of experience with the Dutch consumer behavior, are explained. The average Dutch consumer is more simple and down to earth than the average American consumer. Also, because of the changing consumer behavior towards more sophistication, offering quality and increasing customer satisfaction by offering extra services is a must instead of an option. The Maslow 'pyramid of hierarchy'[of needs] was used to explain why there is a need for luxury jewelry . Dutch women consumers who might be interested in the luxury fashion jewelry presented by 'Citrine', are referred to as "affluent consumers", because they have the extra money to buy luxury products to fulfill the need for comfort instead of a basic need. This group of women is further specified into the final target group. After further analyzing the Dutch market and the potential of the Dutch female consumer to become a potential customer for Citrine, it became clear that entering the Dutch market could result in obtaining Citrine's objective.
Organisatie | Hogeschool Utrecht |
Opleiding | International Communication and Media |
Afdeling | Communicatie |
Datum | 2011-06 |
Type | Bachelor |
Taal | Nederlands |