Thio Eyecare is an Australian bulk-billed Medicare eye care organisation that offers comprehensive eye care services using the latest diagnostic technologies. The mission of the organisation is to offer the best services for the people. The strategy of the company is to deliver people with the best quality spectacle frames and lenses at affordable prices (Thioeyecare.com.au, 2018). In addition to this, the company helps the people to define their personal beauty and to perceive beauty in the world. The service of the company includes regular check-up of the eye, examining the causes for drying of eyes, myopic controls, vision therapy using the latest available technologies.
Based on the strategies used by the company the marketing plan will outline the internal and external environment in which Thio Eye care presently operates, by undertaking a thorough analysis of the organisation’s new eye care products (Thioeyecare.com.au, 2018). Therefore, through this outlined analysis and objectives, the strategies for the company will be suggested to develop the organisation’s marketing plan.
In this firstly, a situation analysis will be conducted evaluating internal as well as external factors of the company with an in-depth competitor and customer analysis for the organisation. In doing so, the new and existing eye care products and services will be examined with the help of various tools such as BCG matric, Ansoff analysis, and brand positioning method along with product lifecycle analysis. Therefore, from these findings, the marketing objectives will be elucidated and marketing mix strategies will be suggested.
The focus of the brand life cycle analysis for Thio eye care will be conducted as a whole to demonstrate the existing pattern of sales of services within the existing marketing position of the company. In this context, the most significant change within the organisation may be due to the impact of the natural environment that plays a huge role for the industry provided with green movement by motivating the customers by helping them to choose more efficient, self-sustainable eye care products (Lovelock & Patterson, 2015). However, the energy sources used such as oil may have a high impact on the environment. Therefore, threats from the fines and increase in the cost of raw materials may impact on the business. On the contrary, the launch of carbon taxation may affect the future profits of specs savers. This may hamper the production and growth of the company as well as its movement towards strategic segmentation and establishment of efficiency in business. The current eye care products such as spectacles and lenses with an older design may go through a decline in their product lifecycle in the existing marketing trends (De Mooij, 2018).
However, the eye care industry is in a stage of growth as more and more people prefer eye care products for the wellbeing of their health. According to Armstrong et al., (2015), there is a constant rise in competitors resulting in price rivalry. Competitors such as spec aver Luxottica south pacific holdings and many other emerging players within the market. These entire organisations are offering affordable optical services and eyewear products through online and offline stores (West, Ford & Ibrahim, 2015).
The BCG matrix categorises the products in relation to the significant cash generation and the amount of cash that is needed to support the product while taking in to account the market growth percentage and the comparative market. In this, the products are classified into sources of income, dogs, stars and question marks. The figure of the BCG matrix represents the position on the matrix that the new eyewear products while considering the relative position of the major competitors. This type of evaluation will help Thio eye care services to effectively apply the resources for securing the competitive positions for future (Proctor, 2014).
As the major product for Thio eye care, contact lenses check-up and spectacle frames treatment is at the cash cow and star segment may also slightly overcasts the source of income segment. This is because the product is the existing market leaders that have developed and high market share where the extra growth of profit is prevalent. However, additional cash may be needed to manage the position in the growing eye care market specifically for the brand awareness over the new emerging market (Banerjee, 2017). As a result of which Thio eye care’s position may continue to invest in this product as a prioritised one.
As stated by Chernev (2018) another product within the BCG matric shows as having a high potential is spectacle lenses and regular eye care check that is world’s largest eyewear service provisions that focuses on offering customizes service in different regions. Therefore, as the other product within the star quadrant is added, this emerging market is turning more and more aware of the advantages of the efficient and longer-range option for power. In order to motivate the growth of the product, these products require potential investment by putting the range in front of the target market through additional promotions such as attending eyewear products shows throughout Australia. Both OPSM & Laubman and Pank are placed within the question mark segment representing the high potential of growth for the product in an emerging stage of the product lifecycle (David, David & David, 2017). Therefore, the market for eye care products is substantially growing and continuing to develop their investment that is necessary for creating awareness of the brand; however, the strategies of marketing will consist of identifying the niche market classification such as personalized service, high-end luxury service, and online services.
The two products that are recognized as dog Myopia control and dry eye treatment. These are the emerging market in Australia as a result of which sales might be a bit backwards with the little number of sales that may not be supported by the producer leading to the loss of eye care products (Foxall, 2014). However, as they are increasingly trying to pick up the trend, both these companies may have very little future as per prediction and the decision is needed to make to harvest these by reducing any additional marketing. This could also be done by sequentially passing both brands from the product portfolio offered by the organization.
Objectives
Marketing objectives are laid down by considering the commercial objectives, organisational objectives of the company while taking in to note the strengths, and weakness of the internal resources and the opportunities along with the challenges of the external factors present within the environment. Therefore, from the result of the analysis carried out above the following marketing goals have been stated for Thio Eyecare:
The department of marketing needs to increase the sales of the new eye care products including spectacle lenses, contact lenses with the existing developing market with a rate of 10% by the end of the year 2017/18 financial year.
The marketing and department of sales are needed to increase the margin of sales for all the new eye care services and products along with their use of latest technology by 10% in their existing and developing markets by the end of 2017/18.
The company is needed to develop and enhance their awareness of brand for the existing products in the new markers and promote the trails for the products by almost 13% at the end of the year 2017/18 of the financial year.
To enhance and develop the products of eye care to improve the satisfaction of the customer by almost 20% by the end of the year 2017/18.
Ansoff’s marketing matrix
Ansoff’s four major factors are associated with the products and markets for offering the company in order to conceptualise the marketing objectives and planning. In this context, the BCG matrix revealed that the four products, which Thio eye care solution needs to invest, is the eye care diagnosis, vision therapy, contact lenses, spectacle frames and eye care provision. The two start products are best appropriate to be emphasised on the markets for increasing the volume of sales of the present markets. These activities could be done by focusing more on the awareness of the brand and by sharing; the stories from the existing owners of the product and emphasising the social and after-sales benefits about the purchasing from Thio eye care (refer to appendix 3).
According to Liebl (2018), the products in the question mark section, vision therapy and regular eye check-up using the latest technology in the glasses required development in the market. These because this is the new concepts, which require development in the emerging market that is needed to be encouraged by the target eye products sellers by converting non-users of regular eye care products into users (refer to appendix 1).
As Thio Eye-care is a seller of eye care and luxury goods, the products sold by them are not enough to leverage the entire positioning of the market. Other factors such as after sales assistance and quality manufacturing are important selling points for these types of products. The current reality shows that the quality of the services, products are not able to ensure the success of the company, and the other service-based organisation. As seen from the study that the major product of the Thio Eye cares is surrounded by competitors with high performance and same levels of confronting. This shows that the company needs to focus on the differentiation and strategy of brand loyalty that can be done by focusing on the distinctive advantages around the tangible characteristics of the core eye care products (Kipnis & Broderick, 2017). Purchasing these products will include, excellent sales of after sales assistance with the style and status of the Australian made eye care products, which will be able to create a point of difference that is needed to be used in promotions. The other services provided by Thio Eye care services are seen to places in various markets recommending different methods of promotions that are a necessity to generate the return on investment to the niche market.
Although Thio eye care has several kinds of products including eye care services. Therefore, the emphasis of the product life cycle analysis will be the new eye care product and services integrated with latest technology represented by the organisation, since this is the subject of commercial objective and marketing goals.
The new eye care products delivered by Thio eye care are considered to be the combination of introductory stages and new developed brands and in the developing stage of the main products such as lenses, spectacle frames and eye acre diagnosis using latest technology. Inclusion of branded frames and lenses requires heavy promotional activities for informing the educated customers by focusing on the generation of word of mouth and publicly promote the brand. However, the two new eye care products with the traditional design are going through stage of decline at the time of current marketing trends.
As stated by Scott, Green & Fairley (2016), the eye care and optical industry is in a stage of growth as more, more people are starting to learn about the products, and they have started using the products increasingly. Due to this, there are constant competitors in the market that are allowing the productions of eye care products and distribution in different markets.
This provision is a high benefit for the company and one that is needed to be promoted and communicated to the employees. In this context, McDonald et al., (2015) state that major role of branding is accomplishing sustainable competitive benefits within the market, that Thio eye care can achieve from its complementary and quality new eye care products and through after division of sales.
In terms of brand positioning within the industry, Thio Eye care is needed to position the techniques that will help them in aligning with the marketing objectives in terms of the growing consumer involvement and popularity thereby managing the brand identity and awareness and by developing the new market for the customers. Since the organisation presently operates within a highly competitive environment wherein the service delivered is synonymous (Pettigrew et al., 2015). Therefore, Thio Eye care will be needed to position the brand beyond the service with the addition of international brands that are offered for giving a competitive advantage to the company (refer to appendix 2).
However, in order to make a differentiating effort the company, present brand identity need to be successfully sustained for the long-term relationships with the customer’s through their operations. According to Naumann, Lay-Hwa Bowden & Gabbott (2017), the physical store and inner environment of the company may have a significant and long-lasting impression on the customer. The company can behave in a committed provided with adequate equipment’s that would help to meet the needs of the customer.
Therefore, Thio Eye care can use the positioning of the organisation through the family umbrella branding strategy that involves the use of the same brand name used for various services. This will help the company to enhance and improve the efficiency of the marketing program (West, Ford & Ibrahim, 2015). Through the provision of differentiating service and additional incentives to the service by including the Thio care promotional and packaging, they will be able to obtain credibility and visibility of the brand with an already developed popularity and increased generating of profit.
Product strategy
For promoting their products, the target market for the company will be the existing market and the emerging markets in Australia including children, male and females. In this context, they will be required to reduce the marketing spend on the brands that is to be gathered while re assigning the dollars in to the products recognised with more potential.
The Thio Eye care company is required to create and develop their products integrating it with latest technology that suit the market in Australia thereby creating value. In this regards, they are required to attract increase number of clients by adding value to the core products offered with development locally to suit the international market (Mohsin & Lengler, 2015). For instance, they need add branded products such Gucci, Prada and bring latest technological implementation in their products,
The company is required to distinguish their product from the similarly positioned competitors within the market by focusing more on after sales assistance and optical club community. They need to target the existing market in Australia. In this context, the company is required to emphasise on quality and on providing value added service other than competition with price with the rivals (Pettigrew et al., 2015). In addition to this, they need ensure the sales team of the company has effective knowledge about the product to satisfy the query made by the consumers.
They are required to target the eye products and service users including children, teenagers who prefers branded eye spectacles and adult population by introducing those new frames and lenses. They need to approach the developing market in Australia by offering a chance to test the eye with a new concept of regular eye check-up. They need to obtain technical advice in the form of presentations (Paley, 2017). They need to conducts events on eye care and eye care solution programs in different malls, websites, and social media sites to generate awareness.
The adoptions of marketing objectives and strategies cannot be accomplished until a thorough process in setting up into place to leverage the company progress on a regular basis to amend correction for ensuring that the plan is on the appropriate track. The objectives set in this context are smart objectives, which are specific, measurable, accomplishable, realistic and time-constrained that allows a framework to set the standards of performance. However, implementation of strategies will be required for training and consistent updates for ensuring that all the employees are progressing towards the proper track (Mohsin & Lengler, 2015). In this context, marketing control involves either with the establishment of result oriented financial management or the evaluation of financial control that impacts on the performance, this framework will be put in to place for measuring the return on investments and success of the strategies that are proposed.
The main metrics of the success that is proposed within the stages of the marketing plan will be the growing amount of eyewear products and services for the generation of profit margin in total. The department of finance will be set in charge for these measurements with the reports to be generated like product loss measurements on each of the products. It is required to deal with the profit and loss of the local appointing options as well (Abratt & Bendixen, 2018). Therefore this products will be compared with the strategies and goals with made correction wherever necessity. As stated by Naumann et al., (2017), the market funds will also be needed to be supervised through a monthly provision of Budget in comparison to the original fiscal reports thereby ensuring the over expenditure of the department.
Questionnaires for the handover purpose is needed to be laid down in place for measuring the qualitative points that include the questions of brand consciousness like the reason for purchasing the products, the psychology for buying the product and the other grand’s they are considering. In addition to this media, coverage will also be evaluated with the continuous scanning of all the platforms for reproduction of press release and technical articles that will be promoted by the organisation (Paley, 2017). They will be needed to take clippings of newspapers and magazines to regular feed the websites with scanned articles of the products. In addition to this, they will regular marinating blogs that will mention the organisation’s online activities without taking too much time. The success of the strategies such as regular trials, informative events and programs and test products will be evaluated by the rate of attendance of the customers for each one.
Conclusion
Therefore, the overall situational analysis of the company shows that Thio eye care has to develop internal resources accessible to them with an exclusion of proper human resource employees that are required to be worked upon by the. The external analysis shows that the company’s existing market leaders have high influence and are close behind due to the impact of legal and tax factors. The customer analysis of the company is able to determine the potential market and the major competitors of the company. Therefore, from the marketing strategies deduced from the Thio Eye care company, the existing situation analysis can be taken in to account in terms of theory threats and weakness as well as strengths for successfully obtaining each of the marketing goals for increasing their market profit. This will also help in sustainable growth that will help the company emerge and sustain the long bonding with the customers provided with a competitive advantage.
References
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