More handpicked essays just for you.
Principles of strategic planning essay
Essence of strategic planning
Developing Marketing Strategies and plans
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Warby Parker
Marketing plan summary
1. Background: Company mission, overview
The eyewear industry is controlled by a single monopoly company and prices of eyeglasses have been set abnormally high. So Warby Parker was founded in February 2010 to create a better choice.
Warby parker design, manufacture glasses themselves and provide trendy, higher quality prescription eyewear directly to customers at a much lower price. They believe that customers should be feeling happy with their good-looking and pay less. Warby Parker goal is:
“to offer designer eyewear at a revolutionary price, while leading the way for socially conscious businesses”
Warby parker design, manufacture glasses themselves and provide trendy, higher quality prescription
…show more content…
In 2010 there were 53.8 million searches about eyeglasses, 70.9 million searches about sunglasses. Customers who bought eyeglasses online were satisfied 90.4%. (48.1% excellent, 42.3% good).
60% of US consumers discover new brands or product through social media, 59 percent use social media to learn about unfamiliar brands or products, 46% are strongly influenced in their purchase decisions by opinions in social media 39% refer to social media before making purchase decisions.
Warby Parker is a quite small penetrating brand in a big eyewear market. However it has shown a rapid growth, especially through their online sale. Between 2010-2011, Warby Parker grew 500% without spending much on marketing. Their $100,000 of investment, brings more than 20,000 customer return
Warby Parker has huge and potential competitors online as well offline. For an example, Doctors Valu Visual and Wal-Mart Vision Center, Zenni Optical and Coastal Contacts. Luxottica is a monopoly eyewear firm in US. Their gross profit is $6 billion selling 75 million pairs of glasses through at its retail stores and as a wholesale channel. They can offer:
● affordable price
● convenient location
● online virtual try on
● wide variety brand
…show more content…
You can find almost any glasses you want in the market, like well known big brand glasses, or glasses with reasonable price, or several pairs for cheap price in online as well as in stores. But the question is can you find prescription glasses with good quality, good price and plus fashionable? Even though competition is very high, Warby Parker has strong competitive advantage. Warby Parker design differentiate from others by its unique vintage style, color specifically tailored for urban young generation. Also Warby Parker can offer a cheap price for good quality eyeglasses, because they manufacture eyeglasses themselves and there is no middle man cost. It is true that purchasing eyeglasses online is difficult, can’t have same feeling like holding it on the hand. Warby Parker have stores and showroom now. Also customers can pick up five favorite frames online. Warby Parks will ship them for free to try on at home. When customer make decision, they have to attach glass prescription. A week later the designer quality glass is ready for 95$. Warby parker the only one carbon-neutral and stakeholder centric brand. Therefore Warby Parker Competitive advantage is following.
Fashion product + Cheap price + Informed decision = Happy good looking 4.3. Positioning statement:
For eyewear consumers, Warby Parker is the best at offering designer eyeglasses with lowest price among all eyewear retailers because Warby Parker
People are often deceived by some famous brands, which they will buy as useless commodities to feel they are distinctive. People require brands to experience the feeling of being special. People spend their money to have something from famous brands, like a bag from Coach or Louis Vuitton which they think they need, yet all that is just people’s wants. Steve McKevitt claims that people give more thought on features or brands when they need to buy a product, “It might even be the case that you do need a phone to carry out your work and a car to get around in, but what brand it is and, to a large extent, what features it has are really just want” (McKevitt, 145), which that means people care about brands more than their needs. Having shoes from Louis Vuitton or shoes that cost $30 it is designed for the same use.
Vistakon should target 1-Day Acuvue to the part-time user segment (use lenses <5 days per week); these customers do not use contacts daily so would be less cost-sensitive. Furthermore, these individuals may not wear contacts daily due to discomfort or other ocular symptoms so may be willing to pay more for a high-quality lens. Also, these consumers are not specifically catered to at this time so Vistakon could gain new consumers in addition to minimizing cannibalization from other Vistakon products. 1-Day Acuvue may also appeal to contact lens dropouts (18% of eyeglass wearers), as it provides a more comfortable option that is low commitment.
Offering special products is marked under strengths and opportunity; however, long term sustainability must ease the weaknesses and threats posed by competitors and external markets forces. However, they are several other strengths of this company that outweigh the weaknesses but can easily be threatened. Lululemon has a great brand equity and knowledge in the market which has helped them development a customer loyalty. While Lululemon’s strengths is challenging, limiting their products to a special market, with higher than normal prices opens the markets for competitors. Lululemon has several weaknesses, they only offer a specialty product and it mostly aimed to attract woman. The company’s profitability has decreased over the recent years, showing the necessity for Lululemon to sustain its economic growth through product diversification and geographical expansion. Many of their competitors have grown, mostly likely due to their global growth and divarication. If Lululemon would expand their market growth this would open up so much more opportunity for this company to grow. One of their weaknesses is there is the dependence on suppliers. This opens a great opportunity for Lululemon, right now they are heavily relying on suppliers around the world and they do not have their own manufacturing facilities. This is causing the company to spend more money of vendors to
As a citizen of America you have definitely seen a store owned by Gap Inc. such as stores like Old Navy, Gap, Banana Republic, Etc. These stores represent an ionic and proud American store since 1969 which has multiplied since they opened their first store in San Francisco. This marked the first of many stores that would open and take over America. Gap became an icon as it started to multiply as larger variety stores came about. Such stores as Old Navy taking over the lower budget gap clothing to Gap as a middle budget and on to Banana Republic which serves as a high profile high budget Gap Inc. store. Gap Inc. To the eyes of Don and Doris Fisher opening the first store was more than just selling jeans; it was to serve the people and to gain integrity. They also wanted to create a lasting impression to the consumers. This has become the mission statement for Gap Inc. and has stuck with them ever since they opened their first store. Gap has broadened their products from the jeans that Doris and Don could not fit and made to the countless of apparel items and accessories that they offer.
In 2002, CEO of Levi Strauss, Phil Marineau was faced with a tough decision: whether he should sell product at Wal-Mart. In the last five years, Levi-Strauss had lost sales and had to close US plants to move production to cheaper offshore areas. Levi's really needed to revive the brand image to gain back some lost sales and was using marketing to create new advertisements and product placement to broaden their target market. Levi's had tough competition on every level of the price-point spectrum, whether it be high end retailers like Diesel or Calvin Klein, middle vertically integrated retailers like Gap or American Eagles, and on the bottom, private-label brands like Wal-Mart and Target.
Wilson has started many retail companies, foundations and programs. His most known company is Lululemon Athletica, often referred to as Lululemon. Started in 1998, in 16 years the company has become the leading brand in yoga apparel. The business started because female participation in sports increased in those years. The first store was in Kitsilano. It is a small town in Vancouver where Wilson was born and brought up. Originally, Lululemon sold all women sports wear. After the some success, the company launched a subsidiary in 2001 called Fashion Active Lab. This company specialized in yoga clothing. The success of yoga clothing, created a new opportunity for Lululemon. In 2009, they started a new subsidiary called Ivivva Athletica. This company’s target market was girls ages 6 to 12. On July 27, 2007, Lululemon hit the NASDAQ market for public trading under the symbol LULU. On December 10, 2013 Wilson sa...
Up to 300 people a week are believed to be injured when glasses are used as weapons in pub brawls.” (BBC, News, Society, Health) So polycarbonate is definitely solving a big safety issue. Glass used in bars is not the only problem, imagine if all the products used by kids that are now made of polycarbonate would be made of glass. Can you even picture a baby’s bottle feeder made out of glass? That would be extremely dangerous. Also other products that are now made out of polycarbonate made it a lot safer for them, like eyeglasses or cups. The qualities of PC are superior to glass in many aspects. Some of them are that polycarbonate is lighter and thinner and it provides UV protection. PC also beats glass in the eyeglasses category. Glasses with polycarbonate lenses were introduced when lightweight, impact-resistant lenses were requested. They are more effective than the glass ones because they are less likely to fracture. An important quality about polycarbonate is that in some cases it changed the way people live and their opportunities. For example, it made working and other different activities more comfortable. Since PC eyeglasses were requested, they became the standard “safety glasses, sports goggles and children's eyewear.”
The original mission that Wilson set out for the brand was to "elevate the world from mediocrity to greatness.” This brand mission has been modified to "create components for people to live long, healthy, and fun lives." (Shayon, 2012)
Have you ever wondered about the invention of contact lenses or how they are made? Well if so, here’s some information that will make your train of thought stand still. This paper is about contact lenses, their history, and the impact the invention had on the world. Contact lenses are life-changing inventions and if they hadn’t been invented, life as you know it would be completely different, and so, in this paper you will read all about contact lenses, from when they were made to a few cool facts that may catch your attention.
Montgomery Ward is the name of two generally unique American retail ventures. It can allude either to the outdated mail request and retail chain retailer which worked between 1872 and 2000 or to the first name of the online retailer presently known as Wards. Industry specialists said Montgomery Ward, the 128-year-old retailer that as of late published its end, was the cause all its own problems and was unable to rival other immediate advertising monsters. After the organization affirmed the end of 250 stores and 10 conveyance focuses on Dec. 28, immediate advertising specialists and experts said they were not astounded when the end came. Montgomery Ward, which started list shopping, was described as having neglected to stay aware of the evolving times. It couldn't create a procedure to contend with new confronted organizations, for example, Target Corp, Wal-Mart Stores Inc. what's more other mid-range claim to fame stores that cut into its business.
"Trifocal Glasses Lenses,."Trifocal Lenses,. Eyeglass Lens Direct, 1 Jan. 2014. Web. 23 May 2014. .
The Gap was bound for success early on because the utility of its product mix (Etzel, Stanton, Walker, 2004) was perfect for a specific market segment. The Gap offered a classic line of khaki pants and cotton button-down shirts (p.200), perfect for the new "business-casual" look, and gained great bra...
...re chances of growth and development for the company which is clearly understood through the research done on the Ansoff’s matrix. P&G is much ahead of its competitors and has also won many honors in terms of offering quality and innovative products. The company’s products are also sold by wide variety of retailers around the world and also through many e stores that sells the product online. Finally the company has also got more expansion opportunities which is clearly understood through the Yips model of Internationalization. As the company continues to acquire international brands over the years and succeeds in offering quality and innovative based products to the people all over the world it tend to give a much better completion to its competitors and of course get a wider market share making its competitors give a tough time in the industry.
The classical Aviator Ray Ban sunglasses, which became famous when Tom Cruise wore them in the movie Top Gun, are considered the most famous sunglasses worldwide. Most people who purchase this specific model of sunglasses or for in-stance, a Michael Kors or Armani model tend not to be aware of that they are buying a Luxottica product. In fact, when you enter an optical shop to buy a new pair of glasses, there is a 70% probability that you will end up buying a Luxottica product.