STRATEGIES FOR MARKETING OF GOLD ORNAMENT IN INDIA

In fact perseverance on the part of traders in the gold ornament market in India is very difficult because of tough competition and hence the imperative of building very good relationship with consumers more than ever before. Consequently, gold ornament retailers are using their own unique suitable marketing strategies, operating structures and systems for acquiring new consumers and retaining the existing ones. Due to enigmatic consumer behavior, it is inevitable for the gold ornament merchant to develop new marketing strategies in the gold ornament market of India. The 4 P's of marketing-price, product, place and promotion are not much useful in developing marketing strategies. Therefore gold ornament are also considering 'people' (consumer) as the 5th ‘P’ of the marketing mix for marketing strategy formation. Marketing strategy is a plan that revolves around the 5 'Ps' of marketing. Here the marketing manager relies on product, price, place, promotion and people related strategies for developing a full amount of feasible marketing programmes for a gold ornament retailer. In other words, it is a practicable and suitable top management blue print that links the gold ornament retailer and consumer.