Discuss about the Marketing Plan To Promote The Ray Ban Sun Glasses.
The report structure states the marketing plan to promote the ray ban sun glasses of Ferrari Scuderia collection. The product is currently in invented in the market which needs to know about the market conditions to create an identified position in the target market. Further, the report analyzes the SWOT analysis of the ray ban along with its competitor’s analysis so as to know the specifications of the products and the competitors who are prevailing in the market. Further, the plan defines the mission and objectives for the products. Strategies (marketing mix) and implementation plan are defined so as to articulate the objectives (Armstrong, et. al., 2015). Lastly, the report discusses the implementation and control plan initiated by the organization to govern the growth process. Details of the marketing plan by Ferrari ray ban are discussed below:
SWOT analysis refers to the product analysis which discusses the strengths, weakness, opportunities, and threats of the product in the target market. Further details are discussed below:
Strengths: the biggest strengths to the product invented by Ferrari are that it is product under the brand name of two renowned companies that is Ferrari and Ray Ban. Both the companies are prevailing on the peak of its target market due to which goodwill is created in the mind of customers. With this process people start to trust on the new product of the company, initiating sale of the product in the organization. Apart from that, keeping the image of the company intact the company also focuses on providing quality products so that their brand image is sustained in the market (Cooper, 2013).
Weakness: Ferrari Scuderia and Ray-Ban both provide a premium brand product in the market. The arrangement of both the company creates a premium brand product to offer in the market. This can act as a weakness for the company as both the companies will involve their personal profit in the manufacturing of the product, due to which the price of the product in the market will rise. Resulting to which only a few people will afford the branded product from the market. Although the fact is known that Ferrari ray ban is a premium brand product but it should be approachable by the people present in the target market. Thus, it can act as a weakness of the product (Eusebio, 2017).
Opportunities: it refers to the chances which if the company will gain then it can achieve advantage in the target market. The advantage to the Ferrari ray ban product can be that, as they provide product differentiation due to which interested people who wish to buy original UV rays protection product can purchase this product in the market. As both the companies have identified the image in the target market, resulting in which people will trust on the product and buy the product. This can act as an opportunity to the company to gain the competitive edge in global business (Finne, & Grönroos, 2017).
Threats: the presence of many competitors in the target market of the product can act as a threat for Ray-ban Ferrari edition products. The fact that shall be taken into account is that there are already competitors of the company present in the market, who are existing in the market since a long time, so the product might take time to create its position in the market. to compete with such highly efficient the company needs to create product as well as price differentiation in the market, then people will get attracted to initiate the sale of the product in the market (Goyal, 2017). Oakley, Mauji Jim etc. are some of the competitors of the product prevailing in the market.
As discussed earlier are the two major brands prevailing in the market which is holding a major share of sales of the total market. Talking about Oakley, the company produces products which are mainly known for their stylish features and ray ban produces more of classic features. As both the brand’s ray ban are of same company Luxottica, so will not become difficult for ray ban to flourish their Ferrari edition in the Australian market (Kumari, n.d). Apart from that, the company currently is exceeding their market share if compared to Oakley.
As it is known that the company ray ban is present in the market since 1937, so the main aim of the company is already fulfilled till date; that is to flourish them in the current target market. Further, the company produces its products with a mission to maximize the satisfaction level of customers by providing them efficient products which protect their eyes from UV rays.
Also, the company aims to generate diversity in their products by manufacturing Ferrari edition products in the market. The aim of Ferrari edition products is to provide the customers high-quality class experience to the customers of the company (Hoang, 2016).
As the Luxottica has created new ray ban products, so with the initiation of such product the marketing objective of the company for initial six months are described below:
Further, the financial objective of the company with the ray ban product is discussed below:
The marketing mix is a tool which helps the company to market their product by looking at its specifications. It helps the company to gain adequate knowledge about the product so that they can advertise their product accordingly. Further, the marketing mix of Ferrari Scuderia glasses Ray-Ban is discussed below:
Product: the ray ban products of Ferrari edition are UV protection sunglasses. The quality of the product is premium which satisfies the wants of the customers. The product is a unique mirror aerodynamic design product which only aims to maximize the customer’s satisfaction. The specialty of this product is that it is designed with the idea of Scuderia Ferrari with the manufacturing process of ray ban, initiating qualities of both the companies. Apart from that, the Ferrari edition provides premium classic quality product having guarantee in it. The guarantee helps the customers to build the trust of the product leading the customers to initiate sales (O’guinn, et.al., 2014).
Price: the company uses skimming techniques to decide the price of the product, as the company builds its image in the market through product differentiation, thus technique is best suited for the company to compete in the market. Apart from that the company the company initiates same price strategy which shows that no product flexibility is adopted by the company. Also, as the company is a premium brand product so they provide high prices so that the price can satisfy the quality of the product. Also, the company aims to provide rebate to the customers who buy the product in bulk (Ryan, 2016).
Place: it refers to the place where the product is available in the market. As it is known that ray ban is a brand whose products are highly circulated in the target market. So as the company is already holding its outlets in the market, thus it shall be taken in accounts that Ferrari edition ray ban would also channel itself through same sources of Ray Ban Company present in the market. Also, the company has intensive distribution strategies in its business due to which most of the companies will hold this product in the market. Thus, the customers would not face difficulty in finding the product in the market. This will create brand image of the product in the target market.
Promotion: promotion refers to the techniques with help of which the company communicates their product in the target market. Being manufactured and sponsored under the name of such companies which are already renewed in the target market so the product does not need enough promotion in the market. But the mode through which the company shall communicate the product to the prospective customers is through social media applications and online websites of the company. They shall post the detailed specification of the product on the website, by looking at which people will get attracted and buy the product (Scott, 2015).
To circulate the product in the market the company initiated the digital marketing communication plan with the aid of which they socialized their product to the prospective people who will actually buy the product. Ray-ban shall initiate a campaign for their new Ferrari edition product, with this effect people will get to know about the new product introduced by the company. Further, they shall post all the specification of the product on their social media page (Facebook, Instagram etc.); then only people will get attracted toward the product and initiate sale. Also, they shall provide discount to customers on purchase through online mode (Vigneron, & Johnson, 2017).
In order to take into actions the objectives which the company decided for the product, ray ban implement the following activities in their business:
In order to implement the plan; the company shall firstly optimize the resources required for the product and circulate the adequate marketing plan in the management so that the employees of the company properly promote the business process. In addition it the management shall also control the marketing plan scrutinizing and examining the current results with the assumed objectives of the company. They shall identify the deviation and aim to remove them for the efficient growth of the organization. For implementation of control process, the manager shall compare the actual growth with the expected growth of the company and then control shall be measured accordingly (Scott, 2015).
Conclusion
Thus in the limelight of above-mentioned events, the fact that shall be noted is that the ray ban Ferrari edition products have a great scope to flourish themselves in the current target market, the company just need implementation plan which can focus on the growth and minimize the upcoming risks of the company.
References
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Cooper, R. G. (2013). New products: What separates the winners from the losers and what drives success. PDMA handbook of new product development, 3-34.
Eusebio, R. (2017). Marketing II. Marketing, 2018.
Finne, Å., & Grönroos, C. (2017). Communication-in-use: customer-integrated marketing communication. European Journal of Marketing, 51(3), 445-463.
Goyal, L. (2017). Leading Digital Strategy: Driving Business Growth through Effective E-commerce. Vikalpa, 42(2), 128-130.
Hoang, T. (2016). Integrated marketing communication plan for “beyond the cover” season 6: A Book Cover Design Contest.
Key, T. M., & Czaplewski, A. J. (2017). Upstream social marketing strategy: An integrated marketing communications approach. Business Horizons, 60(3), 325-333.
Kumari, D. P.(n.d.) Change in Consumer’s Choices From Past To Presents. Social Sciences International Research Journal ISSN, 2395-0544.
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O’guinn, T., Allen, C., Semenik, R., & Scheinbaum, A. C. (2014). Advertising and integrated brand promotion. Nelson Education.
O’guinn). Satisfaction and Dissatisfaction: Formulating Digital Marketing Strategy for Online Faith-Based Education. Journal of Academic Administration in Higher Education, 12(2), 21-25.
Ryan, D. (2016). Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers.
Scott, D. M. (2015). The new rules of marketing and PR: How to use social media, online video, mobile applications, blogs, news releases, and viral marketing to reach buyers directly. John Wiley & Sons.
Solomon, M. R. (2014). Consumer behavior: Buying, having, and being (Vol. 10). Upper Saddle River, NJ: Prentice Hall.
Tiago, M. T. P. M. B., & Veríssimo, J. M. C. (2014). Digital marketing and social media: Why bother?. Business Horizons, 57(6), 703-708.
Vigneron, F., & Johnson, L. W. (2017). Measuring perceptions of brand luxury. In Advances in Luxury Brand Management (pp. 199-234). Palgrave Macmillan, Cham.
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