WEAKNESSES Costly Product: Since Ray-Ban uses premium quality materials and puts protective lenses as priority, it incurs more expenses than other brands. Therefore, it is not affordable by all. Lack of Exclusivity: Ray-Ban is now available to any optical store which points to its lack of exclusivity in distribution channels. This lessens the value it holds to a consumer. Hence, the company has lower footing when compared to other designer brands like Dolce and Gabbana, Prada, Fendi, etc. OPPORTUNITIES: Importance of protective lenses: Ray- Ban places its priority in letting its consumer base know the importance of protective lenses for health of eyes by advertising and campaigning on this objective. This reassure its customers of the brand's quality. 8
Ray Ban Marketing Plan 2018 Campaigns: The company endorses campaigns like 'Never Hide', 'Define Yourself' and 'Change Yourself' which expresses finding one's individuality and self-identification, which as a result appeals to younger audiences (About Ray-Ban 2018) . Partnerships: Ray-Ban partners up with other successful brands like Ferrari and Google resources and funds, as a result widens it customer base (About Ray-Ban 2018). Brand Expansion and Extension: The firms can explore options of expanding and extending their line in different countries by analyzing the market and adjusting their products accordingly. THREATS Economic Conditions: In events of recession and implementation of new taxes, consumers tend to buy less designer brand sunglasses and switch to cheaper versions. Brand Loyalty: People may tend to buy other designer brands like Versace, Fendi, etc. due to brand loyalty. Fraudulent versions: People may buy fake version of Ray-Bans, in order to cut down costs which in turn strips the company of its revenue and damages its reputation. 9
Ray Ban Marketing Plan 2018 Consumer Analysis It is essential for Ray-Ban to analyse their target market segment when introducing a new product into the market. Market segmentation is dividing a large market into smaller groups which have similar wants or needs. It is necessary for the company since “ segmentation is the basis for developing targeted and effective marketing plans”(Recklies,2015.) Ray-Ban will identify their demographic factors for their target market. Age: As the sunglasses that have in-built speakers will be the latest fashion trend, the target age group would be between 10-35 year old consumers. This age group, especially the teenagers are highly concerned with their fashion and want to keep up with the latest trends. Consumers older than this are more likely to purchase simple products, avoiding any kind of complications. Gender: The product is targeted at both genders however according to source by Nielsen Global Survey, 2013, women are more likely to use their phones to talk and listen to music which are the two main activities that can be done through our product. Therefore, there is a slight higher percentage of the potential consumers being females.
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- Spring '18
- Marketing, Ray Ban