Business Proposal

Team #: 54

Client (Company): Runjhun Jewellery

Chosen target country: South Africa

Product/Service (a brief description, 3-10 lines):

Runjhun Jewellery founded its business in 2008 and is located in India. Their product consists of designing unique jewelry pieces for their customers in India. Their initial plan is to expand their market and target more customers in other countries, not only India. The service they provide is unique, they have bridal collections of necklaces, earrings, and many other categories of jewelry.

Number of pages, including title page: 22

Team members:

Name CountryWork completed: Please briefly describe the work completed by each team member or put “Did not participate” if the student did nothing.

Natalia Handal Honduras Natalia was responsible for helping on each survey and for the completion of the final paper on milestone 3

Timbea Alexandra Garner

USA Timbea was responsible for helping on each survey and for the completion of the final paper on milestone 4

Xingpeng He China Xingpeng He was responsible for helping on each survey and for the completion of the final paper on milestone 5

Aline Buechele Germany Aline was responsible for helping on each survey and for the completion of the final paper on milestone 6

Ali Salih Ahmed Al Belushi

Oman Ali was responsible for helping on each survey and for the completion of the final paper on milestone 6 with Aline

Geremy Blakselee USA Geremy was responsible for helping on each survey and for the completion of the final paper on milestone 7

Ana Fiorella Punto Luna

Peru Ana was responsible for helping on each survey and for the completion of the final paper on milestone 8

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Executive Summary

Runjhun Jewellery is a business that sells affordable quality jewelry in India. The

company imitates jewelry stones from other countries and applies these to unique jewelry

collections. They sell their jewelry at an average price and their main target market is women,

ages 18-60. Upon looking for a number of ideas that could help this company, we gave concise

advice to Runjhun Jewellery of how they may expand their market to other countries. When

looking toward market expansion for Runjhun Jewellry, we examined geographic, demographic,

economic environment, political and legal environment and cultural environment factors. We

concluded that the company should target women ages 16-60 in strategic areas where females

would be attracted to the market of Runjhun Jewellry in addition to marketing specifically to

middle and high income earners. In addition we suggest to market in areas with little to no

competition as well as minimal trade fees and sanctions while also appealing to areas where local

natural resources will cut down production costs.

According to our recent research, taking advantages of its unique geographic location,

abundant natural resources, and large amount of consumers, South Africa becomes the best

market for Runjhun Jewellery to expand its business. Also, in our opinion the exporting and

finding a well-established distribution partner in South Africa would be the most suitable market

entry mode. Runjhun have some experiences in this field and is familiar with this topic because

they already exporting their products to the United Kingdom, the United States and Malaysia.

Lastly, the products to be sold in South Africa are the various styles of jewelry that are

offered by Runjhun Jewellery, with an emphasis on necklace sets, earrings, and finger rings.

Because of the various additional fees associated with distributing in South Africa, a 50% initial

markup is suggested to offset losses. There are some considerations like the principal way to

distribute Runjhun Jewellery in Africa, take the advantage and promote their product both online

and through consumer retailing. South Africa has specialty stores that handle single product

lines; this can benefit Runjhun Jewellery since its focus is on jewelry. At first, an online store

would allow them to be in contact with their target market and at the same time reduce costs due

to the absence of a physical commercialization places.

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Runjhun Jewellery is a privately owned business, founded in 2008 in India (X-Culture:

Challenge Instructions. 2015, August 25). Their initial focus was to sell affordable quality

jewelry in India, but is now looking to expand internationally. They sell a unique collection of

imitation jewelry stones through their brand in several countries like United States, Singapore,

United Kingdom, Canada, France, Germany, and Malaysia (X-Culture: Challenge Instructions.

2015, August 25). However, they are exporting their jewelry only in Malaysia, Singapore, and

United States. Its primary distribution is done in India (70%), offering more than 1,000 products

in more than 10 different categories like necklace sets, earrings, all the way to hair accessories

(Runjhun-About Us., 2015). Runjhun Jewellery has a target market on women ages 18-60, they

are commonly from India. Their strongest form of advertisement is through Facebook and

Google. What the company is looking for is to have a further developed marketing strategy and

e-commerce that would help Runjhun Jewellery globalize its business.

        Runjhun Jewellery has some of its offices located in Ramprastha, Ghaziabad, and Uttar

Pradesh, India (X-Culture: Challenge Instructions. 2015, August 25). They hold small

manufacturers and suppliers in India and most of their products are originally made in India.

Their shipping methods are electronic transfer payments and some of their services are through

FedEx, DHL, and the Indian post. Runjhun Jewellery specializes in polki jewelry, unfinished

diamonds, and imitates American diamond jewelry (Runjhun-About Us., 2015). Their most

expensive product is their necklace sets. They design wedding traditional necklace sets, most

expensive one comes in a 10-piece set costing Rs.14990 ($230.50) to least expensive, a set of

necklace with earrings Rs.890 ($13.69) (Buy Full Wedding Traditional Necklace set • Runjhun.,

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2015). A traditional 10-piece necklace set comes in different stone colors and are gold platted.

Others are designed with pearls, ruby stones, Onex beads, and polki stones. If Runjhun Jewellery

decides to expand its market internationally, they should devote to necklace sets because these

can attract women who do not carry an Indian culture.

        Senco Gold Jewellers is a key competitor who is leading India to be more globally

recognized. Senco Gold Jewellers is located in west Bengal and has a narrow focus on affordable

bridal jewelry (Senco Gold Jewellers - Top 6 jewellers who control India's gold - The Economic

Times., 2015). They have expanded their market in other countries but are also projecting on

exporting their jewelry to Dubai, Singapore, United States and UK (Senco Gold Jewellers - Top

6 jewellers who control India's gold - The Economic Times., 2015). Their business works with

designing jewelry that has gold, diamonds, and platinum. One of the most expensive golden

wedding necklaces they offer costs Rs. 38,030 or $584.79 (Senco Gold & Diamonds | Senco

Gold Product Details). This is a $300 difference in price compared to Runjhun Jewellery, which

may create an obstacle for customers because they are more likely to be price sensitive. There

are considerable strengths and opportunities offered with these differences in prices for Runjhun

Jewellery. By having more affordable prices than what Senco Gold offers, customers may be

more attracted to their market. However, if Senco Gold’s business works with higher quality

diamonds and gold for necklaces, this creates a weakness on Runjhun Jewellery because

customers are also looking for better quality when purchasing jewelry.

        Another key competitor is Bhima Jewellers, whose main attribute with jewelry is to also

work with gold, diamonds, silver, gemstones and platinum (Bhima Jewellers - Top 6 jewellers

who control India's gold - The Economic Times., 2015). They have stores located in India but are

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still hoping to expand to West Asia. What makes this company uniquely strong is that they were,

“the first to implement hallmarking, bar coding, and the rate of card system, and get an ISO

certification among jewelers”(Bhima Jewellers - Top 6 jewellers who control India's gold - The

Economic Times., 2015). Bhima Jewellers also has a bridal collection of necklaces, which can

hurt Runjhun Jewellery’s production of unique jewelry since they work on that collection as

well.

Giving jewelry a unique design for their customers to enjoy and providing good quality

for an affordable price is one of Runjhun Jewellery’s greatest strength. Even though they have

other key competitors, their prices are what can keep promising customers to come back.

Another strength they advocate is that all their suppliers are from India and they make and sell

their unique designs with their own brand.  Having online services can create an opportunity for

Runjhun Jewellery. This may lead to attract potential markets in other nations or create a rapid

expansion because of their online presence. Lastly, if they expanded their markets

internationally, their furthermost opportunity should be to expand into other popular markets like

in Northern Europe and Africa.

        On the other hand, having small advertisement is a potential threat and weakness for

Runjhun Jewellery. They are only found in Google with the company name. An idea that should

be implemented is to promote their unique designs through other sources of media or EBay and

Amazon. Technology is a major trend globally and their customers and may help Runjhun

Jewellery to better provide their sales. They also have a small profit margin (4-5%) due to their

high operating cost expenses. Runjhun’s biggest threat is its competitors, who are designing

similar products and may have better quality. Although Runjhun Jewellery may face a variety of

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threats, the number one factor that contributes to their brand is their uniqueness on every piece of

jewelry.

Market Success Factors

In looking and moving forward with the hope of new market selection, our team

identified what we perceived to be market success factors that would aid Runjhun Jewellry in the

process of finding that new market. Our factors range widely including geographic factors,

demographic factors, economic environment factors, political and legal environment factors and

cultural environment factors. Due to Runjhun Jewellry having unique product designs, we

concluded that they might want to explore the teenage audience, while still appealing to older

audiences of women as well. We suggested targeting the audience specifically to women ranging

from ages 16-60. As far as locations go, Runjhun Jewellry should have a special target market in

urban areas where they can attract different sizes of business relating to the jewelry market and

schools and colleges that attract females in addition to the prospect of being located next to

different boutiques where they could potentially sell their merchandise.

Moving to economic environment factors, we agreed there is a need for an ease of doing

business, including modern technology specific to middle and high-income level earners.

Because of the limited size of Runjhun Jewellry and the online nature of the business, the

company must possess the ability to supply business and customers alike with an up-to-date

inventory list that provides the current availability of all Runjhun Jewellry products. Customers

must be able to access the Internet or contact the business directly in order to make and finalize a

purchase. Also, because of the higher prices in India, a higher income level and educational level

would be the resulting primary target market. On to another point within the scope of this

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particular factor is the lack of competition present. Because several businesses compete in the

same regions with their own imitation jewelry lines, Runjhun Jewellry should aim for an area

where the desire for Indian or American diamond imitation jewelry is desired but where there is

a scarce availability of other jewelry suppliers. We believe this would give the company a major

competitive advantage and a chance to really grow the business without the pressing stress to

compete well with a handful of other competitors in their way.

Next with political and legal environment factors, we looked specifically at potential

trade policies that would impact Runjhun Jewellry’s decision to expand. Due to the online nature

and international availability of Runjhun Jewellry, international trade laws apply. Preferred trade

fees should be relatively low, there should not be an embargo of trade goods from India and

Runjhun Jewellry should be located where no sanctions have been imposed.

As far as cultural environment factors, we decided to look at customer preferences and

tastes. The style of many of the company’s products are very traditionalistic and so we concluded

that their products would potentially sell better in areas where there are like-minded interests.

For Runjhun Jewellry specifically, they might want to look for areas where there are people who

look to buy the same type of traditional products and accessories. This might include areas with a

high population of Indian immigrants.

Finally looking at the natural resource factors we concluded that Runjhun Jewellry should

maintain a goal of minimizing their production costs. Due to the certain types of products

available, there are great deals of raw materials that will need to be processed in order to produce

the final product. Therefore, the manufacturers should build factories in those particular areas

(Rajasthan and Orissa, etc.) where there are abundant non-metallic resources that could reduce

the related production cost as much as possible.

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New Market Selection

The potential market that our team chose was South Africa. South Africa is situated in the

south part of Africa, whose coastline covers over 2,500 kilometers from the western Atlantic

coast to the Indian Ocean (South Africa. 2015, November 11). The low-lying coastline leads

South Africa to become the Africa’s natural maritime hub, which provides much convenience for

international trade. South Africa is also the hinge of international aviation in Africa. Some of the

airlines available in South Africa: air France, British Airways, Lufthansa, Singapore Airlines,

and Emirates Airlines.

There are several reasons why South Africa has become in the eyes of investors and

visitors (potential consumers). The mystery why South Africa becomes one the most popular

country in the globe is that it possesses a spectacular land for both tourism and commercial

investment. Due to its distinguished location, this beautiful country offers traveler’s terrific

views and also investor’s unlimited opportunities. Specific reasons behind these opportunities are

that South Africa gains a prime geographical location. It is situated in the middle of the two great

oceans (Atlantic and Indian), which makes it to be the hub of sea transportation in Africa. Also,

merchant ships have easy access and low cost to enter South Africa due to most-favored-nation

treatment. South Africa has opened to tourist tacks, as one of the poles of African continent, it

illuminates that there is an enormous market with lots of underlying consumers and

opportunities. Additionally, the total population of South Africa is 54 million people and 65% of

the population in South Africa is between 15 and 65 years old (South Africa. 2015, November

11). The proportion between men and women is almost equal. There are enough potential buyers.

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For potential Runjhun Jewellry customers it is very important to have access to Internet.

There are 724,909,854 Internet users in South Africa. That is 8.4% of the whole Internet users in

Africa. And the penetration of the Internet was 51.5% (South Africa., 2015). According to the

World Bank, the GDP (Current in USD) of South Africa is $349.8 billion (upper middle

income), and the GDP per capita is $6617.91, which illuminates it possesses the strongest

consumption power in Africa but also with low-priced labor.  There are 1,300,000 Indians living

in South Africa. That is about 2.7 percent of the population of South Africa (SouthAfrica.info.,

2015, October 1). Also there are people who have the same or similar traditional garb and

accessories.  South Africa is well known for its various forms of minerals and mineral products,

owing to its incredibly abundant non-metallic resources, such as gold platinum, and diamonds.   

Other markets that our group took into consideration were Norway. Norway is one of

Europe's most hilly countries with large tracts of land occupied by mountains and is located

about a tree line, with an average elevation of roughly of 48 meters (Norway., 2015, November

17). In addition, Norway has abundant non-metallic resources, which provides adequate raw

material for company’s processing procedure. Moreover, Norway has multiple consumer

markets, which can allow Runjhun Jewellery to boom rapidly.

The economy type of Norway is a developed mixed economy with state-ownership

although being affected by increasingly global business trend; the economy of Norway has

maintained a business-developing mode since the industrial revolution (Economy of Norway.,

2015, October 21). There are primarily two factors supporting the whole frame of Norway’s

economy. International trade has long been a pivotal of Norway's economy, due to its unique

geographic location, which can be called the portal of Europe (Economy of Norway., 2015,

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October 21). Also, a huge part of Norway's economic growth has been accelerated by the

abundance of natural resources, including fisheries, petroleum exploration, production, and

electric power (Economy of Norway., 2015, October 21). Norway has kept removing obstacles

to international business via its concernment in the World Trade Organization and the European

economic area (EEA). At the moment, India and Norway have an established foreign trade

agreement through the India-EFTA, which helps lower trade cost between the two nations.

Market entry mode

After establishing that South Africa would be the most promising market for Runjhun

Jewellery to invest in, the next step was to decide what would be the most convenient way to

enter this market. After considering the nature of Runjhun Jeweller's products, and taking a

closer look to the South Africa's environment, there are a few possible market entry modes, such

as joint venture, licensing or finding a distribution partner for exporting their jewelry.

A joint venture could be one possible option for Runjhun Jewellery. Advantages of a

joint venture could be that partners share capabilities, responsibilities and business risk (“What

are the primary advantages of forming a joint venture?”, 2015). Finding the optimal company for

business partnership could be difficult and time-consuming. Furthermore, there are already a few

well-established online stores in South Africa, which are not looking for a joint venture.

Another possible market entry mode would be licensing. Advantages are that the

company does not have to manufacture their product on their own but still get some royalty

(“Why Licensing is the Best Way to Get Your Product on Store Shelves”, 2015). In our opinion

this is not the best market entry mode for Runjhun Jewellery because it is necessary for licensing

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that the product is unique or a well-established trademark. It could be very difficult for Runjhun

Jewellery to find a willing company.     

In our opinion the most feasible form of entry would be to export and find a distribution

partner, which could sell and promote their product. One reason we chose exporting as the most

promising entry mode could be that Runjhun Jewellery has some experiences in this field and is

familiar with this topic. They are already exporting their products to the United States, the

United Kingdom and Malaysia.

The most effective way to ship Runjhun Jeweller's products would be in shipping

containers on maritime freights because of low costs on the low number of imports and the short

distance between India and South Africa - 4599 nautical miles from Mumbai in India to Cape

Town in South Africa (“sea-distances.org”, 2015). A few years ago, India and Africa initiated

negotiations about a preferential trade agreement (PAT) to include the Southern African Customs

Union (SACU) (Malone, Mohan & Raghavan, 2015). This could be another reason for Runjhun

Jewellery to choose exporting as new entry mode because presumably there will be less trade

barriers between India and South Africa. To reach the customers in South Africa and to

encourage and the promotion Runjhun Jewellery has to find a distribution partner, which is well

established in South Africa. One possible distribution partner is the online shop spree.co.za. It is

one of South Africa’s most popular fashion online shops (“About Us”, 2015). They offer a lot of

different products inclusive jewelry.

Furthermore, they are always looking for new suppliers, which would like to sell their

product in their online store (“Suppliers”, 2015). Another possible distribution partner could be

the South African online store Zasttra.com that was founded in 2013 (“About Us”, 2015). To sell

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any product Runjhun Jewellery just has to fill a registration form. Listings products on their

online shop are free but you have to pay a commission of 12% for each sold product (“Sell on

Zasttra.com”, 2015).

Lastly, for staffing and sourcing and by having chosen the exporting strategy, Runjhun

Jewellery would not have to hire employees in South Africa. It would be enough if they hire one

or two more persons who will do the coordination with the distribution partners in South Africa.

Product and Pricing

There are several factors that were taken into consideration in order for Runjhun

Jewellery to enter their product into the South African market: web design, packaging, branding,

exchange rate, and product pricing.

In order to increase the marketability of the products offered by Runjhun Jewellery, the

main website should be updated. Based on what is on the website, some options would be to

correct grammatical errors; change the website layout; add additional social media links for

Twitter, Facebook, etc.; and, based on our entry mode, include a list of retail stores (Davlin). The

cost of web design can vary depending on company and the depth of change implemented. Some

sites to use as layout references include: http://www.zasttra.com/ or http://www.spree.co.za/en/

Because the suggested entry mode is through a distribution partner in South Africa, It

should be noted that instead of individual production sales, packaged shipping should be

considered. Online individual shipping will include a small cardboard box with the Runjhun logo

printed on top containing the product, said box wrapped in standard packaging wrap, which is

then packaged in a standard cardboard shipping container. We have determined that this form of

packaging serves it is intended purpose in any market. Mass packaging should be used when in

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collaboration with the distribution partner. Cost of shipping will vary depending on the quantity

shipped and the service used, as well as the associated cost of hiring an in-country agent. There

is no cost for filing associated import/export paperwork.

It has been determined that there is no negative meaning of the name Runjhun Jewellery

in South Africa, and the logo for Runjhun Jewellery is not similar to other brands in the market.

Because the South African population trends toward special occasion and higher-end jewelry

("South African Rand (ZAR) to Indian Rupee (INR) exchange rate history"), the designs sold

should reflect this trend. There should not be any altered costs pertaining to branding.

Within the past year, the average exchange rate between the South African Rand and the

Indian Rupee has dropped semi- erratically from 1: 5.65 to 1: 4.66 ("South African Rand (ZAR)

to Indian Rupee (INR) exchange rate history"). This suggests either a weakening of the Rand or a

strengthening of the purchasing power of the Indian Rupee, with indications that the gap between

the two will continue to decrease. As this gap closes, the capital gained from currency transfer

will fall. The future value of Runjhun Jewelry products sold in South Africa will drop unless

prices are adjusted at regular intervals. Therefore we suggest adjusting prices on a yearly basis to

take into account the gains and losses that could be incurred.

Jewelry being imported into South Africa incurs a 20% import tax, as well as a 14% VAT

rate ("Import duty & taxes made easy | DutyCalculator"). Because of this, the current exchange

rate pattern, and commission payment to the distribution partner, a 50% price markup should be

considered. Based on this suggested price, the suggested pricing for some of the products has

been included (in U.S. Dollars):

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Distribution and Promotion

Runjhun Jewellery should distribute and promote their product both online and through

consumer retailing. South Africa has specialty stores that handle single product lines so this can

benefit Runjhun Jewellery since its focus is on jewelry. An online store would allow them to be

in contact with their target market and at the same time reduce costs due to the absence of a

physical commercialization places. African business work with Kalahari which is one of the

most popular online stores in South Africa can help us in the way to start by offering a concept

of online store catalogs there, so they focus on selling online in a simple way that would not

demand too much work and reduce cost (SouthAfrica.info., 2012, August 31).

After Runjhun generates a strong awareness, they should open their own store in

specialized establishment in order for people to find jewelry sets through their store. This

distribution plan will allow Runjhun to be part of the options for African people when looking

for specific and unique jewelry. We also thought they should focus on locating a store where the

Average Sales Price 50% markup

Necklace set $53.80 $80.70

Earrings $21.75 $32.63

Finger rings $17.86 $26.79

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majority of the population goes, like shopping malls.  From that point forward, Runjhun

Jewellery needs to work with a carrier in South Africa that allows them to deliver their products

through UPS Express Server.

According to the life cycle of Runjhun in Africa, they should focus on having a selective

distribution strategy. In the growth stage they should consider distributing their product in

physical stores in some specialized establishments. Taking into consideration what the African

market offers the full spectrum of retail outlets in different places like small general dealers

(SouthAfrica.info., 2012, August 31). Specialty stores can also be an accurate selection because

it can handle a single product line such as clothing, electronics, or furniture. Other ideas we

though about were exclusive boutiques; chain stores like groceries, clothing, and toiletries.

Their jewelry sets are unique and not a massive product that can be offered in all stores

and mixed with other kinds of products that is why we focus on selective distribution strategy,

also this will contribute with value to the product because of their selective distribution.

According with the conditions of the product, knowing that their jewelry sets are unique and not

a massive product that can be offered in all stores and mixed with other kinds of products.

We consider that some advertising channels would be effective for Runjhun Jewellery.

The best way they can promote its product is through online advertising. To be more specific on

that there are some steps we need to follow to launch the advertising campaign (Volution, 2015):

1. Set objectives

Proposed Promotion:

20% Discount on all jewelry

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Primary Objective (reason for promotion):

Need for additional sales: purchases of Runjhun Jewellry have dropped 18% in past three months

Secondary Objectives:

Drive traffic to Runjhun Jewellry product pages to increase awareness of this product category

Provide information regarding new ways to use product, namely with specific clothes

Note how each of these objectives are focused toward benefiting my Runjhun Jewellry category

and overall business in the long-term.

2. Select the audience

Potential market: African women from ages 18-60 that are related with social media and also

who have a Facebook account and of course

Actual market: Customers who have previously purchased a Runjhun Jewellry product

3. Pick the timeline

Promotion begins November 21 and ends November 28(7 full days).

The deadline for the next shipment of Runjhun Jewellry is December 4, so want to adjust the

order based on sales volume.

4. Perform a pricing analysis

Lines below are calculated margins by subtracting overall product cost from overall product

price.

Average Price for Runjhun Jewellry: $100.00

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Average Cost for Runjhun Jewellry: $60.00

Average Margin for Runjhun Jewellry: $40.00

Margin with 20% discount = $20.00

($100.00 x 20% discount = $80.00 price

$80.00 – $60.00 cost = $20.00 margin)

It is also important to consider that there two indicators for online advertising through

Facebook and Google Ads, that can be represent a cost for the business like Cost per click in

both cases of the promotional tools. Cost per click can be a choice of promotion as well because

it may help to increase the purchase of the products. In the long term, Runjhun Jewellry can use

the cost per print that is about to pay for each 1000 views and focus on strengthen the positioning

of the brand.

5. Create a communication plan

Lastly, this promotion will takes place through dedicated email, social media and

Runjhun Jewellry website. For the creations of the advertising Runjhun Jewellry needs a graphic

designer and a community manager to hire and it also have to take in consideration like part od

the cost structure.

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