Business plan for expansion of Glorietta jewels (family owned business) via marketing and localizing

Abstract

Glorietta international company limited is my family owned business which manufactures and wholesales 92.5% silver jewelry. However, even though family business forms a solid background for further expansion, our company did have some drawbacks. Being a niche company started by my father Mr.VijayPrathan Singh solely, the company didn't have an efficient marketing done to have a brand awareness to attract customers and even though we have a demand for our products locally, we only exported rather sell locally too. The objective of this paper is to analyze the consumer behavior of people in Thailand (locals & tourists) in regards to purchasing Silver Jewelry in Bangkok. The total population of Thailand is approximately 8.3 million. Therefore, the sample size is chosen based on sample size calculations which are 358 respondents. We used a quantitative approach and collected the data by using surveys & questionnaires (Google form) and interviews. All the information was gathered and calculated by SPSS program. As our results, out of 358 respondents, 319 respondents has purchased silver jewelry in the past and made up to 89.1 % which suggest that a large number of people in the country are purchasing silver jewelry. We did also come to a positive conclusion that having a physical store in Thailand would be profitable as our results did show 140 of the respondent purchased the product from a physical store. This result suggests that selling locally is equally important, and the business needs to operate in both the channel (export and locally). The research helped us understand that it is essential to use e-commerce marketing and set up a local market in order to expand this business.