IHRM A1 PNG Jewellery STP

STP ANALYSIS
PNG STORES IN USA

• PNG Jewelers Inc, Fremont, California, opened in Oct 2015
• PNG Jewelers, Woodbridge, New Jersey, opened in Mar 2017
• PNG Jewelers Inc, Sunnyvale, California, opened in Apr 2018
Fremont, CA Woodbridge, New Jersey Sunnyvale, CA

PNG STORES IN USA
• Two store are towards West Cost, California, USA
• One Store is towards East Cost, New Jersey, USA
• NYC is the close to New Jersey, possibility to open next store
Demography : NYC
• Most Populace city of USA, approx population
8.5 million (2017 records)
• 40% of total population of NY State is in NYC.
• Population Density : 10,194 / km2
• Cultural Diversity : 36% of its population is
foreign born
• Houses a quarter of nation’s Indian-
Americans
• Country / region-wise % of population
• White Americans - 35.1% of NY Population.
• Latin or Hispanics - 27.5% of NY Population.
• African Americans - 25.1% of NY Population
• Asian Americans - 11.4% of NY Population
WHY: NYC
• Global centre of business & commerce.
• First among world for attracting tourism, capital
& business.
• Many of fortune 500 Companies of world have
Headquarter in NYC
• Highest Asian Americans reside in NYC, target
population for PNG
• Manhattan is one of the highest income places in
USA
• Income status
• Median income of household - USD 47,030.
• Median income of family - USD 50,229.
• Median income of male - USD 51,856.
• Median income of female - USD 45,712.
• Per Capita Income - USD 42, 922.
PROPOSED STORE LOCATION IN NYC, USA
Manhattan
• Lower Manhattan PNG Jewelers PNG Jewelers
Existing Store in Proposed Store
• Population Density : New Jeresy in Lower
Manhattan, NYC
27,896 / km2
• 11.7% Asian
American
Brooklyn
• Downtown Brooklyn
• Most populace in
NYC
• Population Density :
PNG Jewelers
14,649/ km2 Proposed Store
in Brooklyn, NYC
STP Analysis for setting up PNG Store in NYC
• First step in STP Analysis is to align your marketing strategy to the firms objective or
mission & also get to know the Firm’s current situation wrt its strength, weakness,
opportunity & threats (SWOT).
• Strength of PNG is its 184 years of trust of customers. The excellence and experience
of serving the loyal customers and its glorious heritage. PNG Jewellers as a brand
takes great pride in their history, heritage and legacy. PNG wants to cash on this
strength & wants to reach their loyal customers at global level.
• With their main objective to reach their loyal customers for about two centuries,
PNG is exploring the US markets where a large number of Indians have settled.
• After successful launching of three stores in US, now PNG plans to open their fourth
store in NYC where 40% of Indian Migrants are settled. In NYC they PNG will also
focus other Asian & European customers also.
• In order to full fill this objective, PNG will carryout research initially on the Asian
Americans & Europeans. Get to know their choices wrt jewellery & what benefits
they are looking form a jewellery shop.
• Second Step in STP is to segment the consumers. The proposed segmentation
of consumers is as covered below.
Segmentation Method Recommended Segmentation Further Segmentation
Geography Asian Americans Indian Subcontinent & Chinese origin population
White Americans (European Population) Germans & Italian population
Demographic Gender Male, female & LGBT
Age Up to 25, 25 to 40, 40 to 55 & above 55 years
Income High Income group, Middle income group & students
/ low income group
Psychographic Lifestyle
Values
Benefits Economy
Prestige Brand, quality, intricate, exclusive design
Behavioural Occasion Festivals, marriages, birthdays, promotions etc
Loyalty
• Third Step of Evaluating Segment Attractiveness falls under the targeting
Analysis.
• Here Segment Attractiveness is tested for five different parameters ie
• Is it identifiable. Each segment to be unique, know which are their markets
& what market mix is required for each segment
• Is it substantial. If segment is too small or too big both may be an issue.
Effective segmentation is critical.
• Is is reachable. Customers in each should know the PNG, recognise how to
buy products
• Is it responsiveness. Customers to react positively, accept PNG value
proposition & trust
• Is it profitable. The product for each segment should be profitable & brand
for each segment should generate its own profit.
• Fourth Step of Selecting a Target Market, it is second part which falls under the
targeting Analysis.
• Market can be targeted in four different ways:-
• Undifferentiated. Here the grand opening of PNG store in NYC can be
highlighted, where it is not targeted to any particular segment but on a
broad basis.
• Differentiated. Here the different segment are targeted with different
marketing strategy. Eg Indians for Diwali, marriages etc, German or Italian
for Christmas, Valentines day etc
• Concentrated(Niche). Where the marketing strategy is targeted only to one
segment. Eg college students for cheap silver jewellery, jewellery on
monthly instalment as per their requirements. etc
• Micromarketing. Here PNG needs to focus on its value & loyal customers
who are chosen based on their past purchase records & need to be treated
as special with lot of incentives
• Last Step is to identify & develop a Positioning Strategy. It will define the place
PNG will occupy in customers mind vis-à-vis other competitive brands.
• Ways to achieve advantage position strategy are:-
• Competitive Advantage. How important the brand is to customers, how it
is superior form others, are the products affordable to customers etc.
• Differentiation. Quality, trust, uniqueness in design, image of brand PNG,
price of the products, behaviour of staff towards customers, additional
services like exchange offer, minimum making charges etc.
• Positioning changes with time, due to change in competitive advantage &
differentiation.
• What is the USP of PNG will set is apart form others in market. ‘Parampara
Achchai Ki’ & Customer trust for 184 years.

IHRM A1 PNG Jewellery STP

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STP ANALYSIS

PNG STORES IN USA

Fremont, CA Woodbridge, New Jersey Sunnyvale, CA

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