Blue Nile

Question 2

Factors to determine a company’ success in the online jewelry business in the next 3-5 years

Company’s success is depends on their vision and mission. They need to develop a strategic vision, mission and a set of core values. In developing a strategic vision, manager needs to determine what they want to be in the future. For example is to a best online jewelry business in the world or others. Company need to determine the purpose of their business if they want to success in the business. Online jewelry business’s key factors to determine a company’s success is depends on the company strategy which is strategy of providing educational information, in –depth product information and grading reports coupled with its wide product selection and attractive prices would lead to customer looking upon a company product as their jeweler of life.

Company involve with online jewelry business need to plan and implement a strategy for their company success. Strategy is about competing differently from rivals doing what they do no do or doing it better. Company need to strengthen its competitive position and gain a competitive over rivals. For a company which is involve with online jewelry business, manager need to determine to meet customer needs more effectively, with products or services that customers value more highly, or more efficiently at lower cost.

Besides that, providing knowledge and certification is one of the factor to determine a company’s success in the online jewelry business. Knowledge involves exposures to the understanding of the innovation’s function. Education and product knowledge to the customer is critical for the company’s success as it will attract more customers to buy online jewelry if the company provides enough knowledge to the customer. It will allow customer to learn at their own pace without any sales pressure and the provision of telephone which is giving customer more privacy. Certification shows that the...