Table of ContentsAssignment 1 Checklist..............................................................................................................61.Background........................................................................................................................81.1Industry overview......................................................................................................81.2Company description.................................................................................................81.3Competitors description.............................................................................................81.4The company’s current strategy:................................................................................81.4.1Current market offerings....................................................................................81.4.2Current target market in Australia......................................................................82.Market Segmentation........................................................................................................82.1Segmentation Table....................................................................................................82.2Justification of the segments......................................................................................83.Target Market.....................................................................................................................83.1The Proposed Target Market......................................................................................83.2Justification of the target market................................................................................83.3Target Market Profile.................................................................................................84.Differentiation and Positioning Strategy............................................................................84.1Proposed Differentiation Bases..................................................................................84.2Proposed Value Proposition.......................................................................................84.3Positioning Statement................................................................................................84.4Positioning Map.........................................................................................................8Reference List.............................................................................................................................9
1)BACKGROUND1.1)Industry OverviewRay-ban is involved with the eyewear industry. The eyewear industry is advertised mostly forvision correction but is also for enhancing one’s appearance. Eyewear is comprised of products such as prescription glasses, sunglasses, contact lenses.1.2)Company DescriptionRay-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 descriptionA 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 strategyRay 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.