De Beers Group: Marketing Diamonds to Millennials
Key Decision Maker: Marketing Consultant
Problem Statement:
How can the De Beers group maintain the influence associated with diamond possession and
maintain its monopoly in lieu of growing alternatives to diamonds?
Concepts:
1. Consumer Behaviour: All the activities associated with purchasing, using and
disposing goods and services . Consumer behaviour consists of how the consumer’s
emotions, attitudes, and preferences affect buying behaviour.
2. Relationship Marketing: It differentiates from other forms of marketing in that it
recognises the long-term value of customer relationships and extends communication
beyond intrusive advertising and sales promotional messages.
Criteria For Evaluation:
1. Consumer Perception
2. Income and Spending Habits
3. Desire to own Diamonds
4. Monopoly of Market
5. Increasing Alternatives to authentic Diamonds
Evaluation of Alternatives:
1. Collaborate with gemstone manufacturers to create a hybrid of diamond and gemstone
jewellery
2. Diamonds as a wearable rather than jewellery such as watches etc.
3. Establishing a diamond as a symbol of love rather than associating it with
engagement.