Finance Paper Essay Example | Topics and Well Written Essays - 1250 words

Finance Paper - Essay Example The Mission statement of the firm â€Å"is to build the premier specialty retailer of jewelry by  offering consumers high quality products at compelling values through an empowering shopping experience.† Values The Company emphasizes in great customer satisfaction and delivering that satisfaction through high-quality products. The key element for the company is to make the customer feel special and give them a shopping experience that will leave them in awe. From a business perspective, the company has developed â€Å"Code of Ethics† which list out some key values that the company strongly believes in. For instance, each individual should be treated with fairness, compassion and respect. The company also believes in strong foundation of complete, efficient, and accurate recording methods to the government. Strategy The marketing strategy for the company is effective and is consisted of penetrating the online market and attracting its customer. The company is expected to earn around 75 cents(earnings per share), which is 34% from the previous annual year. The organization’s strategy is to penetrate the market segment by selling their products at a lower price than the traditional jewelry stores. The company possesses two key competitive advantages. One competitive advantage is to cut the cost of buying diamonds only if there is a guarantee that the customer will purchase them. In essence, the customer cannot breach the contract, which enables it to be cost-effective and makes them unique compared to traditional jewelry stores. Blue Nile Company utilizes pull marketing strategy as it uses clever pricing strategy to accomplish its goals. The company believes in being just 10% better, a no nominal feat in these harsh economic times. Moreover, the company emphasizes in brand recognition and enhancing consumer traffic through their online website. The focal point remains through the search engines such as Google, YAHOO and Bing.com. The company offers incentives through internet by persuading customers to subscribe to their newsletter, which gives them special insights about promotions, sales, and coupons. The company invests little in brick-and-mortar advertisements and billboards. Without a doubt, the management team is vital towards the success of the organization. Diane Irvine, the CEO and the President has created a culture that thrives on â€Å"thinking outside the box.† It is astonishing to see how a company is flourishing in this business without owning diamond mines, a feat that may seem impossible. Ms. Irvine along with Susan Bell and Marianne Marck acknowledged that certain months are extremely busy for the stores. Thus, the decided to have a strategy in which they launched new, creative desings for the jwererly around that time period. In essence, the management team was ready to face the challenges of the customers head-on. Moreover, Irvine and her team excelled in customer service by returning custome rs demands and shipping their packages in timely manner. Furthermore, the management administration staff placed high priority in consultation and pursued the engagement rign business to the fullest, which made them highly profitable. FINANCIAL STATEMENTS BALANCE SHEET Period Ending Jan 2, 2011 Jan 3, 2010 Jan 4, 2009 Assets Current Assets Cash And Cash Equivalents 113,261  Ã‚   78,149  Ã‚   54,451  Ã‚   Short Term Investments -    15,000  Ã‚   -    Net Receivables 2,328