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Marketing Management Of Ray Ban Samples Ã¢â¬ MyAssignmenthelp.com
Question: Discuss about the Marketing Management Of Ray Ban Sunglasses. Answer: Introduction Ray Ban is famous for manufacturing and distributing sunglasses across the globe and Ferrari is known for producing and distributing premium range of cars. They both have come up with an idea of producing ray ban sunglasses with Ferrari Scuderia collection and this report will include the components ofmarketing plan to promote and introduce the same in the Australian market. Australian market was chosen with the result obtained from the armlet research analysis conducted prior to developing themarketing plan in order to promote the Ray Ban Ferrari Scuderia collection in sunglasses. Primary variants of sunglasses manufactured by Ray Ban are wayfarers and aviators. In order to analyse the companys situation in the competitive business environment, SWOT and competitive analysis will be conducted. Additionally, the report will include the mission developed in order to promote the new range of sunglasses and the marketing financial objectives will also be discussed. With the view to prom ote the product in the market, marketing mix tool will be used for promoting describing the characteristics of the product and the process through which it will reaches to the customers. In the end, the report will include the action plan, implementation as well as the control measures in order to review the marketing plan components effectiveness. SWOT Analysis Strength The major strength with the product launched by the Ray-Ban will be their brand name as well as the Ferraris brand name. Combination of these two brand names will prove to be a great competitive advantage for the Ray-Ban. Quality of the products cannot be doubted. Hence, huge goodwill across the globe. Organization does not need to put many efforts in terms of promoting the new product as their products are already in demand due to the good market image. Ray-Ban and Ferrari Scuderia collection sunglasses will be a positive combination (Mohammed, Rashid Tahir, 2014). Weaknesses Due to premium brand, Ray-Bans sunglasses are bit costly and with the effect of this, these are non-affordable for medium class people. The major motive behind launching Ferrari Scuderia collection sunglasses are the promotion of Ferrari cars as well as to enhance the preciousness of the organization and this will also leads to increase in the price of the products. Only high-class people will be able to afford it. The motive of enhancing the sales may fail due to increase in the cost of the product as two exclusive brands are involved in this process. Opportunities As the design of the sunglasses will be unique and it may increase the demand of the product because majorly Ray-ban produces wayfarers and aviators. Launching of Ferrari Scuderia edition in the sunglasses will result in the enhanced demand for the product in the global market. Threats Existing brands in the sunglasses may result as the big threat for the Ray-Ban. Aggressive advertisement and promotional strategies used by primary competitors may decrease the demand of the new product launched in the target market (Klein, 2016). Oakley and Mauji Jim are the primary competitors of Ray-Ban in the international market. Competitive Analysis Oakley and Mauji Jim are the two primary competitors of Ray-Ban. They all are trading across the globe and with the trading, they have invested a huge part of their revenues in research development department in order to enhance the efficiency of their products and to decrease the competitors products demand. Oakley and Mauji Jim have the largest market share in the international market but both stands below in terms of international ranking. Oakley mainly produces stylish and trending sunglasses and Ray-Ban and Oakley, they are Child Companies of Luxottica group. Under this group, numbers of big brands are being included hence; Ray-Ban will not find it difficult to promote their new about to be launched sunglasses with Ferrari Scuderia edition in the target market. While evaluating the competitive analysis for the Ray-Ban, it was found that, no such big competitor is present in the market which can affect their market presence. Apart from this, if the plan for enhancing the sales a nd profits for the organization fails due to no interest shown by the consumers in the newly launched product, then it may affect the Ray-Bans market share and then their competitors can take over the brand value by delivering adequate products which can fulfil their needs (Kim Hyun, 2011). Mission of Ray-Ban Ray-Ban is known for producing premium class sunglasses in various designs and basically their frames are known for the classy look (Johnston Bate, 2013). This company was established in 1937 and till now it has a great market presence in almost every part of the country. Hence, promoting and generating the demand for the Ferrari Scuderia edition sunglasses will not be a difficult task for the organization. They are also known for delivering adequate quality products and since their establishment, quality of the products have been increased regularly with adopting various innovative strategies. The step of producing Ferrari Scuderia edition sunglasses range will be turns to be a positive decision in terms of achieving the desired goals and the objectives for the organization in the international market. Apart from this, it will also help the consumers to feel and experience ore classy and exclusive sunglasses (Helms Nixon, 2010). Marketing Objectives With the implementation off the new collection in the sunglasses range by Ray-Ban, following will be the first few months marketing objective: Being on the top position in their industry as well as to enhance the revenues. Minimum of 10% enhancement will be expected in terms of consumers ratio across the globe especially from the target market. Setting stores in the emerging markets from the view to gain the competitive advantage in the market (Gregor Hevner, 2013). Financial Objectives Ray-Bans expectations in terms of introduction of the exclusive imported edition sunglasses in financial terms for the first few months will be: Expectations will be bit high due to involvement of two big brands. Adequate demand and the positive response from the target market will be expected. Minimum of 20% rise in the revenues of the organization will be expected from the target market (Greer Ferguson, 2011). Reducing the cost of the production in terms of Ferrari Scuderia editions sunglasses from the perception of making more profits (Fischer, et. al., 2011). Marketing Mix This is the special tool which is used to promote the products using the products uniqueness and the special features involved in the product which can fulfils the consumers demand at the optimum. Ra-Ban has introduced the new range of sunglasses which is an inevitable combination i.e. Ray-Ban + Ferrari Scuderia edition. From the perceptions of the organization, this marketing plan will help them to enhance the market value of the company as well as this combination will also be liked by the consumers. Following are the basic components of marketing mix tool: Product: Ray-Ban is known for producing qualitative products and the main feature of their sunglasses are the protecting of deadly ultra violet rays i.e. UV rays which are very dangerous for the human eyes. This is the reason for high prices of the Ray-Bans sunglasses. The combination launched by Ray-Ban with Ferrari will helps the existing as well as the new customers of the organization to fulfil their needs and it will enhance the perception of the organization in consumers. Under this unique product, consumer will get the guaranteed quality product as both the companies have a great brand value as well as they both are known for delivering qualitative products to its consumers (Czepiel Kerin, 2012). Price: This product has been introduced with the view to enhance the demand of the products and to enhance the demand; price of this product has been set to the minimum. This will help the medium-class people to feel and take experience of the qualitative products as well as the uniqueness of the brand. This option will be adopted for the first few months in order to increase the revenues for the organization and then the normal pricing strategy will be implemented with adding a certain rate of profit over the cost of the products. Place: This product will be available with exclusive and authorised sellers of Ray-Ban and this decision is taken in order to remove the piracy of the original product. Availability of Ray-Ban and Ferrari Scuderia edition sunglasses at the authorised dealers will help the consumers to identify the original product and authorised dealers will provide the certificate of assurance for the reliability of the product. Apart from this, various other distribution techniques will be implemented through which consumers could get the new edition of sunglasses easily. Promotion: This technique is the crucial element of marketing mix technique as this will help organization to communicate in relevance with the new product to be launched in the target market. As the promotion of the new range of sunglasses will not be a difficult task for the organization as two premium brands are involved in the procedure of producing new and exclusive range of products. Being an exclusive range, limited number of pieces will be manufactured and this will be used as the effective tool for promoting the product so that instant results could be seen in terms of increase in the revenues for the organization (Cornelissen Cornelissen, 2017). Digital Marketing Communication plan This is a vital element of the marketing plan and this element is bit trending in these days, most of the companies use this technique for increasing the demand of the new products launched in the target markets. Through this tool, Ray-Ban will promote its new edition sunglasses on their official website, on numerous social media platforms, etc. As ray-ban has introduced the new rage of sunglasses with the involvement of Ferrari, hence; promotional campaign will be bit easy and attractive for the organization and this plan will help the organization to enhance the demand of the exclusive range of sunglasses as well as it will also enhance the market share of the organization in the global market (Brandt, Cazzaniga Hann, 2011). Action Plan Introduction of the diversity in the products launched will leads to enhancement in the consumer ratio (Armstrong, et. al., 2015). Making qualitative and attractive, classy designs will attract the consumers towards the exclusive range of t sunglass and it will leads to increase in the revenues for the organization. Setting outlets in the prime locations as well as in the most emerging markets of the target market will help the organization to enhance the demand of the new range of sunglasses. Ray-Bans sunglasses can be purchased with having no doubt and this increases the trust level for the company and the combination of Ferrari which is also known for delivering high quality cars in the market will boost up the experience of the consumers. Hence, customer satisfaction level will be achieved (Angeloska-Dichovska Mirchevska, 2017). Adaptation of cost-effective techniques and high qualitative products will help the organization to grow and expand its market value in the global market. To maximize the profitability of the organization, adequate strategies should be adopted so that appropriate measures could be adopted and cost of the production could be reduced as well as the wastages could also be managed in an adequate manner (Ang, et. al., 2015). Implementation and control plan In order to implement the above elements of the marketing plan, available resources with the organization needs to analysed and in order to achieve towards the goals and the objectives for the organization, appropriate research and evaluation techniques must be used. In terms of the controlling measures, whole plan will be analysed again with a view to detect any error (Akaka, Vargo Lusch, 2013). As the presence of error in the process of promotion of the new product can break the momentum as well as it can affect the demand as well as the revenues of the products. Hence, control measures will be adopted by reviewing the actual growth achieved by the organization with the expected growth (Aaker, 2010). Conclusion Involvement of the two major premium brands in the process of manufacturing subclasses will boost up the sales and the profitability of the organization will be achieved as expected. 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