Bs Assignment
BSBUSSINESS STRATEGY
A REPORT ON
Submitted to: Submitted By: Roy Smollan Sumit Vashista Student I.d.-1007951
Executive Summary
Blue Nile is the largest online retailer of certified diamond jewelry. It was established in 1999 and has head-quarter in Seattle, WA. Apart from catering to U.S. market it also serves to international market through its websites in England and Canada. A big share of its revenue comes from the sales of wedding bands and engagement rings. Blue Nile is known as a high end jewelry retailer. Blue Nile has a unique business model. Blue Nile doesn’t hold any inventory but places orders to diamond suppliers only after receiving orders from customers. This has enabled Blue Nile to offer cheap products to its customers. It also provides all the valuable information about the diamonds on its website. After reading all the information about Blue Nile, I have come up with a strategy that will enable the company to increase its market share and also the revenue. Blue Nile has been very successful since it was established and has also received numerous awards. Some of these awards are highly recognizable in the jewelry industry. But because of cut throat competition in the market, Blue Nile has to improve continuously to take full advantage of the opportunities in the market. Company has been able to satisfy its customers over the years but the lack of brand recognition in International market of diamonds has restricted Blue Nile to perform as per its potential. By increasing the visibility of brand, Blue Nile can increase both its market share and its revenues. To increase the visibility, Blue Nile can advertise in posters, magazines, online media, social media, and in billboards. Blue Nile can also expand its business to Asian countries. To market its product in Asian countries, Blue Nile should also think about introducing its website in multiple languages. This will help the company to maximize its exposure in
A REPORT ON
Submitted to: Submitted By: Roy Smollan Sumit Vashista Student I.d.-1007951
Executive Summary
Blue Nile is the largest online retailer of certified diamond jewelry. It was established in 1999 and has head-quarter in Seattle, WA. Apart from catering to U.S. market it also serves to international market through its websites in England and Canada. A big share of its revenue comes from the sales of wedding bands and engagement rings. Blue Nile is known as a high end jewelry retailer. Blue Nile has a unique business model. Blue Nile doesn’t hold any inventory but places orders to diamond suppliers only after receiving orders from customers. This has enabled Blue Nile to offer cheap products to its customers. It also provides all the valuable information about the diamonds on its website. After reading all the information about Blue Nile, I have come up with a strategy that will enable the company to increase its market share and also the revenue. Blue Nile has been very successful since it was established and has also received numerous awards. Some of these awards are highly recognizable in the jewelry industry. But because of cut throat competition in the market, Blue Nile has to improve continuously to take full advantage of the opportunities in the market. Company has been able to satisfy its customers over the years but the lack of brand recognition in International market of diamonds has restricted Blue Nile to perform as per its potential. By increasing the visibility of brand, Blue Nile can increase both its market share and its revenues. To increase the visibility, Blue Nile can advertise in posters, magazines, online media, social media, and in billboards. Blue Nile can also expand its business to Asian countries. To market its product in Asian countries, Blue Nile should also think about introducing its website in multiple languages. This will help the company to maximize its exposure in
References: Blue Nile. (2012). Retrieved from http://nz.bluenile.com/ethical-sourcing Blue Nile Yahoo Inc. . (2012, January 30). Yahoo Finance, Blue Nile Inc. Retrieved from http://finance.yahoo.com/q/is?s=NILE&annual