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JEWELLERY LOSES ITS SPARKLE a) Total market expenditure is the total amount of money spent in that particular market by all consumers. From the information given, we can see that the jewellery market expenditure for 1997 is as follows: £million Rings 778 Neckwear 360 Earrings 351 Wristwear 143 Costume jewellery 324 Watches and clocks 627 Others 119 Total market expenditure 2702 Assuming a 5% rise in 1998, the new total jewellery market expenditure would be: £2,702,000,000 + £135,000,000 = £2,837,000,000 b) Adding value is the process by which a firm adds value to a product, over and above the cost of the raw materials and the manufacturing process. To do this, it is essential to have a good understanding of who the customers are and what they want. Some ways of adding value can be relatively simple. A jeweller could add value to its products by developing a range of up-market packaging in which to present the product when sold, eg velvet-lined boxes, satin bags and luxury carrier bags. Thus the image of...

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