SWOT Analysis for Michael Hill Jeweler in New Zealand Essay examples

SWOT Analysis for Michael Hill Jeweler in New Zealand Essay examples

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Michael Hill Jeweller
Introduction:
Michael Hill jeweller is a multi-specialty jeweller in North America and the Oceania. The company was started in 1979 by Mr. Michael Hill and his wife Ms. Christine when they opened their first store in New Zealand in the town Whangarei. The company then grew to 10 stores by 1987 with an issue of 6m shares each worth 65c. By 31 December, 2011 a total of 245 stores were recorded under Michael Hill jewellers. (NZX, 2014)
Competitive Position:
Competitive Positioning is defined as how you will differentiate your products or services thereby creating a value for in the market. A good positioning is influenced by market profile, customer segments, competitive analysis and methods of delivering value. (Marketingmo, 2014)
Competitive Advantages identified:
• Bringing about required changes in accordance with the latest trend.
• Making the best shopping experience for their customers.
• Offering the best price based on the quality of products.
• Highly qualified staff with in-house training and years of experience.
• Located in every city/town targetting all the customers.
• Availability of large customer online base.
• Raw materials are only taken from certified suppliers.
Michael Hill Jeweler is the middle market leader in New Zealand and Australia. Whereas, in North America and Canada Michael Hill jewelers are considered to be the challengers.
SWOT
Strength
• Popular name in the market.
• Appropriate designing of store.
• Vertical integration of business. Weakness
• Large inventory.
• High dependancy rate in a particular region.
• Concentartion on the world.
Opportunites
• Growing global jewellery market.
• Expansion of business across the world.
• Introduction to online market. Threats
• Rise in la...


... middle of paper ...


...n Strategy:
Targets to Mode Purpose
Customers • Social Media
• Television advertisements
• Print Media
• Telephone
• Brochures
• Email • Increase sales
• Make the customer familiar with the products available
Employees • Meetings
• Notice board awareness • Educate the employees with the wide range of products available
• Company success
Stakeholders • Annual Report
• Board of discussions • Company success

With the use of the above mentioned mode of communication the company will be able to achieve the following:
• Increase in number of sales thereby increasing the profits percentage.
• Will be able to maintain a strong relationship between the company and the stakeholders.
• Will be able to take inputs/suggestions from the employees and use the best to improve the business.
• Will facilitate the employees to get a better understanding of the working of the company.

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