EXECUTIVE SUMMARY

This report audits the current business environment surrounding Molten Store while
also outlining an execution strategy moving forward. The extensive analysis
undertaken in this report inspects the current state of the jewellery industry, as well as
breaking down the typical customer and competitor. A market analysis and macro-
environmental analysis has also been conducted.

Three preliminary strategic options have been outlined to Molten Store management,
which addresses the client brief. The firm wants to introduce marketing methods which
resonate with the bridal customer, but doesnt alienate the existing customer base.
Molten Store also wants to find a way to encourage non-bridal customers to become
brand ambassadors for their bridal friends. Molten Store can address this by creating
an additional business unit for bridal accessories named Bridal by Molten. It is also
recommended the business looks to foster exclusive collaborations with bridal-wear
brands as well as develop a tailored loyalty program for its existing and future customer
base. Molten Store has a marketing budget of $10,000 which will be used to
accomplish these objectives.

In order to execute the strategies presented, Molten Store needs to address key
business performance indicators. For the brand to grow its bridal segment without
isolating non-bridal customers, Molten Store can look to maintain marketing synergy
with a unique value proposition and competitive advantage over its rivals. Brand equity
is essential in forming positive perceptions of Molten Store which leads to higher brand
awareness. Product innovation needs to be used to energise the brand and further
increase brand equity which leads to customer loyalty. By creating the new business
model Bridal by Molten, the company is able to diversify and innovate in a way which
excites customers and adds value to their shopping experiences.
TABLE OF CONTENTS
Executive Summary ................................................................................................... 2

Table of Contents ....................................................................................................... 3

2. Analysis: Understanding the market ....................................................................... 4

2.1 Customer Analysis: ........................................................................................... 4

2.2 Competitor Analysis .......................................................................................... 6

2.3 Market Analysis ................................................................................................ 9

2.4 Environmental Analysis .................................................................................. 11

2.5 Strategic Objectives ........................................................................................ 12

2.5.1 Creating an additional business unit with multi-segmented marketing

communication .................................................................................................. 12

2.5.2 Bridal Collaborations ................................................................................ 14

2.5.3 Loyalty Program ....................................................................................... 15

3. Execution Strategy ............................................................................................... 15

3.1 Creating Advantage ........................................................................................ 15

3.2 Value Proposition............................................................................................ 16

3.3 Building and managing the brand equity and relationship. ............................. 17

3.4 Energizing and leveraging the business ......................................................... 18

3.5 Creating New Businesses ............................................................................... 19

4.0 Budget ................................................................................................................ 20

5.0 Conclusion ......................................................................................................... 21

6.0 References ......................................................................................................... 22

 2. ANALYSIS: UNDERSTANDING THE MARKET
2.1 Customer Analysis:
Molten Store has three clear customer segments which reside in Brisbane but also
shop online (Cameron, 2017). There is currently an even representation between first-
time and repeat customers, however trends suggest first-time customers will grow in
the next six months (Cameron, 2017).

Table 1: Customer Analysis

Segment 2: Buzzing Segment 3: Mature

Segment 1: Digital Divas
Brides Mums

Geographic Brisbane-wide (willing to Brisbane - new home Brisbane - high-income

travel to come instore). owner. suburbs.
Suburbs of younger Inner city.
populations.
Demographic Female, 16-25. Female, 26-35. Female, 36-45.
Middle to upper class. Middle to upper class. Middle to upper class.
Uni students/full-time Young professionals. Wealthiest of the three
workers. Engaged, or about to sectors.
be.
Psychographic Roy Morgan - Young Roy Morgan - Roy Morgan -
Optimism (Roy Morgan Conventional Family Something Better (Roy
Research, 2017). Life (Roy Morgan Morgan Research,
Still forging their self- Research, 2017). 2017).
image and use Molten While they need Purchase jewellery for
Store to attribute to their jewellery for the self-fulfilment to
sense of identity. wedding, the product complement their
must fit their needs, sense of identity and
rather than the other lifestyle.
way around.
Behavioural Status - users. Status - non- Status - users
Channels - instore and user/current customer. Channels - instore
online. Channels - instore. Come into store to
Know exactly what theyre Looking for bridal spend time as much as
looking for before they accessories. money. Purchases are
walk into store. Will be prepared to pay often unintentional but
Enjoy a heavy fashion and more for products. with the plan of using
beauty lifestyle. the product for a future
event or occasion.
The Bridal Buzzers segment is substantial and reachable, as a Roy Morgan survey
conducted in October 2016 showed approximately 460,000 Australians were currently
engaged, with 56% of those indicating they expected to be more financially secure in
12 months time (Roy Morgan Research, 2016). Given females are more likely to make
purchases when they experience hedonic stimuli, Molten Store creates a sensory
experience with tactility and unique customer service for its customers (Tifferet &
Herstein, 2012; Cameron, 2017; Jackson, Stoel & Brantley, 2011).

Similar to Molten Stores Digital Diva online customer, Bridal Buzzers are likely to be
highly influenced by wedding related social media influencers which translates well
into online sales (Cameron, 2017; Dennis, Morgan, Wright & Jayawardhena, 2010;
Keng Kau, Tang, & Ghose, 2003). To avoid cannibalising its existing customer base,
the firm can look at implementing a differentiated targeting strategy that offers each
segment a different marketing mix (Rahman, 2014).
2.2 Competitor Analysis
As Molten Store and Bridal by Molten currently produces two distinct lines of jewellery,
a vast range of competitors exist within the jewellery industry and bridal jewellery
industry through a broad scope:

Table 2: Indirect Competitors

Traditional
International
Bridal Contemporary Fast Fashion Retail
Luxury
Chain

B1 Bridal by C1 Molten F1 H&M L1 Tiffany T1 Prouds

Molten Store

B2 Stephanie C2 Samantha F2 Mimco L2 Pandora T2 Michael

Browne Wills Hill

B3 Roman & C3 F&H F3 Lovisa L3 Swarovski T3 Wallace

French Jewellery Bishop

B4 Fletcher & C4 Temple of F4 Asos

Grace the Sun

B5 Chrysalini C5 Murkani

B6 Peter Lang C6 Banjara

C7 By
Charlotte
Figure 1: Jewellery Industry Competitive Positioning Map:

Figure 2: Bridal Jewellery Industry Competitive Positioning Map:

While the above display a broad range of indirect competitors, the key competitors,
specifically within the contemporary bridal jewellery industry include Samantha Wills,
By Charlotte, Peter Lang and Stephanie Browne. All four direct competitors show a
vast range of unique marketing mixes for both jewellery and bridal jewellery:
 Table 3: Direct Competitor Analysis

Competitive C2 Samantha C7 By
Comparison C1 Molten Store Wills Charlotte B1 Peter Lang
Size (online Social Following - Social Social Social Following -
traffic) Instagram (21.9k); Following - Following - Instagram (3.2K);
Facebook (10.6k) Instagram Instagram Facebook (2.8K).
Organic Search Traffic - (37k); (82.8k); Organic Search Traffic
191/month Facebook Facebook - 3.9K
(151k) (6k)
Organic Organic
Search Traffic Search Traffic
- 21.2K/month - 840
Current Comparison Product Comparison Comparison Comparison Product
Marketing (necklaces) - $69-$149 Product Product (necklaces) - $50 -
Strategies - (necklaces) - (necklaces) - $300
Pricing $89 - $499 $82.50 - $525
Current Both non-bridal & bridal Both non-bridal Both non- Both non-bridal &
Marketing jewellery. Delicate & & bridal bridal & bridal bridal jewellery.
Strategies - extraordinary jewellery, jewellery jewellery. Simplistic &
Product accessories (leather featuring Minimal and minimalistic jewellery.
bags/clutches, scarves, minerals and unique Handmade jewellery
headpieces) & bridal gems. Also jewellery. and crystal jewellery.
jewellery. sells bridal Also sells Designs jewellery for
jewellery. bridal Australias top women
jewellery at a clothing brand CUE.
high price.
Current Experiences through Social media Social media Collaborations with
Marketing collaborations. Examples marketing. marketing, renowned Australian
Strategies - include donut email fashion brand CUE,
Promotion collaborations (Donut marketing. email marketing,
Time & Nodo). Social featured in fashion
media marketing, email photo shoots and
marketing. fashion magazines.
Current Channels include its Online store. Flagship store Online store. Also
Marketing flagship store in Fortitude Stocked in (NSW), online stocked in CUE stores
Strategies - Valley, and the use of its selected David store, and & on their online store.
Place online store. Jones stores stocked in
and The various (23
Iconic. NSW & VIC
stores).
Despite being an online-only platform, David Jones has partnered with Samantha Wills
and offers "Samantha Wills" jewellery as a featured brand. This multi-channel
marketing strategy effectively provides a wider reach to customers due to the access
to multiple department stores across Australia (Duffy, 2004). Its wide range of
competitively-priced bridal and non-bridal jewellery positions itself as the strongest
competitor (Aaker, 2014).

Samantha Will's brand image aims to create an impression of the Hollywood lifestyle
through its Sex and the City collaboration and association with multiple celebrities
wearing Samantha Wills products (Waterhouse, 2016). Having products featured on
celebrities can provide increased brand recognition and establish brand credibility
(Spry, Pappu & Cornwell, 2009).

Molten Store's competitive advantages include promotions (unexpected

collaborations), products (unworldly jewellery), and place (truly magical store)
(Molten Store, 2017) all appeal to its niche target segments through its unique brand
positioning, separating itself from its direct and indirect competitors (Solomon et al.,
2013).

2.3 Market Analysis

The jewellery market is currently composed of a variety of store types, with
independent stores currently accounting for 64% of all retail outlets (Nicholson, 2015).
Prouds Jewellers is currently the market leader in the jewellery industry with a market
share of 17.5% and its presence can limit the profitability of Molten Store due to easier
supply chain management (Tarrant, 2017; Porter, 2008).

According to Tarrant (2017) barriers to entry for new competitors into the jewellery
market is considered moderate due to the high set-up costs of store establishment,
branding, supply chain and distribution. However, buying groups are able to negotiate
low stock prices, allowing the new entrants to compete with existing competitors
(Tarrant, 2017).

The threat of substitutes can endanger Molten Store due to the constant change of
fashion trends (Sull, 2008; Key, 2015). This is a result of the industry gaining
increasing amounts of traction online, with data showing fashion accessories, jewellery
and watches to be the 11th most purchased item category online at the end of 2015
(Roy Morgan Research, 2015). This is an opportunity for Molten Store to diversify its
product offering and capitalise on the industry growth.
Table 4: Porters 5 Forces
Force
Rivalry among existing
competitors
Threats of new entrants
Threats of substitute products
Strength of consumer public
Strength of supplier power
Considerations
o Samantha Wills may be the closest competitor
but there is not much rivalry between the two
brands.
o Niche market means less direct competitors.
o Established competitors may have better
resources such as established distribution
methods, economies of scale and higher
advertising budget (Porter, 2008).
o Market growth resulted in more entrants
o Niche jewellery an emerging market (Tarrant,
2017)
o Molten Store reasonably priced which has it well-
placed amongst competitors (Molten Store,
2017).
o Consumers more likely to stay with the brand if it
continues to innovate (Melnic, 2016).
o Substitutes available such as gold jewellery,
gemstones, fashion jewellery and synthetic
diamond jewellery (Key, 2015)
o Buying power is low because consumers buy in
small quantities (Tarrant, 2017).
o Molten Store offers unique styles and designs
which limits buying power.
o Supplier power reduced when sourcing from
multiple suppliers (Carrigan, McEachearn,
Moraes, & Bosangit, 2017).
 2.4 Environmental Analysis
A PEST Analysis has been used to analyse the environmental factors affecting Molten
Store (Table 5):

Table 5: PEST Analysis

Environment Trends and Issues

Political/Legal o Political conditions stable and businesses can easily trade domestically
Environment or internationally (Roy Morgan Research, 2016).
o With the chance of same-sex marriage, the bridal industry could see an
influx with 54% of same-sex couples saying they would marry if given
the choice (Australian Marriage Equality, 2017).
o Reverse-charge GST implemented from April 1 for goods containing
valuable metals: gold, silver and platinum (ATO, 2017)
o Requirements of Australian quarantine laws expected to remain
constant (DFAT, 2017).
Economic o Molten Store sources its product from Bali. The Indonesia-Australia
Environment Comprehensive Economic Partnership Agreement (IA-CEPA) is
expected to be in place late 2017 (DFAT, 2017).
o The IA-CEPA will address impediments to bilateral trade and improve
access to Indonesian markets.
o Unemployment rate expected to remain constant for next 2 years
(Reserve Bank of Australia, 2017).
Social/Cultural o It has become the norm for companies to use social media influencers
Environment to increase competition (WARC Best Practice, 2017).
o Increase in consumer expectation for ethical/environmentally friendly
products and packaging (Chen, Lin & Weng, C, 2015).
o Word of mouth is increasingly relevant in the industry, especially online
with social media influencers playing a bigger role in brand success
(De Veirman, Cauberghe, & Hudders, 2017)
Technological o Increased social media usage: Increased targeting and connection with
Environment consumers (Thackeray et al, 2008; Fulgoni, 2015).
o Increase in internet usage has resulted in a decline in traditional retail
(Beauchamp & Ponder, 2010).
o Rise of search engine optimisation (SEO) means consumer satisfaction
can be boosted through positive website interactions (Berman &
Katona, 2013).
The business is most susceptible to economic and political factors at this stage. The
advent of the same-sex marriage plebiscite could potentially boost the bridal industry
for Molten Store if the law is changed (Australian Marriage Equality, 2017). According
to Tarrant (2017) the price of silver is expected to decrease due to a decrease in
demand, which allows for decreased costs in resources in materials. Furthermore, the
economic conditions have led to an increase in Australian household income which
has resulted in an increase in sales (Tarrant 2017). The introduction of the reverse-
charge GST also makes it easier for the firms accounting processes (ATO, 2017). The
IA-CEPA could also potentially include a free trade agreement between Australia and
Indonesia which would ease the costs and barrier of importing from overseas (DFAT,
2017).

2.5 Strategic Objectives

2.5.1 Creating an additional business unit with multi-segmented marketing communication
Molten Store wishes to curate marketing messages that resonate with Bridal Buzzers
while not confusing or alienating non-bridal customers. A way to achieve this would
be to implement an additional strategic business unit: 'Bridal by Molten'. In an effort to
appeal to the bridal target audience without alienating the existing customer base,
Molten Store should implement multi-segmented marketing communications. This
would include separating social media communications, web pages, advertising and
email marketing lists. By adopting a brand-oriented management approach, Molten
Store can better cater to individual target segments (Lee, OCass; Sok, 2017) while
maintaining synergy via the same supply chains, flagship boutique and online store
(Porterfield, 2017).
Table 6: Digital Marketing Communication Strategy

Step Process Resources

1 Create a separate Activity can be tracked using website

Instagram account & pixels, and Facebook advertising
website section forBridal functions (ability to advertise to users
by Moltenand track who have interacted with individual
users activity. Instagram pages).

2 Advertise different Facebook advertising/remarketing (via

messages to Bridal business manager) and Perfect
Buzzers & Digital Divas Audience tools (for AdSense
via Facebook & remarketing), Instagram influencers to
AdSense, remarketing directly market to the Bridal Buzzers. As
using the lists acquired of 2015, 75% of marketers were using
in step one. influencer marketing (De Veirman,
Cauberghe, & Hudders, 2017).Google
analytics would be useful to gain insights
on the individual streams of web traffic.

3 Drive different segments Website development on the separate

to different landing landing pages. EDM software (e.g.
pages & record email MailChimp) to collect lists of separate
details. segments email data.

4 Entice web visitors to Molten Store website's ecommerce

either visit Molten Store, functions.
or convert online.
Image 1: Bridal by Molten - Separate Social Media Channels

2.5.2 Bridal Collaborations

The ability to obtain Bridal by Molten customers is another problem that Molten Store
faces (Cameron, 2017). Within fashion related industries, undertaking brand
collaborations as an innovative strategy is an industry-proven promotion to raise brand
awareness and build relationships (Kim et al., 2014). A collaboration with stores such
as White Lily Couture Brisbane and Susan Ogg aims to provide customers an
opportunity to trial Bridal by Molten products. This is achieved by providing a collection
of bridal jewellery for customers to wear while they are trying on wedding dresses.
Trialing our products in these stores can empower the social and commercial capital
in addition to achieving company and revenue growth objectives (Kunitzky 2010).
2.5.3 Loyalty Program
A loyalty program will be offered to customers which make minimum purchases of
$500 over a 12-month period. Customers are gifted with an exclusive keychain as a
symbol of their membership. This membership grants access to events and products
such as exclusive dinners, launch events, collaboration events (Appendix A) and a
limited edition small piece of jewellery given to customers on their birthday. This
customer retention strategy utilises feelings of prestige to create positive brand
associations where customers can derive value from the brand by increasing their
personal satisfaction through high-volume hedonic experiences (Dreze & Nunes,
2009; Yi & Jeon, 2003; Bolton, 2000). This loyalty program also acts as a community
management program where consumers who share a common interest can come
together in a community environment.

3. EXECUTION STRATEGY
3.1 Creating Advantage
As Molten Store looks to grow its bridal segment without isolating non-bridal
customers, prioritising synergy in its branding of both bridal and non-bridal items is
essential (Cameron, 2017). The union of the experiential and hedonic nature of Molten
Store and its fast fashion prices provide a unique value proposition and competitive
advantage (Cameron, 2017). This is likely to be sustainable given that most of Molten
Stores current competitors are either experience-heavy or have low prices.

Given the rise of the anti-brides deviation from traditional bridal wear, it appears as
though women are purchasing jewellery for longevity (Turner, 2017; Gerin &
Rosenbaum, 2002; Cameron, 2017). In response to this cultural change, Molten Store
has an opportunity to move towards integrating branding, jewellery style and customer
relations with Bridal by Molten. While the current strategy has allowed for specific
targeting to a narrow market, the extension of Molten Stores current value proposition
allows for successful integration into the bridal community without alienating non-bridal
customers (Kim, Jeon, Jung & Jones, 2012).
3.2 Value Proposition
Molten Store and contemporary/bridal jewellery retailers alike maintain competitive
advantage through strong customer value propositions (Rintamki & Kirves, 2017)
which is recognised as being the "essence" of strategic decision-making (Payne &
Frow, 2014). Adopting a narrower scope, a value proposition concerns dimensions of
quality and value, underlying hedonic and utilitarian motivators and subjective socio-
cultural trends (Storbacka & Nenonen, 2011).

Since brand positioning plays a fundamental role in the strategic creation of value
propositions (Rintamki & Kirves, 2017), leveraging Molten Stores unique dimensions
of hedonic value can maintain maximum competitive advantage (Payne & Frow,
2014). Molten Store's products, promotions and place offerings contribute to its
differentiated brand position as the premier destination for otherworldly jewellery and
accessories (Molten Store, 2017).

Molten Store's positioning and strategic planning should ideally align with its target
market's perceived values (Rintamki & Kirves, 2017). Brides' hedonistic values
(Miller, 2013) should be emphasised through social and symbolic aspects of Molten
Stores shopping experience (Rintamki & Kirves, 2017). The strategic
recommendations reflect this:
Table 7: Value Proposition & Strategic Objectives Overlay

Recommendation Value Proposition Relation

1. Separate By creating a separate bridal business unit, Molten Store is able

business unit to concentrate its effort to delivering differentiated value
propositions. As such, Molten Store should not alienate its
original market segment (non-bridal wear) or confuse
communication between the separate groups (Aaker, 2014).

2. Collaboration Molten Store is renowned for being part of unexpected,

surprising and delighting collaborations ("Molten Store's
Butterfly House", 2017) that its fashion powerhouse competitors
simply cannot execute. This is achieved through delighting
brides with extraordinary, hedonistic-driven shopping
experiences of which augments perceived consumer value
(Payne & Frow, 2014).

3. Loyalty program The uniqueness of Molten Store's value proposition in

comparison to competitors allows for the business to cultivate
B2C relationships. In turn, this improves customer satisfaction
and ultimately loyalty (Ghandour, 2015).

3.3 Building and managing the brand equity and relationship.

According to Hoeffler & Keller (2003), there are six steps to building brand equity which
can amplify perceptions of the brand while establishing a unique brand position within
the consumer's mind. Creating higher brand depth awareness through the repetition
of positive association advertising keeps the brand in the consumer's consideration
set and assists brand awareness in enhancing the brand image (Macdonald & Sharp,
2000). This can be achieved by creating a symbolic logo to visually communicate
brand identity in addition to creating positive associations with brand essence by
displaying bohemian-styled digital advertisements (Grinsven & Das, 2016).
Using the multi-attribute model, increasing brand credibility by capitalising on the halo
effect aligns with the consumer's consistent set of beliefs and attitudes to reduce
adverse psychological tension in their cognitive system (Lance, Kohli & Harich, 1995).
This can be achieved by demonstrating corporate social responsibility through its
production and logistics, using environmentally materials and ethical work
environments (Tai & Chuang, 2014). Feelings such as social approval and self-respect
can be evoked through advertisements to empower a customer and establish brand
loyalty (Hoeffler & Keller, 2003). Using the Brand Community Triad, organising events
for VIP members can encourage community development with other bridal members
due to the specialized structured set of social relationships (McAlexander, Schouten
& Koenig, 2002).

3.4 Energizing and leveraging the business

Academic research has found product innovation to be one of the most effective
driving forces of brand equity success, which in turn energises a firm in the eyes of its
customers (Shriedeh & Ghani, 2016;). The managerial implications of using the
innovation Bridal by Molten establishes a point-of-difference for both new and existing
customers (Han & Hyun, 2015). Industry sources suggest 84% of marketers are now
utilising some form of influencer marketing in their overall marketing strategies as
social media influencers can energise the brand (eMarketer, 2015).

By introducing a customer loyalty program, Molten Store can bridge the gap between
the bridal and non-bridal segments (Aaker, 2014). Customers who are targeted by
retention programs tend to demonstrate increased loyalty to a business which is
strengthened with regular communication and opportunities for customers to remain
actively involved (Melnic, 2016). A loyalty program structured this way allows for
Molten Store to leverage its existing customer base to become a brand army for Bridal
by Molten through word of mouth marketing (Trusov, Bucklin & Pauwels 2009).
3.5 Creating New Businesses
According to Aaker (2014), in order to create a must-have it is crucial the extension
offers innovation which is valuable to the consumer. Innovation should not change
the traits and characteristics of the offering but have the ability for future
development where consumers reject competitor offerings (Aaker, 2010). Cirque Du
Soleil was one of the greatest example of offering an innovation that maintained the
rotting characteristics of a classic circus; acrobatics, clowns and a tent. Cirque Du
Soleil realised in the 1980s the market was too vigorous and that in order for then to
succeed in the future they must stop competing with the competitors (Kim, W., &
Mauborgne, R. 2015). By establishing Bridal by Molten, the brand can integrate its
signature-styled, bohemian jewellery with bridal themes to attract both bridal and
non-bridals (Pinches, J, 2004).

Through filling in the gaps of particular markets that will be relevant to consumers,
this can potentially be a guiding light to new business successes (Pinches, 2004).
Molten Store has been able to fulfil the unmet needs of brides by developing pieces
designed for Anti-brides. Though venturing into a niche market is a risk; avoiding cut-
throat competition opens opportunities and security (Dalgic, T & Leeuw, M, 1994).
According to Carlsen, C. (1999), Cliff Bar one of the most renowned companies in
creating health bars, created a health bar in 1999 specifically designed for women.
The new Luna protein bar was designed with all the nutritional benefits that were
most necessary for womens health (Carlsen, C. 1999). Moreover, Cliff Bar was able
to recognise the many women were struggling to meet their nutritional needs and by
producing such product they were able to fulfil the unmet needs of their customers
(Palazzolo, G. 2003 & Matises, M. 2003)Thus, by also focusing on developing pieces
designed for Anti-brides this will capture the unmet needs that Molten Store has
recognized (Aaker 2014).
4.0 BUDGET
Strategies Costs

Strategy 1: Additional Business Unit &

Multi-Segmented Marketing
Communication

Facebook/Instagram Advertising &

Influencer Posts $2,000.00 (Morrison, 2017)

Google Analytics $1,500.00 (Google Adwords, 2017)

Adsense $500

Strategy 2: Bridal Collaborations

$500.00 (Average cost of $34 approx.

Supply Sample Jewellery per item)

Expense to Collaborate $1,000.00

Strategy 3: Enhancement of Loyalty

Program

(Approx. $2.50ea x 600)

$1,500.00
(Bunnings, 2017;
Molten Store Plated Keyrings Personalisationmall.com, 2017)

$3,000.00 (cutpricecatering.com.au,
VIP Events 2017)

TOTAL AMOUNT $10,000.00

A budget of $10,000.00 is allocated to implement three strategies. $3,500.00 will be
utilised for strategy one, involving digital promotions on social media platforms and
Google Adwords to enhance awareness for Molten Store/Bridal By Molten Online.
Strategy two is allocated approximately $500.00 for the cost of jewellery provided to
bridal dress venues; however, the budget has also acknowledged the possibility of
further expenses. Executing the loyalty program will have an estimated cost of $2.50
per keyring and $3,000.00 is provided for costs of venue hiring, catering, and extra
decorations expenses that will be required.

5.0 CONCLUSION
Based upon the findings and analysis for Molten Store, three effective strategies have
been addressed. Strategy one involves creating an additional business unit, Bridal by
Molten, which will utilise digital platforms to reach separate target markets. Exclusive
collaborations with bridal dress companies have been proposed to attract and expose
brides to the bohemian and otherworldly products offered by Bridal by Molten. Finally,
a loyalty program has been strategically designed to capture and introduce the bridal
customers to the Molten Store community through exclusive VIP events; creating a
space of opportunities to share common interests. The consolidation of the three
strategies presented in this report will create significant opportunities for the brand by
boosting brand awareness while retaining the core offering which has made Molten
Store what it is today.
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