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Porter’s Five Forces Analysis of the Industry

2020-02-28 来源: 51Due教员组 类别: Essay范文

下面51due教员组为大家整理一篇优秀的代写范文- Porter’s Five Forces Analysis of the Jewelry Industry,供大家参考学习。这篇文章讲述的是珠宝业在美国和国际上都很有竞争力。该行业可分为三个主要部分,负担得起的部分,奢侈品部分,和溢价部分。由于珠宝在人们的生活中并不被认为是必需品,它使行业更具竞争力,因为品牌意识和销售主要取决于产品设计以及营销和推广策略。

Porter’s Five Forces Analysis of the Jewelry Industry

· Degree of rivalry within the industry:

The jewelry industry is competitive both in the United States and internationally. The industry can be separated into three main segments, affordable segment, luxury segment, and premium segment. Affordable entry level jewelry brands include well-known brands such as Pandora and Swarovski; luxury jewelry brands include brands such as Tiffany & Co and Chaumet; and the premium brands include Cartier, Harry Winston, Van Cleef & Arpels, Bvlguri, etc.

Since jewelry is not considered as necessity in people’s lives, it makes the industry even more competitive as the brand awareness and sales mostly depends on the product design as well as their marketing and promotion strategies.

Furthermore, as e-commerce market is blooming, this further increases the degree of rivalry within the industry. As e-commerce facilitates the entry of smaller brands and new brands, this is promoting the existing well-known jewelry brands to keep up with the trend and to further differentiate themselves not only in products and design but also in distribution channels as well.


· Threat of substitutes

For people who buy jewelry for fashion and practical use of wearing, the threat of substitute is relatively low. The possible substitutes of jewelry products are artificial jewelry, stone jewelry, etc. As people’s living condition have been improving greatly and people who buy jewelry looks for high quality products, it is less likely that people consider artificial jewelry as substitutes for real jewelry.

For people who buy jewelry for collection and appreciation, however, the threat of substitutes is high since potential substitutes include real estate, stocks, bank deposit, mutual fund investments, etc.

 

· Threat of new entrants

It is not hard for a new jewelry brand to enter the jewelry market and run a local store selling fine jewelry and fashionable boutique jewelry. However, it is difficult for local and smaller retailers to compete with large and highly-reputable brands such as Tiffany & Co and Harry Winston because of their insufficiency in capital and operations capacity. The large and reputable brand names as well as their awareness and popularity that these well-known jewelry brands have built and consolidated for years also create more challenges for new jewelry brands to enter the jewelry industry.

However, as e-commerce market is blooming, this decreases the barrier to enter the jewelry industry. More fashionable new brands can enter the market through the channel of e-commerce more easily. With the competitive advantage of trendy e-commerce distribution channel, which is adopted by an increasing number of young consumers, as well as the benefits such as low operating cost and high promoting efficiency e-commerce brings, new jewelry brands can take these advantages and conquer the barrier challenges more easily nowadays.

 

· Bargaining power of customers

Customers in the jewelry industry don’t have the bargaining power that they can enjoy in other industries. The price of jewelry is relatively stable. For large highly reputable brands especially, customers do not have the chance to bargain since the brands need to remain highly consistent across their global distribution channels and the price is non-negotiable.

 

· Bargaining power of supplier

Overall, the bargaining power of supplier is relatively high. There are a great number of jewelry suppliers over the world and China and India are two of the biggest players in jewelry supply. This makes their bargaining power relatively low. However, the jewelry industry is heavily-reliant on skilled labors. Especially for brands that position themselves with high-quality hand made jewelry, the handicraft technique play an important role in determining their product quality and product supply. Thus, suppliers of skilled labors on jewelry handicraft have relatively high bargaining power to jewelry companies. For example, Pandora Jewelry prides itself in individuality as all the jewelries they produce are handcrafted jewelry in Thailand. In this case, their supplier has high bargaining power over Pandora as Pandora’s production line relies heavily on the efficient production and operations of its supplier.

Furthermore, as brands purchase raw material from suppliers, they need long-term partnerships with reliable suppliers to ensure their product quality and position in the global market. This also brings up the bargaining power of qualified suppliers.

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