Social Responsibility & Sustainability Strategy11
The world is becoming more and more aware and concerned of ozone pollution. The company’s production process and materials used are very minimal in terms of CO2emissions. It is a minimal fraction of that compared to the automotive industry. The company does have a frame model made of entirely recycled materials for those of whom wish to support such beliefs. The price difference is not much and should be able to satisfy the environmental activists. In regards to the sustainability strategy, the company will live by innovative marketing, until a competitor significantly surpasses the company in terms of advancements and will then switch over to consumer-oriented marketing to remain in the game and potentially rebound higher. The only reason iOptical is able to be where it is at today is due to its innovative features for the smart glasses product. The company already has a head-start, so it must leverage this opportunity to create more innovations to stay ahead of the competition. Sooner or later,the large firms will eventually take lead due to their large amount of disposable investments. This comes the opportunity for the firm to transition over towards focusing more on the consumer experience and feedback. This is the stage where the company drops the pricing on its products, and fully fulfills its mission statement of providing quality smart glasses at a lower price.Conclusion12
iOptical currently has a very strong advantage against its consumers due to its superior technological innovations. The company has a good product, plausible targets, and a strong marketing strategy. If the company were to go against its competitors starting at the same position, it would lose catastrophically. The competitors’ retail locations outnumber the company’s locations by a large amount. The company also does not have the resources that are anywhere near comparable to the competitors. The organization must leverage what is has at this moment in time and use it to its maximum potential. This is the chance to get ahead of the marketplace and gain a strong foothold to survive throughout the enduring years, potentially creating an opportunity to remain the successor of the industry. If this opportunity is not maximized upon, then it may be highly likely that the company will lose significant product differential benefits, making it fall behind the race of smart glasses even faster. 13
BibliographyCarnrite, J. (n.d.). Retrieved July 24, 2018, from -definition-quiz.htmlMorgan, Robert M. "Relationship Marketing and Marketing Strategy: The Evolution of Relationship Marketing Strategy Within the Organization."Handbook of Relationship Marketing: 481-504. doi:10.4135/9781452231310.n18.Porta, Mandy. "How to Define Your Target Market." Inc.com. Accessed July 22, 2018. .Sibiu, Romania. "Designing Futuristic Eyeglasses With Innovative Marketing Strategy Using Product Life Cycle Management." (January,2014).Woods, Carol. Situational Analysis in Marketing: Examples, Definition & Format. n.d.14
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- Marketing, smart glasses, iOptical