How could Beverly Diamonds Grow More as a Company?
Strategies to Increase Growth For Beverly Diamonds grow
Beverly Diamonds has recently lost a significant amount of the market share in the United States and Japan. There are a number of things that Beverly Diamonds can do to increase innovation and thereby take back the market share that Beverly Diamonds has lost. First, Beverly Diamonds needs to begin recruiting top talent from around the world instead of hiring Japanese nationals from Japan for research and development. Another thing that Beverly Diamonds can do is make sure that managers are doing everything to create an environment that promotes innovation, (McKinsey & Company, n.d.). There are many companies that do not innovate because of the corporate culture is too rigid and bureaucratic, Beverly Diamonds will not be one of those companies. Beverly Diamonds must also review its environment to ensure that employees have the autonomy the need to innovate. Furthermore, Beverly Diamonds needs to encourage insight-generating partnerships among its workers. Such partnerships can take many forms and could be extremely effective in sparking new ideas within the Beverly Diamond workforce, (Marc de Jong, 2015). Beverly Diamonds must also be allocating large amounts of resources to the research and development being done on the jewel making process. Such an investment would give employees the proper tools they need to properly innovate.
The Viability of the Indian Market
In terms of an expansion to India, Beverly Diamonds would need to develop diamond jewelry specifically for Indians. To keep costs low, the company will have to use some low-quality components and remove certainly enhanced sections. However, Beverly Diamonds may still not become the low-cost leader within the market. To become the low-cost leader Beverly Diamonds would need to make ethical compromises in the sources its raw stones, (Doval, 2015). For this reason, Beverly Diamonds will not attempt to compete in the low-end Indian market. Instead, Beverly Diamonds will be offering mid-level products that meet the sourcing standards of the Kimberley Process Certification Scheme.
The Timing an Indian Expansion
Whether or not now is the best time for Beverly Diamonds to be expanding into the Indian jewelry market is an extremely important question. Though currently the demand for mid-level price jewelry is low, large-scale change is expected in the near future, as economic growth lifts many out of poverty and into the middle class. Soon many more Indians will be able to afford the fine jeweler that Beverly Diamonds is making. However, even with this optimism, uncertainty remains if Beverly Diamonds should be entering now as this change may not be happening so soon, (Kochhar, 2015). For this reason, many other jewelry companies are waiting a few more years before investing hundreds of millions of dollars into the country’s retail jewelry industry, (Gould, 2014). At this time Beverly Diamonds should begin preparing to enter India, however the company should not begin operations in the country until it becomes clear that large growth has indeed taken place.
For that reason I know Beverly Diamonds Grow is a centanty and not as the assumption.