For the company to improve its competitive position within the market, the main objectives relate to increasing the visibility through the presence of online platforms, use of various channels to advertise their products, price management and focus on the improvement of the product packaging. These objectives can be made possible through marketing mix. Taxco Silver Jewelry out to focus on positioning the products that it produces in the right way so that it may beat the competition that is present within the jewelry industry.
Taxco's has some great ideas and styles which they incorporate in the production of their product. This is an advantage to Taxco as the ideas and styles that they have are not common in the market. The company can, therefore, focus on packaging their products with the original labels in order to maintain a good connection with their consumers who will identify with the workers in Mexico as well as the culture and style that the creator had in mind. Another way that this company can beat the competition is by producing more pieces of the same product so that there can be the extra product in the store in case the jewelry runs out in various stores. However, while producing the extra pieces, the company ought to be careful enough to avoid any kind of overproduction which may present some form of waste of the resources. The final way that this company can deal with the product is to target bigger consumer groups. This will only be possible if there was some production of various collections. They can produce some commercial types of products which will attract more consumers and beat the available competition. They can also produce some the product types that attract the courageous consumers and other personal consumers. The latter will require some more creative strategies when it comes to the product design.
Due to the competitive market, Taxco ought to follow the pricing of the actors within the market. Since one of the main objectives of Taxco is to brand its products, the price range of their products can be over the average price. After it has fully established its presence and appreciation within the market, the company can then move forward to raise its prices. The main reason as to why Taxco ought to go a bit over the average pricing is so that they can clarify the difference amid high-quality jewelry that they are producing. With that in mind, it is also wise for Taxco to continually deliver the expected quality to the market so that it can retain the older consumers and attract new ones.
There is the need for Taxco to venture into new markets so that they can reach most of their consumers and gain new consumers from their competitors. For example, the company can venture into mergers with clothing stores so that the jewelry can act as complements top the clothes that are sold. By doing so, they will not only beat the competition but also form new relationships with other companies and profit through sale increment.It is however quite important for Taxco to consider the image of the companies that it intends on partnering within these ventures. The selling points ought to match the values that the company stands for so that they may not interfere with their own image within the market.
Promotion is a part of the marketing strategy that would stand out if done well. The visibility of Taxco can be enhanced fully through non- personal communication channels such as the QVC group which would broadcast their products through American satellite and other means. This would work well to increase the company's awareness of the consumer and reach out to the market when need be. Additionally, the use of magazines and external public relation agencies can work. If there are limited resources that the company has to work around, then they can maintain some plans with some fashion editors, photographers and other actors within the fashion industry. Moreover, Taxco can gain visibility through participating and making formal appearances at fashion events and get to represent her jewelry. Such events can boost their contact list and increase their ideas of production.
Another way that this company can aim at gaining visibility is through the online presence which would require the inclusion of some of their highest quality products photographed and showcased. Creation of websites would be one way to go about this strategy. This would not only open their reach of the target group but also ensure that they gain entry to the designer world, various suppliers and other actors within the industry.
Taxco ought to strive to gain visibility which is greater than her competitors. The types of publicity that have been recommended above are not only inexpensive but also free, effective and reliable in the promotion of the company's product as well as in beating the available competition.
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