Posted: March 10th, 2023

Why should Diamond conduct a MOST Analysis? What are the factors influencing customer expectations

A MOST analysis is an important tool for businesses to assess their competitive advantage and identify potential opportunities. It stands for Market Opportunity Scanning Technology and involves researching the market, industry trends, customer needs, competitors’ strategies and activities, and technological developments in order to develop a comprehensive strategy for success. Diamond should conduct a MOST analysis because it will help them understand the competitive landscape of the diamond jewelry industry better so that they can create more effective marketing strategies to increase sales. Furthermore, analyzing current customer expectations will allow them to anticipate future changes in demand or trends in order to stay ahead of their competition.

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In terms of factors influencing customer expectations within the diamond jewelry industry, there are several key considerations. First of all, customers generally want high-quality diamonds at reasonable prices (Alikhanifard et al., 2016). To meet this need, Diamond should be aware of current market prices and make sure that they are offering competitive prices for their products without sacrificing quality.

Why should Diamond conduct a MOST Analysis? What are the factors influencing customer expectations

Additionally, transparency with regards to product origins is becoming increasingly important as customers prefer ethically sourced diamonds (Fletcher et al., 2019). Therefore, Diamond must ensure that their supply chain meets ethical standards so that consumers have complete confidence in the diamonds they purchase from them.

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Additionally, many customers take into consideration diameters when selecting diamonds; larger diameters being associated with higher perceived value (Garavelli & Gerebizza 2018). Thus Diamond should focus on sourcing larger diameter diamonds whenever possible while still providing reasonable pricing options which may lead some consumers opting out of larger stones due to budget constraints. Finally price fluctuation is also something which impacts customer expectations within this sector as certain cuts may become temporarily or permanently more expensive depending on global macroeconomic conditions such as disruptions within mining operations or regional supply shortages (Hodish et al., 2019). Therefore it is important for businesses like Diamonds who rely heavily on raw materials imported from abroad keep abreast with such events so as not be caught off guard when pricing fluctuations occurr suddenly resulting in unexpected cost increases or reduced profit margins if not properly addressed quickly enough.

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