- Published: October 31, 2021
- Updated: October 31, 2021
- University / College: Yale University
- Language: English
- Downloads: 36
Generally, there are two types of customers in the wedding band business. One of them is a couple who is getting engaged or getting married and therefore needs a wedding band to wear it life-long; the second type of customers is a couple who decides to change their wedding bands and buy a new one. 1. 1 Description of Values, Strategy, Mission & Vision, and Actual Business & In this part of our work we give you the description of the company in the general meaning, as well as its values, vision and mission. Moreover, we analyze its actual usiness and management model.
Every company in the world should have its own values. It means that companies are guided by some principles and internal conducts. Moreover, all of the companies are connected to their customers, partners, shareholders, and etc. In order to attract or influence those stakeholders companies usually state their vision and mission (BusinessDictionary, n. d. ). The values of the company Rubin Alyans are gold wedding bands and solitaire rings. Those products are very important for the company and also for the buyers as they are the customers of the companys customers, the so- called end-users.
Traditionally in many countries married couples wear wedding bands to show or announce to the world that they are married. The fact that the company value is also a multicultural sign decides any action and strategy. Another value of the company is there special packages as including nice presents for the couples. The strategy of this company is highly sensitive on the quality of the products because its products are mostly worn during the day and night, 24 hours a day, 365 days a year. There is no other product that a person wears on him or her such a long time. The vision of the company is much more competitive.
They are lucky to be in a competition in which other companies compete with their price and not many of them have a strange and unpredictable vision. So the company would like to stay with their competitive advantages, increase them in the future. Their future vision is also to grow, therefore first become a mid-sized and then a big-sized company in order to expand also more into foreign countries; to increase the possibility of targeting new countries more easily due to financial terms. The company mission is to produce and sell wedding bands to the couples that they can wear lifelong without any complaints.
The way to success in their business is to make the high quality wedding band with the elegance and simple design. The simplicity of the ring is important because for many people it is difficult to choose the wedding ring which they would admire forever. Those who decide and buy the product know very well that the choice is very important. Besides all of the strategies and marketing plans, the most important function in Jewellery business is that the product has a change value as it is operating in the gold business. The accuracy that you mark inside the ring should be correct with the ring’s.
Better to explain by an example: When you mark 14K in the ring the accuracy should be 585 which is the gram percentage of the gold in 1 kg. If it is less than the marked one, it has a serious penalty and besides everything mentioned, whatever we do we always have to be sure of the gold accuracy of ring. 1. 1. 2 Actual Business Model This company fills rather the criteria of an actual business model than of a traditional business model due to the following reasons. 2 The process of creating golden rings is based on market needs, so to say on the actual demands of customers.
The customers demand for the rings and therefore, edding bands are developed, created, and at least produced. Hence, the demand for brand capital is high. We can see a customer-focus because they are those who decide how their final wedding ring will look like. The wedding rings are created according to the customers. To be aware of the need of customization in this business is a very important factor to be successful in the gold industry. It is also possible to imply that there is a high demand for human capital.