Institute: Indian Institute of Management Manageme nt Kozhikode Kozhikode Background: What do you think is the issue or the opportunity here? With current marketing strategy, not many people are identifying with the vision of the brand. Jaipur rugs is here for a larger purpose, but there are a few gaps on the marketing front to make people realize this. Key issues here: 1. ittle awareness about the brand and its vision. !. "ot many people identify with the artistic signi#cance of the handmade traditional rugs $. %&commerce website not displayed upfront in search engines 'pportunities here: 1. eeway to establish brand in synchronism with the vision (we sell a blessing) in niche *ndian market. !. +apitalization of the class with higher disposable incomes with shared philanthropic interests.
Consumer/Customer Insight: What behaviours do consumers demonstrate which might help in explaining the issue/opportunity identifed above *n foreign markets, a customer buys the costly handmade carpets for their authenticity. authenticity. his customer admires the art and the authenticity of Jaipur rugs. here is a feel good factor associated with the brand and this is what draws the customer in the foreign countries. his is the true customer of Jaipur -ugs. his customer associates himself with wi th the vision that the company possess and is ready to pay a premium for it. Jaipur rugs need to develop this this very customer segment in *ndia. *ndia. *t is an eclusive brand brand with no precedent in *ndustry and has has to stick to its philosophy philosophy.. *ndia presents an enormous market as there are people who appreciate the art and the values attached to a product. here is another segment of the upper class society that prefers a brand because of its status and eclusiveness. hese customers provide a potential market which can be captured. The Big Idea: How do you plan to approach the problem? Jaipur -ugs needs to market itself itself to a niche segment which shares its vision. his segment is high class, economically well&o/ segment which would value Jaipur -ugs for its authenticity and eclusivity. eclusivity. 0owever, 0owever, using the traditional media like and newspapers or social media like 2acebook for marketing is futile. 0ere we need the media of communication which is not mass market and has a reach to elite class. he plan can be eecuted in two levels: 1. +reating a brand which a consumer can recognize, and can associate to its i ts vision and eclusivity !. %stablishi %stablishing ng a system system that delivers delivers what a brand promises promises&& through retail retail stores 3 ecommerce ecommerce
How will you land it in market: What are the execution details o your plan? 4ddress the problem with a multipronged strategy strategy 1. -egular -egular invitations invitations to celebrate celebrated d authors to write write articles articles about Jaipur Jaipur -ugs in upmarket upmarket magazines. !. %hibition %hibition of of the selected selected rugs rugs in art galleries galleries and ehibit ehibitions. ions. $. 5ponsoring 5ponsoring art art events events to to increase increase market market penetrat penetration ion 6. +ollaborati +ollaboration on with "ational "ational 7eographic 7eographic and 8iscovery 8iscovery channel to air Jaipur Jaipur -ugs documentary documentary 9. rovision rovision of a booklet booklet with each each carpet carpet to tell a small small story story about its design and and manufacturing. Any other detail: here is a set of secondary customers who value the brand for eclusivity. eclusivity. hey are after the ;aunt value of a product. 2or secondary customers who prefer brands for their distinguishing factor following points can be considered 1. 5howrooms 5howrooms that provides provides a live eperience eperience art, tradition tradition and value associate associated d with Jaipur rugs. !. Coa!orating "ith to# interior decorators de corators to increase market #enetration
Team Name: Nutcrackers
Team ID: 2819
Institute: Indian Institute of Management Kozhikode
