Project Report

Marketing Strategies of Rmc Gems India Ltd.Page 1

Project ReportOnMarketing Strategies ofRainbow Mineral Crystal (RMC) Gems India Ltd.

In Partial fulfillment for the Award ofDegree ofBachelor of Business Administration(BBA) Submitted To: Submitted By:Mrs.Ekta Sharma Sagar KapoorAsst. Professor(PCGE) BBA 4th Sem

SESSION:- 2012-2013

PROJECT REPORT ON

"MARKETING STRATEGIES"

OF

RMC GEMS INDIA LTD.

DECLARATION

Im Sagar Kapoor of B.B.A. 4th Sem From PARISHKAR COLLEGE OF

GLOBAL EXCELLENCE JAIPUR hereby declare that all the information

facts and figures produced in this report is based on my own experience. This

project has been prepared in the fulfillment of the degree of Beholder

of Business Administration I have tried my best to present the best for

my project title "MARKETING STRATEGIES OF RMC GEMS INDIA

LTD. under the guidance of all staff and my faculties of Parishkar

College Of Global Excellence,jaipur.

Sagar Kapoor

ACKNOWLEGEMENT

An endeavor to transform itself,success needs efforts. These were sincere efforts of me to come up with this idea and taking it towards life.

Market research cant be done in isolation. It calls for a team spirit.I take this opportunity to express heartiest thanks to all the people working wih RMC Gems India Ltd. who contributed to the project through their valuable suggestions.Most importantly,I would like to thank Mr. Nirmal Bardiya for Supporting me.

I take this opportunity to thank My college faculty Mrs.Ekta Sharma for giving me this opportunity to do this project and providing guidance needed to complete this project report in time. Their continuous guidance, inspiration and motivation helped in every field while making this project report.

Sagar Kapoor

TABLE OF CONTENTS

TOPICS Page no.

Introduction 6-15

Research Methodology 16-24

What is Marketing Strategy 25-30

Marketing Strategies of RMC 31-48

SWOT Analysis 49-52

Conclusions and Suggestions 53-56

Appendix : 57-58

(i)Bibliography(ii)Webliography

Chapter -1INTRODUCTION

Gemstone Industry : An Introduction

Company Profile

Organisational Objectives

Business Focus and vision

About the Director

Product List

An overview of Gemstones

Future of Gemstones

Milestones

1.0 INTRODUCTION

GEM STONE INDUSTRY : AN INTRODUCTION :

1The business of buying and selling of colored stones is one the most upcoming industry. Gemstones are very useful for the humankind. These stones have been used since time immemorial for ornaments and jewellery. Precious stones have been fixed on crowns of royals all over the world for thousands of year. In modern times also gemstones are used as one of the many status symbols. Some people use gemstones to cure disease or to have good effects on health. They wear rings having gemstones.

A gemstone or gem (also called a precious or semi-precious stone, or jewel) is a piece of mineral, which, in cut and polished form, is used to make jewelry. Most gemstones are hard, but some soft minerals are used in jewelry because of their lustre or other physical properties that have aesthetic value. Rarity is another characteristic that lends value to a gemstone.

Gemstones come in all types of different colors and variety. There are more than 200 kinds of Gemstones in the world. They may be transparent, translucent or opaque. Gemstones are grouped into two, known as Precious Stones and Semi-Precious Stones.

Since the Gemstones Business in Jaipur is increasing rapidly, the trade is mow more than $2 Billion business. Gemstones are exported from India to various parts in the world.

COMPANY PROFILE :

RMC Gems established in 1990 and since then has marked many golden milestones at global level in the trade of gems and jewelry. Today RMC is one of the biggest suppliers of precious & semi-precious stones with its target market in Bangkok, Hong Kong & Japan and cutting factory in India. The product line of the company is huge and includes all major precious & semi precious stones like Topaz, Amethyst, Tourmaline, Garnet, Citrine and large variety of other precious , semi-precious and beads. RMC is capable of supplying stones in all shapes, sizes and cuts in any quantities.

Their strength is sourcing the raw material direct from mines, cutting and polishing them with a work force of over 3000 people, which enables them to satisfy all their customer needs in the best possible manner. The complete process of sourcing, producing and marketing is done by the company itself, which helps in providing excellent service and quality to the customers.

They have gemstone experts who always keep the stones graded according to color, quality and cut to assure that the customer gets exactly what he wants. RMC also participates in all major exhibitions organized around the world.

Their aim is to provide our customers with quality gemstones with complete satisfaction.

ORGANISATIONAL OBJECTIVES :

Organisational objectives are the desired future position that the company would like to reach. They serve as a guide to overall business planning.

Profit and growth are the key objectives of the company.

Growth of the business in terms of sales-volume,number of products, increase in capital investment.

Profit as it is an indication of successful operation of business.

(B) Creating employment opportunities leading to path towards growth and development.

BUSINESS FOCUS

RMC Gems Ltd.is committed to maintain the highest level of ethical standards, professional integrity, corporate governance and regulatory compliance.The business philosophy is based on four core values - Operational Excellence, Customer Focus, Product Leadership and People.

THE VISION :

To satisfy customer requirements through impeccable quality, competitive prices and unsurpassed services.

ABOUT THE DIRECTOR:

Nirmal Bardiya , the chairman of RMC Gems India Ltd. , was born in the pink city of Rajasthan,India , on 22nd January 1960. A graduate from Subodh College ,Jaipur , he actively participated in the student and co-cultural activities. He was elected as General Secreatry of the college in the year 1978.After completing his education, he joined his family business of coloured gemstones in the year 1980. His father late Shri Sagarmal Sab Bardiya was amongst the pioneer jewelers who introduced and marketed Cubic Zirconia in India. In 1988, Nirmal Bardiya extravagantly launched the export of coloured gemstones around the world including Thailand, Hongkong, Japan, USA etc.He believes in doing business on an enormous scale without compromising with the quality. He started with the supply of synthetic and semi-precious roughs and ruby cabs. Precious beads were added next to the list. Now his company deals in all the coloured gemstones with a unique specialization in Blue Topaz and Tourmaline. In the last 3 years his exports of cut stone have been not in carats or grams but in tonnes. Around 3000 workers are employed in Jaipur and suburbs for production of coloured gemstone exported by RMC. Bardiya has relentlessly pursued his agenda of expanding the gems and jewellery industry. He has established the empire of RMC with his missionary zeal and zest. Bardiya has been highly regarded by and appreciated by Gem and Jewelry industry in India. Apart from business he is also actilvely involved in social activities. He has been the President of Terapanth Yuvak Parishadh for 6 years. He is wise patron of Jain Chetna Manch. He is an active member of Jain Social Group and Anuvibha. He has played a key role in arranging Blood donations camps in Jaipur every year. Bardiya has served the gems and jewelry industry with rare passion , dedication and commitment. Rightly said, behind every successful man,there is a woman. His wife Mrs. Kusum Bardiya has truely proved this at every cross-road of his life and helped him reach the zenith of success.

PRODUCT LIST:

According to the purpose whether astrological or jewelry, these gemstones are offered in various cuts and clarity, depending upon their usage, a wide array of selection in various stones provided by the company are :

Natural Stones :

SWISS BLUE TOPAZSKY BLUE TOPAZMYSTIC TOPAZLONDON BLUE TOPAZWHITE TOPAZBRAZILLIAN AMETHYSTAFRICAN AMETHYSTGREEN AMETHYSTPINK AMETHYSTMULTI TOURMALINEPINK TOURMALINEAPATITEBLACK ONYXCARNELIANCITRINECRYSTALFLOURITEGARNETHESSONITEIOLITEMELANITE

Gemstones Beads

DIAMOND BEADSPRECIOUS BEADSSEMI-PRECIOUS BEADSTOURMALINE BEADS

Gemstones Rough and Preform

SKY BLUE TOPAZSWISS BLUE TOPAZLONDON BLUE TOAPZ

Gemstones Synthetic Stones

CREATED EMERALDALEXITE

AN OVERVIEW OF GEMSTONES:

A gemstone or gem (also called a precious or semi-precious stone, or jewel) is a piece of mineral, which, in cut and polished form, is used to make jewelry. Most gemstones are hard, but some soft minerals are used in jewelry because of their lustre or other physical properties that have aesthetic value. Gems are characterized in terms of refractive index, dispersion, specific gravity, hardness, cleavage, fracture, and luster. They may exhibit pleochroism or double refraction. They may have luminescence and a distinctive absorption spectrum.Material or flaws within a stone may be present as inclusions.Gemstones may also be classified in terms of their "water". This is a recognized grading of the gem's luster and/or transparency and/or "brilliance".

.Grading.Cutting and polishing.Gemstone color.Treatments applied to gemstones.Synthetic and artificial gemstone

QUALITY:

Customers all over the globe subscribe to the authentic and flawless quality of the gemstones.Commitment to quality is the mantra of the firm. Even the minutest work is given attention in our organization. Strictly following international quality standards,they lay immense importance on cuts and finishing. Further, vigilant and proficient quality checkers diligently monitor each stage and ensure no defect remains unidentified.FUTURE OF GEMSTONES

RMC possesses most competitive gems and jewellery market due to its low cost of production and availability of skilled labour. The market plays a vital role in the Indian economy as it is a leading foreign exchange earner and accounts for more than 12% of Indias total exports. Currently the Indian market remains highly fragmented, but is rapidly transforming into an organized sector.Currently, the industry is facing a slowdown due to global economic turmoil. But due to various government efforts and incentives coupled with private sector initiatives, the Indian gems and jewellery sector is expected to grow at a rate of around 14% from 2010 to 2012. At present, the Indian gems and jewellery market is dominated by the unorganized sector; however, the trend is set to change in near future with the branded jewellery market growing at an expected rate of more than 41% in the coming four years. As per our research report, with its consumption pegged at nearly 20%, India remains worlds largest gemstone exporter and this share is expected to grow further. Indian Gems and Jewellery Market - provides strategic insight into the gems and jewellery market in India. By analyzing past and future aspects of the market, the report highlights the potential growth areas in the market and gives an overview on the market for gems and jewellery in the country. It also evaluates the emerging trends in the concerned industry.

The future trend of the gemstones is of Tourmaline.

Tourmaline Gem has more than 300 colors in itself. This Gemstones is hugely exported to many Asian and American Countries. The demand of Tourmaline is increasing rapidly and the manufacturing units are busy in making the orders of tourmaline cut stones.

MILESTONE :

Awards :State Award for export excellence by Govt. of Rajasthan in 2009IDCA Gem Dealer of the Decade Award (2010)

Members of :International Colored Gemstone AssociationGem and Jewelery Export Promotion Council, India Jewelers Association of JaipurSitapura Gems and Jwellery Industry Association

Further, to promote the business, RMC actively participate in all the major trade shows in India and over seas. Shows @ Bangkok, Hongkong, USA ( Tucson and Vegas), China (Beijing , Shanghai ,Shenzhen and Guangzhou), Japan (Tokyo ,Kobe), Bahrain ,India (Mumbai and Jaipur)

CHAPTER-2RESEARCH METHODOLOGY

Objective of a Research

Data Sources

Data Collection tools

Objectives of the study

Rationale of the study

Limitations of the study

2.0 RESEARCH METHODOLOGY:

Market is a dynamic and restless field.Simle,marketing research is a systematic efforts for the solution of marketing problems.It covers the field of problems,techniques and other aspects of marketing and realted decision-making and other implementation,

According to J.B. Giles,marketing research is,"The objective and systematic collection,recording,analysis,intepreatation and reporting of information about existing or potantial markets,marketing strategies and tactics and the interaction between markets,marketing methods and current or potantial products or services."

"Marketing research is the systematic and objective identification, collection analysis, dissemination and use of information for the purpose of improving decision making related to the identification and solution of problem". During the course of conducting the study the information were gathered mainly through the primary source. Conducting field survey by taking to the retailer who is using mobile phone on the methodology used in the survey was personal observation and interview with retailer with the help of questionnaire.

OBJECTIVE OF A RESEARCH Developing an environment in which a team of human and agents produces hypertext reports about both external sources and a system- internal archival fact. Research is utility undertaken with a view to intend the frontiers at knowledge in regard to specific area of intellectual pursuit. Marketing research helps business identity customer needs and wants so a company can develop and promote products rose successfully. Such research also provides the information upon which important advertising and marketing decisions are based. Though each research study has its own specific purpose. We may think of research objectives of falling into a number of following broad grouping.

RESEARCH DESIGNResearch design is a framework of blue print for conducting the marketing research project. It deals the procedure necessary for obtaining the information needed to structure and or solve the marketing research problem.The two types of research are: Exploratory Conclusive

The objective of exploratory research is to provide insight, into and understanding of the problem conformating the researcher. The objective of conclusive research is to test specific hypothesis and examine specific relationship.

DATA SOURCES:

Primary Data: Survey approach Questionnaire Personal interview and field surveyObservation method

Secondary data Company journalSales figure

DATA COLLECTION TOOLSThe collection of data is through a Questionnaire Observation Behavioural Data

(1) Questionnaire :-It is a piece of paper with a set of questions related to the purpose Research, which is presented to the respondent. The questionnaire used in my survey had close-end question.

(2) Observation Method : -When we look at the phenomenon with some objective it is called Observation. It is the important technique for data collection. This Method was also accompanying survey, to know the exact position or Response of the respondents.

(3 ) Behavioral Data : -The customers purchasing history is captured by the store databases and credit card billing.Much information can be obtained from this data,as actual purchases reflect preferences and often are more reliable than statements made by customers.

OBJECTIVES OF THE STUDY

To know the dynamics of the Gem stone industry.

What are the products in gemstones?

Which all companies are leading in selling color-stones?

To find out its scope ahead.

What are the marketing methods to sell gems-stones?

How far e-marketing helps in selling gems?

RATIONALE OF THE STUDY

I chose this topic because it is the matter of my interest.

My idea behind joining any gem-stones firm was to color my

creativity.

This industry attracted me because it gives freedom to use my own

ideas and creativity .

LIMITATION OF THE STUDY

The scope of the study has been kept restricted due to time and money Constraints. Some question regarding the other company depends on the mood of the respondent and at the time during which they were interviewed. There is a chance of human error. The result is true for the given time period and it may very with time.

CHAPTER -3MARKETING STRATEGY

Introduction

Customer Relationship Marketing

Marketing Method

3.0 MARKETING STRATEGY : AN INTRODUCTION:

Marketing is the economic process by means of which goods and services are exchanged and their values determined in terms of money and price.It coordinates the resources of production and distribution of goods and services,determines and directs the nature and scale of the total efforts required to sell profitably the maximum production to the ultimate user.

A marketing strategy combines product development, promotion, distribution, pricing, relationship management and other elements; identifies the firm's marketing goals, and explains how they will be achieved, ideally within a stated timeframe. Marketing strategy determines the choice of target market segments, positioning, marketing mix, and allocation of resources. It is most effective when it is an integral component of overall firm strategy, defining how the organization will successfully engage customers, prospects, and competitors in the market arena. Basic theory:

1. Target Audience 2. Proposition/Key Element 3. Implementation

Marketing in India :Liberalisation and privatisation have been adopted in our economy.Some of the major steps which are taken and are considered important from marketing point of view are as follows :

New Economic Policies FEMANew trade policy (EXIM Policy)

Tactics and actions

A strategy consists of a well thought out series of tactics to make a marketing plan more effective.

Marketing strategies are dynamic and interactive. They are partially planned and partially unplanned. See strategy dynamics.

The management of the company works on the elements of delegation :

(1)Authority(2)Responsibility(3)Acountability

Authority refers to the right of an individual to command his subordinates and to take action within the scope of his position.

Responsibilty is the obligation of a subordinate to properly perform the assigned duty.

Accountability implies being answerable for the final outcome.

Therefore ensuring effective management,employees development and better co-ordination.

A fine balance between decentralization and centralization in areas of major policy decision is followed.

CUSTOMER RELATIONSHIP MARKETING

A loyal customer not only buys you product every time,but buys more as the companies introduce new products and product upgrades.He talks favourably about the company and its products,thus spreading positive word of mouth.

It is a matter of building long term relationship with customer.

The company essentially beleives in the phenomenon of CUSTOMER RELATIONSHIP MARKETING (CRM).The company pays an emphasis on:

(i)Reducing the rate of customer defection.(ii)Increase the longevity of the customer realtionship.

The company,RMC India Ltd.,believes that marketing is an investment,not a cost.Well conceived and well executed marketing plans generate long term returns which can be quantified.

SATISFYING CUSTOMER IS A RACE WITHOUT FINISH

In a competitive marketplace where businesses compete for customers, customer satisfaction is seen as a key differentiator and increasingly has become a key element of business strategy.

Organizations are increasingly interested in retaining existing customers while targeting new customers; measuring customer satisfaction provides an indication of how successful the organization is at providing products and/or services to the marketplace.

Customer satisfaction is an ambiguous and abstract concept and the actual manifestation of the state of satisfaction will vary from person to person and product/service to product/service. The state of satisfaction depends on a number of both psychological and physical variables which correlate with satisfaction behaviors such as return and recommend rate.RMCs main focus is to develop a brand name of the company.They believe,for a consumer,a brand serves as an identicifcation of a product.It reduces the customers search effort and time,thus simplifying his decision making.Because of what brands stand for,they can form deep relationships and bonds with the customer.Consumers offer their trust and royalty to such brands.

Because satisfaction is basically a psychological state, care should be taken in the effort of quantitative measurement, although a large quantity of research in this area has recently been developed.

These ten domains of satisfaction include: Quality, Value, Timeliness, Efficiency, Ease of Access, Environment, Inter-departmental Teamwork, Front line Service BehaviorsCommitment to the Customer and Innovation

MARKETING METHODS :

By Emails :The products to be sold or marketed are sent by email with the description and pictures to the potential and targeted customers.

By making Business Trips : The products samples are hand carried by the marketing team to the foreign countries and the samples are shown to customers and the order is made.

By Analyzing :The Company with its wide spread channels, gets the information of which gems have demand and where and after analyzing, send the marketing team to sell the gems.

Free Sampling :

The free samples of products are provided to the customers so that they can try and put it into their channel.

Competitive Pricing :

The prices of products are to be kept at best competitive prices so that the customers are attracted.

CHAPTER 4MARKETING STRATEGIES OF RMC

Marketing mix

ProductPlacePricePromotion

Competitive Edge

Working Mechanism

Payment Mode

Companys motto

4.0 MARKETING STRATEGIES OF RMC :-

The RMC India Ltd. business strategy emphasizes the following:

Increase the market share in colored stone industry by following a disciplined growth strategy focusing on quality and not on quantity and delivering high quality customer service.

Maintain the current high standards for asset quality through disciplined credit risk management.

Develop innovative products and services that attract the targeted customers.

Continue to develop products and services that reduces the cost of funds.

Focus on high earnings growth with low volatility.

The company follows an intensive marketing strategy for its promotion. The marketing mix elements of any company includes :

The ProductPlacePricePromotion

The marketing mix was suggested by Jeremy McCarthy, professor at Harvard Business School, in the 1960s. The marketing mix consists of four basic elements called the four Ps. Product is the first P representing the actual product. Price represents the process of determining the value of a product. Place represents the variables of getting the product to the consumer like distribution channels, market coverage and movement organization. The last P stands for Promotion which is the process of reaching the target market and convincing them to go out and buy the product.

Marketing-mix is the logical sequence of marketing activities to attain firm's goals and maximum custmer satisfaction.Some fundamental questions,such as,

What to sell (Product)At what price (Price)Where to sell (Place)What to communicate (Promotion)

Four Ps are market-centric.Every marketing manager should make a judicious mixture of there 4 P's.

Product : is a set of tangible and intangible attributes designed to satisfy any specific or general consumer needs.

Price : is the value of the product or service expressed in monetary terms.

Promotion : is the communication by the marketer to its target customers regarding its product of services.The three basic elements of sale promotion are advertising,personal selling and sales promotion.

Place : is concerned with making the product available when and where customers want the product.

(A) THE PRODUCT:

The product strategies are the heart of the marketing strategy and include aspects such as quality,product features and attributes,performance variables,physcial appearance,brand name,brand image,product variants and many other factors.Products are a combination of tangible and intangible factors.Everything that has to be marketed.

The growth stage is marked by product improvements through added features,improves functionality and design.

A key aspect of the product strategy especially for pioneering firms is to continuously improve the product through incremental innovations,to ensure market dominance.We have already mentioned the range of products in which the company deals.The companys products are rough initially as they come out of the mines and therefore need to undergo the following processes to give them a proper shape and definite figure:

Grading:

In the last two decades there has been a proliferation of certification, not only for diamonds but for gemstones as well. There are five major laboratories which grade and provide reports on gemstones.

* Gemological Institute of America (GIA) * American Gemological Society (AGS) * American Gem Trade Laboratory * American Gemological Laboratories (AGL) * European Gemological Laboratory (EGL).

Cutting and polishing:

Cutting and polishing are done for usage as gemstones. The two main classifications are stones cut as smooth, dome shaped stones called cabochons, and stones which are cut with a faceting machine by polishing small flat windows called facets at regular intervals at planned angles.

Gemstone Color:

Color is the most obvious and attractive feature of gemstones. The color of any material is due to the nature of light itself. Daylight, often called white light, is actually a mixture of different colors of light. When light passes through a material, some of the light may be absorbed, while the rest passes through. The part that isn't absorbed reaches our eye as white light minus the absorbed colors.

Treatments applied to gemstones:

Gemstones are often treated to enhance the color or clarity of the stone. Depending on the type and extent of treatment, they can affect the value of the stone. Some methods are :HeatingWaxing/oilingFracture Filling

Synthetic and artificial gemstones:

Some gemstones are manufactured to imitate other gemstones. For example, cubic zirconia is a synthetic diamond simulant composed of zirconium oxide.

INFORMATION OF THE PRODUCT :

RMC Gems India Ltd. has Blue-Topaz and Tourmaline as the major selling stones.The Knowledge of Product is necessary for marketing it. Following is the information of the products to be marketed:

BLUE TOPAZRefractive Index: 1.62-1.63 Hardness: 8.00Specific Gravity: 3.54Birthstone: DecemberAnniversary Stone: 4th, 23rdOrigination: Natural blue topaz is found in the URL Mountains of the former Russia.Care & Cleaning: Soft polishing cloth, plain water rinse, mild solution of soap & water or commercial jewelry cleaner.

Fiction, Facts & Folklore :Natural blue topaz is extremely rare and expensive. It is found in the Urals of Russia, sometimes associated with deposits of feldspar and smoky quartz.The United States consumers buy more blue topaz than any other nation on earth.Blue topaz is the most popular member of the topaz mineral group.Nearly all blue topaz seen at retail today is in fact heat-treated white topaz.Some of the best sources for white topaz include Brazil, Sri Lanka and Bolivi.The colors of blue topaz are described in many different ways. The most pale variety is often called sky blue, while others carry names like Swiss blue or Caribbean blue. The most valuable shade of all is a deep blue variety commonly known as London blue topaz.As it is with many other colored gems, the deeper the color, the higher its value.It takes a London blue topaz one full year to reach the marketplace.TOURMALINE:

The two most common colors of tourmaline green and pink are generally found together, so production goes hand in hand. One notable exception was an explosion of deep pink tourmaline (also known as rubellite) from Nigeria in 1998. The find followed a typical "gold rush" trajectory. Once discovered, the mine attracted hundreds of local miners some professionals and some just hoping to make a lucky strike resulting in a flood of the material on the market. The tourmaline came in large, clean crystals and a saturated, dark pink color that blew its competition from Brazil right out of the water. Prices fell sharply as dealers maneuvered to get in on the action. A year later, however, the deposit was mined out, and prices gradually started to creep back up. Although tourmaline can be found all over the world, probably the single greatest producing country is Brazil. Pink, green, and bi-color tourmaline can be found all over the country, particularly the state of Minas Gerais. However, stricter environmental regulations combined with a decline in investors who are willing to back gemstone mining have led to a decrease in production, and Brazilian dealers sometimes buy from Africa to supplement their inventory. Africa produces tourmaline in various places, although there are few famous deposits. One notable exception is in Namibia, where miners identified a huge tract that produces high-quality, vibrant blue and green tourmaline, sometimes in large sizes. At last report, that mine was tied up in ownership disputes and producing very little. Another exception deposit of blue tourmaline was discovered in Nigeria in 2001. Although the quantities were limited, the tourmaline was an electric blue color reminiscent of Paraba tourmaline, although not as Tourmaline is a very common gemstone it can be found all over the world and while its supply is down, it's still more than enough to keep up with demand. (B) PLACE:Distribution strategies are concerned with making the product available when and where customers want the product. The distribution decisions include the type of channel,storage,shelf space and stock and replenishment levels

Place (Distribution) Strategies :As the rate of cutomer adoption of the product increases,it is generally easier to expand the distribution channels,as the trade channels become convinced about the business vialibilty of the product.Distribution strategy is essentially to increase coverage,enter newer channels,and increase self space and product visibility at the point of sale.

RMC has expanded its operations by having opened up direct marketing in countries like Thailand, Hong Kong, Japan to cater to its clients in these regions and also add on to newer clients and have very prompt and efficient services offered round the clock to its clients with a strong thrust on the Domestic market also.The staff includes technical personnel who attend the customers and understand their needs and meet them successfully.

Ware House, Packaging & Delivery

The company has a well-constructed and capacious warehouse to store rough, as well as finished stones. Besides laying emphasis on safe storage, they also focus on full-proof packaging of the range of stones. The company uses bubble film, cushioned display boxes and other packaging material that are as per the requirement of the clients. Use of superior quality packaging material ensures safe movement of cargo and stones from our facilities to the final destination. The estimated lead time of delivery depends upon various factors like quantity ordered, type of cuts and finishes etc. (C) PRICE:

Price is a very visible and critical element of the marketing mix.Pricing decisions are also very complex as they have to factor in a number of factors such as target customers ability and propensity to pay,competitors prices,taxes,transporation costs,profit magins for the company amongst a host of other factors.

The pricing is done in such a way that the products are available at affordable prices and there is no compromise with the quality as well.Therefore the firm maintains a balance between the affordability and durability.

PRICING STRATEGY :The company uses the phenomenon of Market skimming strategy.Market skimming strategy is a strategy of using a high price relative to competitive substitutes and benchmarks.Rapid skimming is a strategy of using high prices backed by a very high level of marketing communications support.The basic requirement for this strategy to work is that product must be superior both technologically and in terms of utility to all other competitive substitutes available.

(D) PROMOTION

PROMOTIONAL STRATEGY :Since the key marketing objective is to build selective demand and brand preference,communications strategy is directed towards establishing brand awareness and brand preference through heavy media use for advertising,sampling and promotion programs.The major aim is to builld a brand preference.

The goal of a firms promotional strategy is to inform,educate,persuade and remind the target customers about the benefits of the organizations product.The different elements of communication like advertising,sales promotion,public relations,publicity and persona slling must be coordinated together to create an effective communication strategy.The firms main promotion or we can say publicity is through participating in the various shows held all over the world.

ADVERTISING

Advertising is a form of communication intended to persuade an audience (viewers, readers or listeners) to purchase or take some action upon products, ideas, or services. It includes the name of a product or service and how that product or service could benefit the consumer, to persuade a target market to purchase or to consume that particular brand. These messages are usually paid for by sponsors and viewed via various media. Advertising can also serve to communicate an idea to a large number of people in an attempt to convince them to take a certain action.

Advertising is a form of communication intended to persuade an audience (viewers, readers or listeners) to purchase or take some action upon products, ideals, or services. It includes the name of a product or service and how that product or service could benefit the consumer, to persuade a target market to purchase or to consume that particular brand. These messages are usually paid for by sponsors and viewed via various media. Advertising can also serve to communicate an idea to a large number of people in an attempt to convince them to take certain actions.

Different types of media can be used to deliver these messages, including traditional media such as newspapers, magazines, television, radio, outdoor or direct mail; or new media such as websites and text messages.Marketing through the Internet opened new frontiers for advertisers and Scontributed to the "dot-com" boom of the 1990s.The firm spends heavily on advertising in order to meet the objectives of the company effectively and efficiently.

E-MARKETING :

Internet marketing, also referred to as i-marketing, web-marketing, online-marketing or e-Marketing, is the marketing of products or services over the Internet.

The Internet allows consumers to directly access manufacturers and vice-versa.Internet commerce is carried out over four major domains :B2B,B2C,C2C and C2B.Internet commerce or e-commerce is growing by leaps and bounds further fueled by the advent of safe electronic payment.Internet selling is likely to be more successful when it offers time savings,high quality service and products that appeal to a more affluent audience.

The Internet has brought media to a global audience. The interactive nature of Internet marketing in terms of providing instant responses and eliciting responses are the unique qualities of the medium. Internet marketing is sometimes considered to be broad in scope because it not only refers to marketing on the Internet, but also includes marketing done via e-mail and wireless media.

Internet marketing ties together creative and technical aspects of the Internet, including: design, development, advertising, and sales.This element enables the firm to enable the purchase of the product sitting at home by simply placing the order. This is an ease to those customers in whose country there in no branch of the firm.

BENEFITS OF E-MARKETING :

TO CUSTOMERSTransaction speed quick.Build customer loyalty by offering all services.Security and privacy of customer history.Faster service available.Customer queries answered instantly.Impartial service to customers.

TO STAFFMistakes by staff minimizedEliminates redundancy, manual checking of books of record.Speeds up the processes of order and delivery.

TO MANAGEMENTAll requirement met on timeBetter management control through periodic reportsEnhances productivityReduce human errorsEasy to use, administer

COMPETITIVE EDGE :

If it is Blue Topaz, it has to be RMC The ultimate source in Blue Topaz and Semi precious stones. This saying goes very well with RMC because of the reality that RMC is truly the undisputed market leader globally in Blue Topaz and Tourmaline.It directly sources from the mines and therefore benefit of cost is directly passed on to all its clients.

RMC has made it self a very established player in the field of semi precious tones for the last 2 decades and the presence is felt globally with leading buyers associated with the company in the most developed markets of USA, the European Union, Hong Kong and other markets.

RMC enjoys the support and patronage of all its clients, which has been possible because of the edge in creating with expertise, crafting with skill, and producing stones to perfection with the phrase TOGETHER WE SPARKLE.

RMC has that touch of class to all its range of exotic color stones that it manufactures in its in-house manufacturing facility in Jaipur city where a lot of R&D is done to come out the most eye catching cuts and shapes with a lot of effort on ensuring that the polish is truly international in class and quality having the most exquisite craftsmanship and an in-house quality control cell that ensures that every stone produced and finished is FLAWLESS.

RMC has expanded its operations by having opened up direct marketing in countries like Thailand, Hong Kong, Japan to cater to its clients in these regions and also add on to newer clients and have very prompt and efficient services offered round the clock to its clients with a strong thrust on the Domestic market also.The following are the competitive zone areas,where the company excels :

(i)The flexible manufacturing systems - variety,speed and quicker response to market demand,allows the company to make profits on volume returns..

(ii)Timely supplies and consistent quality.

(iii)Quality of Manpower Resources - the ability to attract,train and retain the best talent.

WORKING MECHANISM :

Factory :

The area of the factory is 50,000 sq ft approx. lying in SEZ Phase -1,Sitapura,Jaipur.The present number of people working are 1500 incuding officials, labourers and contractors.

Team :

Our pool of skilled artisans, designers, engineers, marketing executives serve as a potent reserve to our organization. Artisans with years of industry experience have the requisite proficiency and an eye for precision and excellence. The credit for the distinct style and design of the gemstones goes to the team of talented designers. They are creative tanks brewing with innovative ideas. The innovative creations of the designers are construed into substance by the artisans. Strong and effective marketing network consists of competent professionals with vast domain experience. Adherence to transparent business policies and good contacts in the domestic and international market has given us a lot of business. Moreover,the job training for the work force at regular intervals to keep them abreast about the latest developments related to the Industry.

ACE CARD :

Customers prefer RMC over other suppliers because it offers them the best deal in terms of quality, at competitive prices at the quickest turn around time for delivery with prompt services.

Deft artisans, talented designers and modern machinery play a pivotal role in the company's success. The combined effort of these three factors has helped us earn acclaim and appreciation from the clientle world wide.

PAYMENT MODE :

Payment Terms Letter of credit : Applicable only in case of high value shipments Money transfer through bank Demand Draft Cash

COMPANYS MOTTO :

Providing Exact Quality of Gemstones to the Customers.Delivering the exact product to the customers requirement.Establishing more customer relation for the growth of business.Finding more new markets for marketing of Gemstones.Setting up of Research and Development Department to search for new products and analyze the market.Contribute to the trade so that all can reap the benefits.Satisfying the customers.

CHAPTER 5SWOT ANALYSIS

Strengths

Weaknesses

Opportunities

Threats

5.0 SWOT ANALYSIS :

SWOT is an abbreviation for Strengths,Weakness,Opportunities and Threats.SWOT analysis is an important tool for auditing the overall strategic position of a business and its environment.

Strengths and weakness are internal factors.For example,strength could be a firm's specialist marketing expertise.A weakness could be the lack of a new product.

Opportunities and threats are external factors.For example,an opportunity could be developing distribution channel such as the Internet,or changing consumer lifestyles that potentially increase demand for a company's products.A threat could be a new competitor in an important existing market or a technological change that makes existing products obsolete.

Accordingly,SWOT analysis is best used as a guide and not a prescription.Adding or weighing criteria to each factor increases the validity of the analysis.

S T R E N G T H S

Established name as company is operating since 1990 successfully, so has got a very strong customer loyalty.Brand image is very high than its competitors.Presence of company in all over the world gives it maximum clientage.Company is self renowned as it exhibits all major exhibitions around the world.

Fast expanding distribution network.Use of latest technology in providing the service.Highly skilled and committed personnel with strong team work.Employee satisfaction and retention.

W E A K N E S S E S

The internal expenses are much which increases the cost of products.

Comparatively high priced products / service than its competitors.

O P P O R T U N I T I E S

The increasing market of Gemstones.The establishing of R&D Departments which can reap much benefits to the company.The growing pattern of Tourmaline demand may give more work to the company.

T H R E A T S

Other Big players are also aware of market demands.Competitors try to fetch the orders by selling at very less prices.

Sometimes the international trips go as big expense without any sale.The market can be clashed anytime as increase of suppliers.

CHAPTER -6CONCLUSIONS AND SUGGESTIONS

Conclusions

Personal Analysing

Suggestions

6.0 CONCLUSIONS :

Aggressive Marketing is the key to increasing the market share in this area, since the market has a lot of potential and opportunities.

The level of service in terms of delivering whatever is promised, fast response in case of problems is the most important benefit that the customer seeks.

Customers favour product that are of highest quality.

Customers are interested in innovative products.

Companies need to emphasize production efficiency and achieving economies of scale.

Mass distribution of products is the key to success.

If a customer is satisfied, then there is a good chance of getting many future businesses and cross sales from the deal.

It is concluded from the analysis that proper communication and good realtions is necessary for both the customers along with a competent sales force to effectively and efficiently carry out the sales.

A judicial and wise mix of various sales promotion strategies should be adopted considering the investments and profitablity to yield more benefits and high returns.

PERSONAL ANALYZING :

I experienced and learnt how the marketing is done.

The products are shown in very pleasing way and displays are made very eye catching.

I learnt that the information of the product are very necessary before its marketing.

The confidence should be much to impress the customer of the product and there should be no hesitation in doing negotiations.

The negotiations are done in polite and peaceful manner, the customer is to be treated as king and customers views are to be listened and understand carefully.

SUGGESTIONS :

Few suggestions are given to improve your efforts if you again are asked to prepare a project, for improving your skills and efforts.

Some of them are:

Company should take part in the fashion shows,which will bring knowledge about their products to the customers.

Company should produce innovative products,as people often like to see the change and the new products.

New products can influence the present customers as well as new customers can be added.

More proportion of the budget should be spent on advertising in magazines like Gem World.

The staffs should be given frequent trainings so that they are equipped with the latest knowledge and technology.

APPEDIX

BIBLIOGRAPHY :

1)Research Methodology Author : Pratap Keshari Khatoi C.R Kothari

2)Marketing Management Author: C.N Sontakki Philip Kotler

3)Essential Marketing Author: B.A.V Sharma

MAGZINE & JOURNAL(1)The Times of India(2) Economics Times(3)Business World

WEBLIOGRAPHY:www.jewellerynewsasia.comwww.google.comwww.rmcgems.com