"Business Plan of Gold Mine Jewellers"

Abstract

This research project is to increase the sales of Gold Mine Jewellers many folds in next five years. The buying pattern of customers is changing due to change in Fashion and other economical reasons. Gold Mine Jewellers is searching for new methodology to increase its revenues. It can be of great importance for Gold Mine Jewellers because it has a great potential to increase the sales. Traditional jewellery always had a large ethnic demand in different cities of Pakistan. Gems and Jewellery plays a very important role in Pakistani customs and traditions, making this sector an integral part of the economy. In Pakistan gems and jewellery industry is as old as Indus civilization. Pakistan is rich in raw material and skillful labor. Karachi is supplying almost 60% of the national demand and other cities are contributing there share as well. Pakistan has 5th or 6th largest reserves of precious and semi precious gems in the world. Pakistan has reserves of emeralds, ruby, topaz, tourmaline, aquamarine, sapphire etc. Pakistan is the 10th largest consumer of gold in the world. (Razi, daily times, 4th march, 2008) Hence there is a requirement of devising a strategy for the Gold Mine Jewellers to increase its sales. This strategy will help all the players in this sector to incorporate this strategy in its core activities and get a competitive advantage over the other retailers of jewellery and this overall industry. So, selecting a project on “Business Plan” is an obvious & important decision.

1.2. Objectives:

• To increase the stock turnover of Goldmine Jewellers. • Search new Market Segments to increase customer’s database. • To develop a business strategy for next five years and to study its impact on the business.

1.3. Problem Statement:

“To increase the sales of Goldmine jewellers in the next five years”

1.4. Scope of the Study:

This study will help us in understanding the behavior of the customers of jewellery, apart from helping to acquire a better insight and understanding into the vital, but trivial aspects of the jewellery market, it also helps in assessing the companies’ strength and weakness against the competing jewellers. Thus helping in finding the loop holes in the company’s products and finding logical solutions to the problems.

This study helps in finding out: • How the customers rate the various attributes of Gold Mine Jewellers against other competitors.