Introduction Industry Classification Understanding market Consumer Behavior Suggested Marketing Research Marketing strategies Conclusion Bibliography
This protective equipment is designed to shield the eyes from intense light. The sun's rays can be harmful to the eyes, so health specialists recommend eye protection, especially from UV radiation. Sunglasses are made for a certain use. They are developed to satisfy specific requirements, such as the necessity for protection against solar rays that are significantly stronger than those of the sun. In sports, they are also created for swimmers and mountain climbers, and ice skaters have nose protection built in.
Sunglasses are not only worn for protection, but also to avoid direct eye contact with individuals, particularly those worn by police officers, performers, and moaners. Due to these demands, numerous companies have emerged to manufacture sunglasses. Year after year, they strive to increase the quality of their products to suit customer demands. With the inclusion of globalization, numerous businesses are now able to satisfy market need.
The emphasis of this article is the Australian market, where Sunglass Hut is the dominant retailer. The company has a selection of sunglasses that vary according to the needs of the consumer. It has numerous outlets on both the domestic and international markets. In light of a recent study, it is necessary to modernize sunglass production to include the use of cameras. This article will discuss the market analysis of the new model of sunglasses, including the aspects to be examined and the resulting impact (Bradley 2007).
The hut firm was founded in Australia in 1971 and sells multiple brands of sunglasses and frames. It has approximately 2,286 stores across Canada, North America, and other countries. Sunglass Hut offers a variety of sunglasses, including sports, specialty, fashion, and general-purpose styles. These brands include Prada, Ray-Ban, and Versace, as well as Bolle and coach. Despite outperforming its rivals, the corporation has a number of up-and-coming competitors. It offers both prescription and non-prescription sunglasses. Due to its extensive market penetration, it appears to have no significant competitors.
The second competitors have fewer than 25 stores compared to its store count of about 1600. Therefore, despite the rivals' efforts to advance, it may be challenging. The sunglass hub has a variety of marketing tactics for its goods. It uses a variety of promotional tactics, such as sponsoring movie celebrities, to sell its spectacles (Malhotra 2002). It also has advertising slogans such as "the future is so bright that people must wear glasses to improve their vision and maintain concentration." Through these tactics, individuals are well-informed, and as a result, their annual sales values are consistently high.
As a result of globalization, they have access to the necessary technology to make a variety of sunglasses that match the needs of their clients. Having a solid foundation, it may employ a big number of workers and so fulfill the requisite output levels. Due to impending competition, the corporation will find that manufacturing these sunglasses is one of the best ways to maintain its position as market leader (Kinnear & Root 1988).
Recognizing the market
Every market player must be capable of market analysis. When discussing market analysis, numerous market aspects are utilized, with the 4Ps being the most frequent. These include price, product placement, and advertising (Kotler et al 2009). It is necessary for a firm to identify a certain group of consumers who will use its product, as it is impossible to service every consumer. Regarding location, we must examine the region target to determine whether the organization will make items for local or worldwide usage, as well as the means to transport the goods to the appropriate locations on time (Malhotra 2002).
The price paid should be reasonable in a way that is both enticing to consumers and reasonable for the business, so that the cost and profits of the given product are balanced. Every company must employ promotional activities such as advertising to enlighten their clients. They provide comprehensive descriptions of the product's features, availability, and costs. Additionally, they assist with beautiful packaging to entice buyers.
Adopting an entirely new method to comprehend marketing, which is built on the concept of value exchange. It is essential for every producer to comprehend the market at all times (Paul 2004). This is accomplished effectively through marketing management (Glazer 1991). The marketing manager should develop tactics that are heavily influenced by the company's culture, size, and the overall industry.
For a marketing strategy to be effective, objectives must be defined (Bradley 2007). The market analysis consists of an analysis of the company, consumers, rivals, and industry background. Keeping this in mind, the marketer will be able to establish the necessary methods that will assist the organization in accomplishing its goals. In dealing with consumer analysis, we will be able to determine the customer's needs and location (Charles et al 1986pp. 149-198).
The marketer may result in the segmentation of the market. This is a classification of consumers according to their behavior, geography, needs, and benefit. This will be crucial since the organization will be able to accommodate the needs of every customer. This will also ensure that the business leaves no room for competition. On the company analysis section, examiners concentrate mostly on the company's costs and those of its competitors; this notion is known as cost leadership.
Consequently, the marketer focuses on the revenue, the numerous resources employed, and the manufacturing line. To ensure their continued existence on the market, they should be cost leaders in every respect, with production costs that do not exceed revenues (Day 1980).
Customers should be charged appropriate prices, and costs should be minimized at the point of production (Bradley 2007). Customers will be retained by providing acceptable prices, and the quality given should be commensurate with the prices charged. In the analysis of competitors, the marketer should concentrate on product distinction. This will comprise a SWOT analysis in which its strengths and weaknesses relative to its competitors will be evaluated (Paul, 2004). This will allow the organization to assess how to address its flaws and capitalize on its strengths. In addition, the organization will be able to identify the opportunities for improvement and the dangers it is likely to face.
As a result of the investigation, they will be prepared to deal with any threat they may encounter on the market. Through product differentiation, a corporation is able to meet a variety of consumer wants. This may consist of sizes or pricing (Charles et al 1986pp. 149-198). There are clients who like enormous quantities, as well as those who prefer little or medium quantities. With this information, the market analysis business will be able to match the customer's needs. The market analysis will result in adequate planning for the execution of various tasks. The organization will be in a position to attain its aim as a result of the numerous tactics and careful planning.
Depending on the individual, there may be an infinite number of elements that influence a consumer's choice. As a marketer, however, we prioritize the internal, external, and marketing variables depicted in the figure below.
Regardless of the situation, consumers are the most vital members of the organization. The company's decisions should always be made with the consumer in mind. For a successful business, companies should prioritize strong customer relationships. This will mostly address the prices, quantities, and availability of the goods (Lieberman 2003). The corporation should prioritize providing high-quality goods that provide the necessary service to consumers. On the subject of pricing, acceptable prices should be charged and exorbitant prices should never be used to abuse consumers. The business must ensure that it receives consumer feedback and, if applicable, incorporate it into its product development (Kotler et al 2009).
This objective can be accomplished by incorporating product differentiation into production. Product-based differentiation will be able to include nearly every consumer on the production schedule. As in our case, sunglasses will be created in a variety of sizes, qualities, and costs to fulfill the needs of various demographics. Therefore, they should also be able to understand consumer behavior so that they can create a product that is suitable for the day-to-day activities of consumers (Glazer 1991). It is a well-known tourist destination in Australia, has a large beach, and participates in numerous activities such as ice skating.
Therefore, when creating a hub, one should consider how eyewear might improve the lives of people when they are engaged in activities (Day 1980). In a market analysis, it will be determined whether the product would improve or worsen people's lives. In accordance with the company's mission, the consumer's conduct influences the company's success. Therefore, the corporation should treat their customers as kings, as they cannot exist without them. They must earn their trust in order to maintain them (Kinnear & Root 1988).
Advised Marketing Research
In marketing, the objective is to satisfy the demands of the consumer. This is accomplished by applying the 4Ps (product, pricing, promotion, and place or distribution) to meet the market objective (Day 1980). Certain requirements must be met if an organization is to achieve its stated aims and objectives. Initially, such a business must identify its target market. The company must then evaluate the available marketing opportunity.
A company's marketing tactics should also be intended to facilitate the achievement of its objectives. In addition, the planning process for marketing initiatives should aid management in implementing the best marketing decisions.
Before implementing the plan to make eyeglasses with built-in cameras, we are concerned with the first two phases in our situation. Initially, we must assess the marketing potential. In this stage, the company will be able to define the nature of the market and identify the specific clients to target (Lieberman, 2003). There is also an evaluation of how consumers will react to the debut of the new product.
The environment is also evaluated to see whether the product has a high possibility of survival (Kotler et al 2009). Additionally, the company's resources are evaluated to ensure that they are sufficient to sustain the output. Identifying the market sector and selecting the target audience is the second step. This will aid in concentrating on a certain market sector, hence enhancing the product's overall economic performance. This will be able to understand the numerous techniques to employ.
This is where the organization will identify the specific market segments that can consume the goods. In addition to tourists, astronauts, and criminal detectives, the hub where the company sells the eyewear is also frequented by other members of the general public. Tourists will gain from the production of built-in cameras since they will be able to capture images without needing a separate camera (Dickson and James 1987). The same will be true for assonance; they will be able to shoot many photographs in the area with ease. In the security sector, particularly for police officers and detectives, taking a picture at a crime scene will be simple and yield more precise findings. This is represented in the following table:
Market segmentation groups
Tourists Mountain climbers, athletes, ice skaters, and others
Assonance Moonbound astronauts
Policemen, criminal investigators, and a government official are investigators.
others Children, students, instructors, politicians, actors, and several others
Australia is a well-known tourism location, thus the hub company will target the majority of travelers. This will generate a substantial demand for the eyewear. This can only be accomplished if the product's superiority over competing sunglasses is effectively communicated through robust promotional efforts. One of the advantages is that they will not need to carry a camera to take pictures. In addition to protecting the eyes, the sunglasses may also be used to shoot images. Therefore, purchasing them will be advantageous and cost-saving. The corporation should alter the style of the sunglasses and make them more appealing to tourists in order to increase sales. Since visitors purchase everything as long as it is appealing, regardless of price.
After conducting the necessary market study, the corporation should concentrate on advertising, distribution, and pricing for its products. To achieve the desired sales volume, the corporation must announce the launch of the new product. This will be accomplished through advertising and gift methods. Also, since the product primarily targets both local and foreign tourists, they may fund films that will be viewed both domestically and globally.
Consequently, the will alert the public about the availability of such a product. The price will also be an issue to consider, as the company must charge appropriate prices that do not exploit the buyer and are profitable for the business (Paul 2004).
The location or method of distribution should be optimal for the customer; the product should be made available in convenient locations. Some of these products may be placed in curio shops, which are frequented by the majority of tourists. These stores could also be set near the entrances of national parks and at several other strategic locations where travelers can access them with ease. With good marketing management, the company will identify the target audience that is in a position to set the price and, in consideration of its competitors, will manufacture products that will appeal to all market participants. They will be capable of cost leadership in terms of pricing, market segmentation, and product differentiation.
Having knowledge of the buyer's behavior and opinions, the company will be able to determine if creating the specific product will be beneficial and, if there are any obstacles, how to overcome them (Malhotra 2002). The corporation should consider the issue of product mix, in which the numerous eyewear produced should vary in size and quality to satisfy different demographics. In situations when they will have to sell outside of the organization, the methods of delivery must be efficient to minimize damage, and they must also prioritize good punctuality to avoid delays.
Therefore, marketing is a business activity aimed to plan the product's price, distribution, and promotion. Without competent marketing management, the organization may not be able to achieve its goals or achieve its sales goals.
Appropriate market research must be conducted. This will be of great assistance in the product's pricing, advertising, and distribution. Marketing research identifies a company's market-related strengths, opportunities, weaknesses, and threats and prepares it to capitalize on these opportunities to improve its service or product. In every action, customers should be handled with care to guarantee that their ideas are incorporated into the creation of the product and that their wants are addressed upon consumption. Keeping this in mind, the organization will be able to achieve its objectives effectively.
Bradley, Nigel, 2007, Tools & Techniques for Marketing Research. Oxford University Press is located in Oxford.
Charles M Judd, Richard Jessor, and John E Donovan, "Structural equation models and personality," published in 1986. Research Journal of Personality Volume 54, Issue 1: 149-198 pages.
Day, G., 1980, Strategic Market Analysis: Top-down and bottom-up techniques, Marketing Science Institute Working Paper #80-105, Cambridge, Massachusetts.
Peter R. Dickson and James L. Ginter published Market Segmentation, Product Differentiation, and Marketing Strategy in 1987. Journal of Marketing, Volume 51, Number 2, Pages 1 to 10.
Glazer, Rashi. "Marketing in an Information-Intensive Environment: Strategic Implications of Knowledge as an Asset." Journal of Marketing, Upper Saddle River, NJ, 1991, pp. 1–19.
American Marketing Association published 1988 Survey of Marketing Research by Thomas C. Kinnear and Ann R. Root in Chicago in 1988.
2009, Principles of Marketing, Fourth Edition, Pearson Education, Sydney, Australia. Kotler, P., S. Adam, S. Denize, and G. Armstrong.
Lieberman, Michael, 2003, A lovely segmentation, Quirk's Marketing Research Review.
Malhotra, Naresha K., Basic Marketing Research: A Decision-Making Approach, Prentice Hall, Upper Saddle River, NJ, 2002.
Chris, Paul, 2004, Know this: marketing basics, know this media. Chicago. Prentice Hall. Web.
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