Azhar Ali
Rutgers Business School
Ravi Vadapalli
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The innovations employed at Jewelry by Marcus ("JBM") are as follows: the use of 3D printing to accurately satisfy consumer demand and the facilitation of diversity in its workplace environment. With regards to its use of technological tools, the firm introduces transferrable vocational skills to its workers, allowing them to exercise their potential creativity in the fulfillment of customer requirements (UN Target 8.3). Given JBM’s commitment to diversity initiatives, the company accepts its customer and employee base in its business dealings (UN Target 11.4).
Jewelry by Marcus ("JBM") enacts a multitude of innovation practices in its operations. The firm's innovations help them to differentiate themselves from local competitors. When we interviewed Mr. Gabriyel Akbulut, he placed increased emphasis on his firm’s 3D printing. 3D printing allows customers to receive interactive and tangible information on their jewelry specifications. In a market economy, it is vital for consumers to have access to detailed information on their purchases, to which these practices operate as facilitating means to such a goal. On the supply side, workers are also exposed to such technologies and can develop transferable computer generation and modeling skills. Mr. Akbulut and his partners’ technological philosophy directly aligns with UN Target 8.3, which states: “Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation.” Such activities (e.g., the use of 3D printing) allows workers to elevate their responsibilities beyond menial tasks. In allowing employees to interact with new technology, it encourages their sense of entrepreneurship, which can benefit the firm/industry in the future.
Additionally, JBM is committed to reinforcing its cultural roots in its American operations. As outlined in UN Goal 11.4, the local firm carries its Turkish heritage proudly in its ownership and management. In operating in a diverse section of New Jersey, the business recognizes the cultural diversity of its workers and customers and wishes to foster such relationships for the betterment of its revenue and, but most importantly, its community relations.
Since jewelry-making is a meticulous and expensive craft, customers expect exact conformance to specifications. When speaking to our corporate contact, Mr. Gabriyel Akbulut, he related that the use of 3D printing came as a way to lower product failure risk and increase the customer value proposition of the firm’s jewelry offerings. He said in our interview," 3D modeling creates much efficiency for my business. I’ve been able to minimize the amount of dissatisfied customers." In relating to JBM’s 3D printing, such an initiative allows organizations to use technologies to offer customers a detailed look at their product specifications. Through these means, customers can correct product features/carvings, etc. and ultimately receive the goods they demand. An after-purchase correction to jewelry is costly, not only to the customer but for the organization to produce another piece. The ultimate goal of JBM’s practice is not to provide a “fun gimmick” for the customer to gawk at (i.e., the 3D printer), rather, the goal is to allow customers more control of their purchases.
Jewelry by Marcus’ commitment to cultural diversity is integral to its operation. The overall inspiration for this innovation is not explicitly known, it is thought that the owner's own ethnic background and exposure to diverse customers allowed him to continue to facilitate openness towards all employees. Diversity has always been an integral part of the JBM business model, since it proves to increase customer satisfaction by allowing customers to feel respected and “listened-to” by the firm. Although systematic discrimination of workers and customers by unchanging attributes is illegal, fault-lines of diversity can still form. As a firm, JBM attempts to eradicate potentially uncomfortable settings by catering to each customer’s needs without consideration of their race, gender, sexual orientation, etc. In relating this to the firm’s bottom line, discrimination is unprofitable since it neglects an entire segment from contributing sales and profits.
The overall impact of the firm’s use of 3D printing technologies and advantageous use of diversity is its customer satisfaction and product value proposition. Allowing customers to interact with tangible product drafts enables a bilateral flow of information from the consumer to the firm and vice versa. JBM can provide such products to its customers and receive feedback. The enterprise can then adjust the finished article of jewelry to its corresponding demand specification, allowing the customer to be satisfied with their product in the long-run.
The facilitation of workplace and customer diversity allows JBM to form long-term relationships with its stakeholders. Diverse customers provide their ideas to the firm and diverse store associates employ their critical skill sets to meet customer expectations. In this way, Jewelry by Marcus can gain the insights into demand trends (jewelry preferences) and adjust their production, with the help of entrepreneurial workers, to satisfy local demand.
The use of 3D printing allows the firm to achieve customer requirements without incurring external failure costs (e.g., warranties, returns, etc.). In allowing the customer to define their product before manufacturing, the firm can be more efficient and careful in its creation of high-value items. Typically, incorrect products (wrong engravement, texture, size) are returned and remanufactured, thus costing the firm precious time and resources. However, with the use of drafted 3D products, customers are able to touch, feel, critique, and redesign jewelry pieces according to their specifications.
In facilitating business diversity, JBM is able to garner sales from a wide set of ethnicities, genders, age groups, etc. Instead of excluding certain groups from trafficking or using its products, the firm is open to the business of all, thus allowing the firm to not forego revenues from its diverse fault-lines or outright discrimination.
The innovations used by JBM enable a large set of customers to receive quality products and workers to garner important entrepreneurial skills. Allowing workers to receive hands-on experience with computer modeling applications makes them more creative in that they can utilize tools to create intricate jewelry designs and details. In the future, it would be of great benefit to JBM to retain its innovation employees, since their activities bring value to the product they are offering. Coordinating the marketing mix around such product value will allow consumers to gain a surplus, where they perceive the benefits of the product and overall brand experience over the price of the goods they received.
Additionally, practicing diverse employment and customer practices allows the firm to gain a higher level of trust with stakeholders. Employing from the diverse talent pool in the New Jersey area enables JBM to capture motivated and creative associates and jewelry crafters. Such practices will bring value to the company in the long-term, as innovative workers will produce high-quality jewelry pieces for customers. On the demand side, tolerating diverse customers builds trust between the firm and the community. Being able to listen to a buyer’s expectations plants the seeds for a strategic relationship with locals, particularly those who frequent the store.
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Gabriyel Akbulut, Owner
Matthew Akbulut, Owner
Jewelry by Marcus is a fine jewelry establishment with three locations in both Wayne and Fairfield, New Jersey. The organization was founded by the Akbulut family in Istanbul, Turkey. Since moving to the United States in 2000 after nearly 27 years of operations, the company has realigned its sales focus to fulfilling sophisticated American demand for jewelry. JBM deals in custom jewelry, diamonds, rings, and other valuable pieces. As outlined in the following report, Jewelry by Marcus is customer-oriented, employing practices that enhance the value of its augmented products to local customers.