RAY BAN.docx - [RAY BAN Assessment 1 MMK101 Trimester 1 2019 Segmentation targeting Differentiation and Positioning Strategy Student Name DHRUV

RAY BAN.docx - [RAY BAN Assessment 1 MMK101 Trimester 1...

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[RAY BAN] Assessment 1 MMK101 Trimester 1 2019 Segmentation, targeting, Differentiation and Positioning Strategy Student Name: DHRUV CHOWDHARY Student Number: CHODD1901
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Table of Contents Assignment 1 Checklist .............................................................................................................. 6 1. Background ........................................................................................................................ 8 1.1 Industry overview ...................................................................................................... 8 1.2 Company description ................................................................................................. 8 1.3 Competitors description ............................................................................................. 8 1.4 The company’s current strategy: ................................................................................ 8 1.4.1 Current market offerings .................................................................................... 8 1.4.2 Current target market in Australia ...................................................................... 8 2. Market Segmentation ........................................................................................................ 8 2.1 Segmentation Table .................................................................................................... 8 2.2 Justification of the segments ...................................................................................... 8 3. Target Market ..................................................................................................................... 8 3.1 The Proposed Target Market ...................................................................................... 8 3.2 Justification of the target market ................................................................................ 8 3.3 Target Market Profile ................................................................................................. 8 4. Differentiation and Positioning Strategy ............................................................................ 8 4.1 Proposed Differentiation Bases .................................................................................. 8 4.2 Proposed Value Proposition ....................................................................................... 8 4.3 Positioning Statement ................................................................................................ 8 4.4 Positioning Map ......................................................................................................... 8 Reference List ............................................................................................................................. 9
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1) BACKGROUND 1.1) Industry Overview Ray-ban is involved with the eyewear industry. The eyewear industry is advertised mostly for vision correction but is also for enhancing one’s appearance. Eyewear is comprised of products such as prescription glasses, sunglasses, contact lenses. 1.2) Company Description Ray-ban is at the forefront of eyeglass trends, and cultural change as their prescription and sunglasses are symbols of self-expression, their popularity is enhanced through being worn by public figures such as actors and social media stars. 1.3) Competitors description A competitor is a company which sells a similar product for the exact same use and around the same price. Ray-ban’s main competitor list consist of Oakley, Prada, Maui Jim. 1.4) Companies current strategy Ray ban uses the 4 p’s that are: Product- They release unique glasses that look fashionable. Price- Their glasses are costly for the average person and that is why they are in demand because a stigma is created. A person who wears ray bans is deemed as a person with money.
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