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Question B Blue Nile was founded in 1999 and has grown to be the largest jewelery retailer in the whole world. The company offers more than 60,000 different diamonds and styles of fine jewelry that includes the rings, necklaces, pendants, watches earrings and ranges from the simple classic to impressive signature of the finest diamond in the world. All diamonds differ in shapes and sizes offering a wide selection to the customers and giving the company a competitive edge among its competitors. The company has entered into the international market in the UK and Cana statement of the Blue Nile Company is to create an affordable efficient and effective way for customers to purchase diamond and ine jewelry online. The company also aims at providing a variety of high quality products at a great value, convenience and customization its customers. The company has made it possible its clients to access information about the diamond's quality shape and texture easily by providing it in their website. Customers are able to customize the products and get their orders within three working days. The company gets feedback and questions from customers on their website therefore getting the best orders from their suppliers. The company consultants are also trained to guide the customers on the steps in the process of buying appropriate items and shipping policies to be adhered to. High percentages of its online retailing are wedding bands and engagement rings. The company is also able to provide educative information about its products. The company offers a variety of products therefore making it competitive in the market. Since the Blue Nile Company is the best online seller in the jewelry and diamond company, competitors have never been able to outcompete it. The main co titors of the Blue Nile Company are Zale, sterling, tiffany and Hekizer, Most of online retailing c ors apply the Blue Nile strategy of buying from suppliers only when an order is made by the c Some of the competitors do not offer guidance services and have less return for no y remains as the most competitive company in the market. The com nventory of low prices and quality diamonds that match with the aims at providing satisfactory information about its dia ess and add efficiency by introducing online retailing products. New ring the jewelry industry are the main threat to the Blue Nile Company. This to offer the products at low prices in order to win the customers. The new companies operate at low costs that enable them to sell their products at low prices. In the current era, consumer increased use of the internet may be termed as an achievement for the company since they are able to reach a wide range of the target market more efficient than when there were fewer customers using the internet. The Blue Nile Company was the first one to offer the customization of the engagement rings and enabled the customers to choose the shape, color, size and clarity. The company is also able to ship the product to the customer within the 48 hours. The company was the first one to sell their products online and have information on the products being accessed easily by the customers. Nevertheless, the online services do not allow the cust omers to touch or see the diamond they are buying. This makes the customers to risk in buying the products online. Customers here fore fear buying online and most of them tends to buy the diamond from the local retailers, The company still needs to do more customer awareness. The buying behavior of customers has been changing due to the changes in the economy. The change of the behavior of consumers has also been influenced by the freedom they have to choose from the variety of jewelry and the awa created by the company. Low prices on rings, bracelets, necklaces and other jewelry sold by new companies c market have caused some customers to shift from the Blue Nile Company to their companies. Due to the current recession in the economy, both companies and customers have reduced the habit of buying luxury goods. This is because of the uncertainty of the economic treats in the future. The changes in the economy have led to the increase in the cost of production of the jewelry product for the Blue Nile Company. (Source: Adapted from vyPanda. (2019). Blue Nile Case Analysis) i. Use the consumer decision making model and elaborate the input, process and output stages for the purchase and consumption of diamonds. What kind of marketing activities should Blue Nile Company plan to coincide with process and output stages of the consumer decision making? (20 marks) ii. Explain types of consumer's perceived risk in a purchase of diamonds and suggest TWO (2) ways Blue Nile may minimise the consumer's perceived risk (10 marks)