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Simple Hammered Silver Ring, FINACIAL DEPARTMENT WORKS WITH ALL STEPS OF…
Simple Hammered Silver Ring
Design
MERCHANDISING TEAM, DESIGN DEPARTMENT
Ring width, shape, texture, material, aesthetic
Cost projections
Ease of manufacturing/proccesses
Design with target customer in mind
Research and Concept
Look at fashion trends and purchasing behaviour, determine eligibility of ring and forecast possible avenues of merchandising and marketing.
MERCHANDISING TEAM, MARKETING TEAM
*Minimalist jewellry is in right now, Handmade stuff is sought after, high quality is priority for younger buyers, etc.
Product Development
DESIGN TEAM, OPERATIONS
Sample Created
Sample Evaluated in terms of production feasability, and adherence to design goals
Refinement
Repeat till approval for final design from related departments
Material Sourcing & Manufacturing
OPERATIONS
Sterling Silver Supplier Found
Manufacturer Found
Quality Assurance Garunteed
Merchandising
Product assortment planning (What finishes and sizes to offer) (How much inventory to carry)
Product Pricing
Product Presentation (Packaging, Website, Retail Displays, etc.)
MERCHANDISING, ADVERTISING, MARKETING
Determine where and how the ring will be purchased
Brand Positioning & Differentiation
MERCHANDISING, ADVERTISING, MARKETING
Market research on other jewellry lines from competitors and identify where our line can fit in.
Where can/should we compete for in the market, how big of a market segment should we aim to take?
Marketing and Promotion
MARKETING, MERCHANDISING
Work off of the market research and make use of marketing strategies to capture target demographic
Online adverts, Billboards, Celebrity endorsement, Algorithmic digital marketing, targeted marketing, etc.
Social media Marketing
Retail Display
Distribution and Retail
OPERATIONS
Retailer negotiations
DTC framework setup
Distribution system contracts (Shipping lanes, road distribution)
E Commerce setup
Consumer
FINACIAL DEPARTMENT WORKS WITH ALL STEPS OF THE VALUE CHAIN