An analysis of the Strategic Marketing Plan of “Ankon”

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 TERM PAPER
on “An Analysis of the Strategic Marketing Plan of “Ankon”

Course Title: Principles of Marketing

Course Code: MKT101

Section: 05

Submitted By:

Serial Name Id
No:

1 Kayes Ibne Amjad 2021-3-10-211

2 Sadia Bente Anwar 2021-3-10-169

3 Mehedi Hasan Redoy 2018-1-22-013

4 Pratik Chandra Sarker 2021-3-10-059

5 Zamila Akhter 2021-3-10-094

6 Sayaree Jamal 2021-3-10-107

7 Tanjia Islam Tuly 2021-3-10-044

8 MD. Rakibul Islam 2022-1-10-473

9 Tamira Rashid Nisa 2022-1-10-391

Submitted To:

Name: Mashruha Zabeen

Designation: Senior Lecturer

Department: Dept. of Business Administration, East West University

Date of Submission: 2nd January 2023

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 Letter of Transmittal

2 January 2023

Mashruha Zabeen

Department of Business Administration

East West University, Aftabnagar, Dhaka

Subject: Term Paper on “An Analysis of the Strategic Marketing Plan of Ankon”

Dear Ma’am,

It gives us immense pleasure to inform you that our term paper on the topic “An Analysis of the
Strategic Marketing Plan of Ankon” is being submitted here in part fulfillment of the MKT101
course requirement. We would like to thank you for providing us with this opportunity. The goal
of this report is to describe the market strategies used by our chosen online business. By carefully
examining the market operations of Ankon and its interaction with customers, we hope to provide
a vivid and comprehensive understanding of it.

Thanking you,

Sincerely yours,

Kayes Sadia Mehedi Pratik Zamila Sayaree

Tanjia Rakib Nisa

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Acknowledgment:

We would like to thank the owners of “Ankon”, Mili Mohammed Ali and Israt Jannat Pinki for
allowing us to prepare our term paper on their business and sharing firsthand knowledge about
their pricing and promotional policies. Additionally, we value their collaboration in assisting us to
understand the company’s marketing strategy and distribution channels better. We sincerely
appreciate their assistance and cooperation.

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Executive Summary:

This report outlines an in-depth examination of “Ankon”, an online business based in Dhaka,
Bangladesh. Ankon first started its operations in 2020 during the COVID-19 pandemic when an
acquaintance requested the owners to make a few pieces of jewelry which made them realize their
love for innovating and producing accessories from a business standpoint. To answer in a single
sentence, their main aim is to “expand the horizons of handmade jewelry in Bangladesh and take
it on a global stage.” Ankon never shows any neglect, from collecting orders to customer
relationship management which is one of the primary factors contributing to its expanding
popularity and repute. They intend to increase sales and profits by outperforming their competitors
in terms of customer satisfaction. Like any online business, they are susceptible to some hazards,
but because they already have a loyal customer base, they are resourceful enough to deal with
them.

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Table of Contents:

Serial No: Topics Page Number

1 Title Fly I

2 Title Page II

3 Letter of Transmittal III

4 Acknowledgment IV

5 Executive Summary V

6 Table of Contents VI-VII

7 Introduction and Overview 1

8 Organizational Profile: 2
 Company History 2
 Mission 2
 Vision 2
9 Marketing Strategy: 10-26
a. Segmentation 3-8
b. Targeting 8-10
c. Positioning 10-11
d. Differentiation 12-13
e. Marketing Mix 14-26
i. Product 14-19
1. Product Lines 14-18

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 2. Product Quality, Strengths,
and Weaknesses 18-19
3. Brand Name, Slogan, Logo,
Packaging 19
ii. Price 20-21
1. Pricing method 20
2. Pricing strategy 20-21
iii. Distribution 21-23
1. Geographical Coverage 21
2. Distribution Channels and
Partners 21-22
3. Physical Distribution and
Logistics 22
4. Electronic Distribution 23
iv. Promotional Mix 23-26
1. Advertising 23
2. Sales Promotion 24
3. Direct Marketing 25
4. Word of Mouth 25-26
10 SWOT Analysis 27-28

11 Conclusion and Recommendations 29-30

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Introduction and Overview:

“Ankon” is a hugely active online platform that sells handcrafted jewelry and accessories. It started
its journey in 2020 during the COVID-19 pandemic and is an initiative of two sisters, Mili
Mohammed Ali and Israt Jannat Pinki. They had previously owned a small page by the same name
selling painted wooden jewelry. Although, the page was inactive since it had relatively low sales,
a close friend of theirs placed a personal order for clay jewelry which gave them the idea of starting
a new business afresh, building a steady earning source doing what they love the most. Thus,
starting a new path for them, a path that would only continue growing further.

Ankon currently sells jewelry such as necklaces, anklets, earrings, rings, clips, and many more
products that are made from metal, clay, and wood, which are either recycled or handmade raw
materials. They deliver their products all over Bangladesh with the help of Pathao Courier. The
owners conduct all the business-related activities from producing the products to packaging to
social media management all on their own. Although the market for online-based jewelry stores is
flourishing, Ankon had to face initial struggles as they were a comparatively high-end brand. But
as time went on, they justified their higher charges by providing customers with superior value
and building a strong relationship with them.

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Organizational Profile:

Company History:

“Ankon” (অংকন ) is a Dhaka-based e-commerce platform established in 2020, during the

Coronavirus pandemic by the two sisters, Mili Mohammed Ali and Israt Jannat Pinki. They own
two business profiles set up on Instagram and Facebook. They initially started their business by
selling mostly metal jewelry with occasional clay-made products. After some months or so, they
started producing more clay jewelry and added an assortment of products to their line. They also
introduced customization benefits for their customers where they could come up with their own
designs and products and place an order with Ankon to have them created. The concept behind
starting this venture was to showcase their artistic abilities and create unique pieces of jewelry for
customers and sell them through their online page. The goal of Ankon is to provide its customers
with superior customer value through its distinctly designed products along with the added benefit
of unmatched customer service.

Mission:
“A jewelry and accessories brand that focuses on handmade & handcrafted items. As art is never
subjected to perfection, each piece of Ankon is uniquely imperfect as most of them are handmade
from scratch. And that’s the beauty of Ankon.”

Ankon’s mission is to provide quality handcrafted products that are considered art. Be it
traditional, themed, sleek, or extravagant, they have a wide collection of products to suit every
customer’s individual preferences.
Vision:
To put it in a single line, “We want to expand the horizons of handmade jewelry in Bangladesh
and take it on a global stage.”

Ankon aims to establish a strong market share towards its handmade products in Bangladesh and
later on carry the legacy of a small locally based business onto the international scene as well,
depicting the art and culture of Bangladesh through its market offerings.

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Marketing Strategy:

Companies must design customer-driven marketing strategies to build the right relationships with
the right customers. These marketing strategies include- Segmentation, Targeting, Positioning, and
Differentiation.

a. Segmentation

Segmentation is dividing a market into distinct groups of buyers who have different needs,
characteristics, or behaviors and who might require separate marketing strategies or mixes.

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 Geographic Segmentation

Sylhet Dhaka

Barishal
Mymensingh

Rangpur Chattogram

Rajshahi Khulna

Geographic Segmentation: Geographic segmentation calls for dividing the market into different
geographical units, such as nations, regions, states, counties, cities, or even neighborhoods. A
company may decide to operate in one or a few geographical areas or operate in all areas but pay
attention to geographical differences in needs and wants.
“Ankon” delivers their product all over Bangladesh.

Demographic Segmentation: Demographic segmentation divides the market into segments based
on variables such as age, life-cycle stage, gender, income, occupation, education, religion,
ethnicity, and generation. The demographic segmentations done by “Ankon” are shown below:

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 Gender Segmentation

Kids(Boys) Male

Kids(Girls) Female

Gender Segmentation: Gender segmentation has long been used in marketing clothing,
cosmetics, toiletries, toys, and magazines. Currently, almost all of Ankon’s products are marketed
towards female customers.

Income Segmentation

Lower
High income income

Upper- Lower-
middle middle
income income

Income Segmentation: To increase the cost-efficiency of the marketing budget, income

segmentation must be done to identify potential buyers according to their income and target the

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products to the selected income groups. Ankon uses high-quality raw materials and all their
collections are handmade which is why their products are high-end therefore they are marketed
towards upper-middle income and higher-income groups.

Age and Life-Cycle Stage Segmentation

Seniors Kids

Teenagers
Adults

Young adults

Age and Life-Cycle Stage Segmentation: Consumer needs and wants change with age. Some
companies use age and life-cycle segmentation, offering different products or using different
marketing approaches for different age and life-cycle groups. Ankon targets buyers who are aged
between 20-30(Mostly, adults and young adults).

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 Psychographic Segmentation

Fashion
Nature lovers conscious

Supports small Pet lovers

businesses

Prefers
handicraft Eco-friendly
items

Psychographic Segmentation: Psychographic segmentation divides buyers into different

segments based on lifestyle or personality characteristics. People in the same demographic group
can have very different psychographic characteristics. The semi-luxury jewelry of “Ankon” is used
by females who are more conscious regarding fashion and tend to carry an aristocratic fashion
sense. Again, the buyers of “Ankon” are pet lovers, eco-friendly, who love handicraft products
and like to support small businesses.

Behavioral Segmentation: Through behavioral segmentation, marketers measure consumers'

understanding, mindsets, uses, or responses to a product. ‘Occasional’ and ‘Benefit Sought’ are
the two factors that have a direct impact on a consumer’s purchasing behavior.

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 Behavioral Segmentation- Occasion

Pohela
Boishakh Eid

Pohela Puja
Falgun

Christmas

Occasion: Marketers can segment buyers according to different occasions based on their need or
desire for any particular product. Ankon comes up with new and unique collections of their jewelry
according to different occasions such as Eid, Puja, Christmas, Pohela Falgun, Pohela Boishakh,
and so on.

Behavioral Segmentation- Benefits Sought

Customizations Biodegradable
available clay

Up-to-date
collections

Benefits Sought: It is a powerful and effective method to segment customers according to the
advantages they seek from a particular product. Ankon is providing jewelry and accessories which
are made from handmade clay (biodegradable), while other competitors are making handicraft
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goods with polymer clay which is harmful to nature. They also come with up-to-date collections
and provide customization services to their buyers.

b. Targeting

Market targeting is the process of evaluating each market segment’s attractiveness and
selecting one or more segments to enter. A target market is a set of customers with similar
needs or traits that a business chooses to concentrate on.

As Ankon segmented the customer market and targeted only the segments selected, therefore, they
do not engage in Undifferentiated/Mass Marketing and Niche/Concentrated Marketing.

Differentiated Marketing: It is a market-coverage strategy in which a business targets several

market segments and designs separate offers for each. Ankon serves customers who frequently
shop online and are willing to spend on quality-ensured products who are young adults and adults.
They also conduct their business only inside Bangladesh.

Micromarketing: It is the tailoring of products and marketing programs to the needs and wants
of specific individuals and local customer segments; it includes local marketing and individual
marketing.

● Local Marketing: Tailoring brands and marketing to the needs and wants of local
customer segments—cities, neighborhoods, and even specific stores. As Ankon delivers its
products all over Bangladesh, therefore, they do not perform any sort of local marketing.

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 ● Individual Marketing: Also known as one-to-one marketing/customized
marketing/markets of one marketing mainly refers to tailoring products and marketing
programs to the needs and preferences of individual customers. Ankon provides
customization services to their customers, therefore, they partake in individual marketing.

c. Positioning

Positioning is arranging for a product to occupy a clear, distinctive, and desirable place relative to
competing products in the minds of target customers.

Value Proposition is a way of positioning which is a collection of perks and values that a
company/business guarantees to offer customers in return for purchasing their goods and services.
This value proposition is a significant tool of a company's marketing plan. For Ankon, art is never
to be subjected to perfection which is why they offer handmade jewelry and accessories that are
uniquely imperfect, making this their crucial value proposition.

Ankon’s Positioning Statement: “To extravagant customers, our Ankon is an online-based store
that offers a grandiose collection of handcrafted jewelry and accessories that ensures elegance and
assist you with active customer service.”

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Possible Value Proposition:

Observing Ankon, we can depict the following possible positioning approach:

A. More for More: More-for-more positioning involves providing high-quality products

or services and charging a higher price to cover the costs. A more-for-more market offering
not only offers superior customer value but also gives a sense of prestige to the buyer.
Ankon’s products are handmade with biodegradable and recyclable raw materials and they
frequently update their collections with new items. Therefore, its high-end prices seem
justified.

B. More for Same: A company can attack a competitor’s value proposition by positioning
its brand as offering more benefits for the same price. Ankon does the same because the
products they design and sell are quite distinctive in comparison to their competitors.

C. More for Less: In this value proposition, the business offers more benefits at less price.
It is a short-term strategy mainly used to boom a business by generating more sales and
attracting new customers. Ankon also provides short-term discounts and offers to attract
customers.

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 d. Differentiation

To build profitable relationships with target customers, marketers must understand customer needs
and deliver customer value in a way better than their competitors. To the extent that a company
can differentiate and position itself as providing superior customer value, it gains a competitive
advantage over its competitors.

The superior values can be gained through the following techniques:

1. Product
2. Price
3. Service
4. Channels
5. People
6. Image

“Ankon” focuses on its Product, Service, Channel, and Image to establish competitive advantages.

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Product: Ankon handicrafts its products using handmade clay
which is eco-friendly compared to polymer clay that is used by
most of its competitors. They also offer extraordinary designs
which differentiate them from the local handicraft businesses.

Service: Ankon provides customization service for all buyers

and also provides urgent delivery for the customers of Dhaka
city. They are always available for any sort of queries and
issues as well.

Channels: The delivery area covers the whole of Bangladesh without sacrificing the quality and
minimizing the customers' vexation.

Image: Lastly, Ankon diligently builds its image through quality products. It is known to be a
well-reputed brand by customers and several articles were published vouching for Ankon’s
success.

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e. Marketing Mix:

i. Product:
Product means the goods and services that a company offers to the target market for
attention, acquisition, use, or consumption that may satisfy a want or a need. Ankon
provides a wide range of products available for purchase through their Instagram
and Facebook pages. The products that “Ankon” provides are jewelry and
accessories that are handcrafted. Clay and wood are the main raw materials used in
the production process. The metal used is locally sourced from jewelry that is no
longer useful. Customers can also customize their jewelry according to their designs.
Currently, Ankon has the following product portfolio:

1. Product Line:

 Earrings: They have different variations of earrings made from

different raw materials that come in different sizes. They have studs,
hoops, traditional jhumkas, etc. made of clay, wood, or metal.

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 Bracelets: Just like earrings, there are different variations and types of
bracelets. Some have been shown below.

 Neckpieces: They provide neckwear collections such as necklaces,

pendants, and chokers using clay, wood, metal, and even embroidery.

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 Hijab Pins: For women who normally wear hijabs and do not wear
any other ornaments, Ankon makes hijab pins out of clay that the
customers can even customize if they want to.

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 Rings: Ankon also has an assortment of metal, faux diamond, and clay
rings such as the following few.

 Holud Sets: Recently, Ankon has introduced a new line of products

which are a complete set of ornaments to be worn by brides on their
“Gaye Holud”. Customers can either purchase the entire set or any
piece that they like.

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  Anklets: Ankon also sells metal anklets with very intricate patterns
and designs.

2. Product Quality, Strengths, and Weaknesses:

 Product Quality: To grow any business, product quality is the most crucial
part to satisfy the customers' needs. Ankon always maintains premium
quality for each product. They always give their best to satisfy the
customers’ expectations. They are truthful with their customers and produce
the same quality product they promise. Though, because of the product
materials, sometimes products may appear a bit different but still, those
products are always appreciated by the customers.

 Strengths: Ankons biggest strength is the customization benefit they offer

to their customers. In the market, there are various kinds of jewelry and
accessories businesses but Ankon produces very unique and artistic pieces
or ornaments that are well received by the customers.

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 Weakness: Ankon’s products are all handcrafted items. Since they make
almost all of it from scratch, it usually takes a lot of time to complete their
orders, and due to the time-consuming products, there is only a limited stock
of every product that they have.

3. Brand Name, Slogan, Logo, Packaging:

Brand Name: The name of their brand or business is “Ankon” (অংকন in

Bangla)
Slogan: Their slogan or tagline is “As art is never subjected to perfection,
each piece of Ankon is uniquely imperfect as most of them are handmade
from scratch. And that's the beauty of Ankon.”
Logo: The logo of Ankon is shown below

Packaging: Packaging is an important part to keep the product safe and

secure. Also, good packaging displays and promotes the product as well as
attracts buyers. It also differentiates the products from competitors. The
primary packaging of Ankon is hard paper bearing the brand name to which
the product is attached. The secondary level of packaging is a plastic pouch
that stores the product with the primary packaging. A thank you note is also
added to every package as a token of appreciation.

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ii. Price:
Price is one of the very important factors in businesses for both buyers
and sellers. Every business has different sets of customers depending on
their needs and demand or purchasing power of customers. Therefore, a
business needs to select its target customers to set prices based on their
affordability. To capture a larger market share, it is undoubtedly crucial
to set an appropriate pricing method. The prices can be determined by
the following:

1. Pricing method (e.g. cost plus, demand-based, or competitor indexing):

Demand-based pricing: Ankon produces very unique jewelry and
accessories for customers according to their desires. They also give their
best to produce that product perfectly. Therefore, their products are highly
demanded and they have a high perceived value by the customers which is
why they determine the price of their products using a demand-based
strategy.
2. Pricing strategy (e.g., skimming or penetration):
Pricing the products should not be considered only based on cost. Ankon
handles everything from running the online pages to dealing with the
customers directly. Price skimming means setting up a high price and
lowering it as the market evolves. It is mainly applicable to businesses that

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 have machinery costs. As Ankon provides handmade products, therefore
the skimming strategy is not used. Penetration pricing means setting a low
price to enter a competitive market and raising it according to customers’
demand once the target position has been achieved. Ankon is following this
pricing strategy. Their target is to reach most of the target customers from
target segments so they can set the prices of their products at a level lower
than their competitors so that they can capture the customers. After a while,
they will increase their prices according to customer demand.

iii. Distribution:
Distribution is an integral part of businesses. Distribution is a component
of the marketing mix. Distribution includes geographical coverage,
distribution channels and partners, physical distribution channels, and
electronic distribution channels. As ‘Ankon’ is an online based business
and has no physical store it adds more complexity to the ‘place’ of the
marketing mix.

1. Geographical distribution:

There are 8 divisions in Bangladesh and currently ‘Ankon’ delivers

all over Bangladesh. They mainly take orders from Facebook
Messenger and Instagram messages.

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2. Distribution channels and partners:

Through distribution channels and partners, customers

get their final products after making a purchase.
Accordingly, Ankon has created suitable distribution
channels and partners to distribute its products.
Distribution channels can be long or short and direct or
indirect. Direct distribution involves selling products
directly to consumers through stores or online. Indirect
distribution involves selling the products to
intermediaries like wholesalers or retailers who then sell the products to the customers. As Ankon
is an online business, the distribution channel is quite short. Ankon uses the B2C model by directly
offering goods to the customers. Since Ankon has no physical stores, customers can choose their
desired product from the catalog of products on Ankon’s Facebook page or Instagram and order
via Messenger or direct message to which they reply almost immediately. Then Ankon dispatches
the orders through the distribution partner Pathao Courier. Pathao then assigns a rider who collects
the product parcels and delivers them to customers’ addresses.

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3. Physical distribution and logistics:

Ankon does not have a separate warehouse so the products are made and stored in the owners’
homes and the same are delivered to the customers directly through Pathao Courier.

4. Electronic distribution:

Electronic distribution involves buying and selling products using only online media. Products are
accessible to a large number of consumers on the online platform. Ankon currently uses its online
pages for electronic distribution which is both cost-effective and easy promotion.

iv. Promotional Mix:

The fourth element of the marketing mix is promotion. A promotional mix involves
a set of marketing methods where the marketer comes up with different marketing
approaches to achieve marketing goals. The five major elements of the promotional
mix are advertising, sales promotion, personal selling, direct marketing, and public
relations. The combination of these elements should be well-balanced. To have a
well-balanced blend, Ankon uses the following
promotional methods:
1. Advertising: Advertising is a very important
part of marketing. Although Ankon currently
does not do paid promotions, they post attractive
stories on their Facebook and Instagram pages
when a new collection drops. They often upload
feedback posts from customers that can be viewed on their pages. They also
post short videos of behind-the-scenes of their accessory-making process
that excite the customers for their upcoming launches.

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 2. Sales promotion: Sales promotion is the short-term incentive given to the
customers for an
increased sale. Ankon
uses such more for less
strategies, especially
during festive seasons
or special occasions.
They also offer
discounts like rewards
for 2nd purchase or rewards for sharing their posts. By offering these sales
promotions their goal is to maintain existing customers as well as attract
new customers.

Some of the initiatives taken by Ankon over the course

of their business are:
● Ankon offered a 19% discount on all
their products on 19th November for
International Men’s Day.
● Ankon offers free delivery on
customized jewelry orders from time
to time.
● Ankon offered 500tk off on 2nd
purchase
● Ankon offered 500tk store credit to the customers who would post
photos wearing Ankon jewelry with hashtags and share their
experiences.
● Ankon offers raffle draws for a chance to win 5%-10% discounts.

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 3. Direct Marketing: Direct Marketing
involves both online and offline
marketing. In this time of constant change
and competition, direct marketing gives a
chance to gather responses from the
audience. Ankon also incorporates such
marketing strategies.
● Ankon had their stalls in different
fairs on different occasions so they
can interact with customers in person
and promote themselves.
● Ankon participated in the International women’s day event in Daraz
which was a huge event and helped create publicity.

4. Word of mouth: Word of mouth is crucial for businesses that do not

undertake paid promotions.
Ankon has a reputable and
trusted brand image through
word of mouth.
● ‘The Web Capital’ wrote an
article about Ankon and its
exclusive products.
● ‘Colors Fashion Magazine’
wrote articles about Ankon
titled ‘The Art of Handmade
Clay Jewelry’.
● ‘Dhaka Tribune’ published an article about the success story of Ankon.
● Customers frequently share largely positive feedback regarding Ankon’s
products through their posts and messages.
● Many customers have also recommended and rated Ankon on their Facebook
page and currently, they have a 5-star rating.

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SWOT Analysis:

SWOT analysis is a strategic planning and strategic management technique used to help a person
or organization identify strengths, weaknesses, opportunities, and threats. Internal capabilities,
resources, and positive situational elements are all advantages that may support the company to
serve its customers better and achieve its organizational goals. Negative factors and situational
elements that may obstruct the company's performance are examples of weaknesses. Opportunities
are favorable circumstances or trends in the external environment that the business may take
advantage of. External factors or trends that pose a danger to the performance capability of a
business are referred to as threats.

Strengths:
● Unique products: Ankon provides handmade clay jewelry and accessories that are eco-
friendly. The raw materials required for their metal jewelry are also locally sourced from
old jewelry that is no longer useful.
● Positive reputation: Ankon has successfully been able to build a good brand image by
providing superior customer value and customer service. Most of their customers have had
good experiences with Ankon and frequently share their reviews on Facebook and
Instagram.
● B2C Business: There is direct contact between Ankon and its customers therefore, the
room for any errors is highly minimized.
● Highly monitored feedback: Ankon actively monitors every customer feedback and
works its way to provide better products and customer service to its buyers.
● Best quality: Ankon strives to provide its customers with unmatched quality while also
being distinct from its competitors.

Weaknesses:
● New in Market: Ankon started its journey during the COVID-19 pandemic so it is
relatively newer in the market.

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 ● No offline presence: Since Ankon is an online-based store, it currently has no physical
premise and there is a lack of face-to-face interaction between the business and its
customers.

Opportunities:
 Physical Store: Ankon can conduct its business by opening physical stores in Bangladesh
which will help attract new customers.
 Influencer Marketing: Ankon can get influencers and celebrities to endorse and model
its products to increase its reach and become better known.
 Targeting new segments: Ankon can develop new product lines that target untapped
customers such as creating products for kids from the age group 5-12, creating gender-
neutral products, and also creating budget-friendly products to target lower income groups.
 Brand Extension: Currently Ankon mainly focuses on jewelry items but they can extend
their brand by offering products such as show pieces, mugs, bookmarks, etc.

Threats:
 Dynamic markets: The needs of customers are constantly changing due to the shift in their
preferences which can be hard to keep up with.
 Firm Competition: Due to the numerous existing brands that also provide handmade
jewelry, Ankon faces rigid competition which drives them to keep looking for newer
innovations.
 Price Consciousness: In recent times, consumers have grown to become more sensitive
about their expenditures. This may pose as a reason to hamper the business that provides
high-end products.

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Recommendations:

Analyzing the online-based jewelry business Ankon, we came up with some recommendations
that would help the business to reach more customers and help generate greater sales.

 Targeting more demographic segments: Currently, Ankon mainly targets its handmade
products to females. It should expand its product line and design items suitable for male
use such as bracelets, rings, and necklaces. Products can also be targeted towards children
such as hairbands, clips, etc. These new segments, along with the existing target segments
will help the business to generate more sales by offering its products to a wider range of
customers.
 Brand extension: Ankon mainly specializes in high-quality handmade jewelry that is
targeted towards affluent customers willing to pay a greater price for superior customer
value. The customers are also nature lovers, fashion-conscious, and like hand-crafted
goods. Taking advantage of such psychographic factors, Ankon can expand its product
offerings. Home décor products such as wall hangings, wind chimes, vases, stationery
items such as bookmarks, paperweights, pencil holders, and kitchen utensils such as mugs,
pots, and jugs can be designed and introduced to diversify their offerings and increase
market share.
 Promotional activity: promotion is the way to inform, remind, persuade convincingly,
and influence consumers to drive their decision towards purchasing products or services
offered by a business. As Ankon emphasizes on the quality of its products and is an online-
based business, there is a large share of customers who are willing to purchase such
products but are unaware of the business. Ankon does not actively involve itself in
promoting and advertising the business. Promotional activities like online advertising can
help to gain more customers and achieve more growth in sales. They can also partake in
influencer marketing and sponsorships to attract and influence new customers.
 Setting up physical showrooms: Ankon’s customers are fashion-conscious and are
willing to pay high prices for their quality products. Therefore, it is very important to
address the customers’ “Complex buying behavior”. Since customers are highly involved
in the purchase-making decision and there is a significant difference between Ankon’s
offerings and that of its competitors. Due to higher customer involvement, it is

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 quintessential to have physical showrooms to set apart the products from competition and
convince the customers of strong differentiation and positioning of the products.
 Creating a customer-friendly online buying experience: Currently, Ankon sells its
products through Facebook and Instagram pages. They do not have any website or
application software. To produce a more customer-friendly shopping experience, they
should create a highly interactive website and/or launch its software application.

Conclusion:

Overall, this report consists of a detailed analysis of Ankon. We have discussed in depth about the
operations of this business. We have also explored the business’s marketing mix and its positional
competitive advantage over its competitors. Through the means of SWOT Analysis, we were able
to lend recommendations so that the business can acquire a higher market share and generate more
sales revenue. By offering high-quality handmade products, Ankon has been successful in
capturing an impressive amount of customers. Therefore, we are positive that if the business
continues to hold its performance and keeps adapting with time, Ankon will be able to build an
overall profitable brand image.

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