Introduction
This is a protective ware designed to protect the eyes from high-intensity light. The outside sunlight may be damaging to the eyesight where health professionals advocate for eye protection especially from the ultraviolet light. Sunglasses are designed to serve a particular purpose. They are those designed to meet special needs such as used in space need protection against sun rays which are meant to be much stronger than the rays on the sun. In sports, they are also produced for swimmers and mountain climbers, and the ice skaters are designed in a way that protects the nose.
The sunglasses are not only used for protection but can also be used to avoid direct eye contact with people especially those used by the policemen, actors, and even the moaners. Due to these needs, various companies have come up to produce the sunglasses? Year after year they try to improve the quality produced to meet the needs of their customers. With the incorporation of world development, the various companies are in a position to meet the market preference.
This paper focuses on the Australian market where we have Sunglass Hut as the main retailer. The company stocks a variety of sunglasses varying with the customer’s needs. It has various outlets both the home market and the global market. With the recent study there arises the need to upgrade the sun glasses where it will produce sunglasses with a built camera. This paper will deal with the market analysis of the new make of the sunglasses, the factors to be considered and the impact it will have (Bradley 2007).
Industry Definition
The hut company in Australia was formed in 1971 and deals with various brands of sunglasses and frames. It has several storesaround2286 stores worldwide in Canada, North America, and many more. Sunglass hut offers several ranges of products which range from sports, special, fashion, and general-purpose sunglasses. These brands include Prada, ray-ban and Versace, Bolle, coach among other varieties. The company though it outshines the other competitors it has several which are upcoming. It specializes in prescription and nonprescription sunglasses. Through the large market coverage, it is like it has no major competitors.
The seconding competitors have fewer 25 stores to the comparison of it store that is around 1600. Therefore we may say though the competitors are trying to come up it may be difficult. The sunglass hub has various strategies to market its product. Various promotional activities are used a good example is where it sponsors movie actors, and in the process, the glasses are being advertised (Malhotra 2002). It also has advertising slogans such as “the future is so bright therefore people need to wear glasses to see better and remain focused”. Through these strategies, people are well informed and hence their sales values are always high each year.
With the global development, they are at had with the technology hence being in a position to a produced variety of sunglasses meeting the customers’ needs. Having a firm background it can employ a large number of employees hence meeting the required levels of production. Due to the upcoming competitors, the company will find producing this type of sunglasses to be one of the strategies to outshines remain to be the market leaders (Kinnear & Root 1988).
Understanding the market
Every market participant must be in a position to analyze the market. When we talk of market analysis we use various elements in the market the most common one is the 4P’s. These are the price product place and promotion (Kotler et al 2009). No business can be able to serve every consumer it needs to identify a certain group who will be using the product. In terms of place, we need to check the region target whether the company will produce products to use locally or internationally, and the means to use to get the goods to those places at the right time (Malhotra 2002).
The price charged should be reasonable in a way it will be appealing to the consumers and also reasonable to the company to ensure they are well balanced with the cost and the proceeds of the product offered. Promotional activities such as advertising must be used by every company as a means to inform the customers. They give detailed information of the qualities of the products, where to get them and the prices that are charged. They also help put attractive packaging as a way to attract consumers.
Adopting a completely different approach to understanding marketing and is predicated on the notion of value exchange. It is always important for every producer to understand the market (Paul 2004). This is well achieved through marketing management (Glazer 1991). The marketing manager should create strategies that are significantly based on the company’s culture, size, and the industry as a whole.
For an effective marketing strategy, there must be set objectives (Bradley 2007). The market analysis basically involves the company analysis, consumer analysis, competitors, and industry context analysis. Having this in mind the marketer will be in a position to set the required strategies which will be useful to the company in achieving the set objective. In dealing with consumer analysis we will be in a position to identify the customers’ requirements and the location (Charles et al 1986pp. 149-198).
The marketer may result in market segmentation. This is the breakdown of consumers into several groups relating to their behavior, location, needs, and benefit. This will be important since the company will be in a position to meet every consumer needfully. This will also ensure that the company does not leave room for its competitors. On the part of company analysis, the markers focus mostly on the cost of the company and that of the competitors that are the concept cost leadership.
Thus the marketer concentrates on the revenue, the various resources used, and the production line. In every aspect, they should be the cost leaders the cost of production should not exceed the revenue to enhance the future existence in the market (Day 1980).
They should charge reasonable prices to the customers hence on the put of production the costs should be minimized (Bradley 2007). By charging reasonable prices they will retain the customers and the quality provided should be reasonable for the prices charged. In competitors’ analysis, the marketer should focus on product differentiation. This will involve the SWOT analysis where it will check on the strengths and weaknesses compared to its competitors (Paul 2004. This will enable the company to check on how to deal with the weaknesses ad use the strengths to excel. The company will also be in a position to identify the opportunity that they can excel better and the threats they are likely to encounter.
Through the analysis, they will be prepared to handle any threat they will encounter in the market since they will be aware. In product differentiation, the company can produce different ranges of the consumer’s needs. This can be in form of sizes or prices (Charles et al 1986pp. 149-198). There those customers who prefer the large quantities, those in preference of the small or medium. All this through the market analysis company will be in a position to deal meet the customer’s requirement. Through the market analysis, there will be proper planning on how to carry out various activities. Through the various strategies and proper planning, the company will be in a position to achieve the company’s objective.
Consumer Behavior
Various factors influence a consumer’s decision-making, they may be limitless depending on the individual. But as a marketer, we concentrate on the key issues which are internal, external, and marketing factors as shown in the diagram below.
Consumers are the most important people in the company whatever the case. In any decision the company makes it should always have the consumers in mind. For a successive company, they should focus on good customer relationships. This mainly will deal with the prices, quantity, quantity, and availability of the product (Lieberman 2003). The company should focus on producing quality products that will give the consumer the required service. On the part of the price, reasonable prices should be charged and should in any case avoid consumer exploitation through charging high prices. The company should analyze to ensure that they get the consumer’s voice and if useful they can incorporate it in their product production (Kotler et al 2009).
This goal may be achieved where the aspect of product differentiation is incorporated in the production. Through product, differentiation will be in a position to incorporate almost every consumer in the production docket. Variety sunglasses will be produced like in our case varying in size, quality, and prices to meet the various classes of people. Therefore they should also be in a position to know the behavior of the consumers so that they can be in a position to make a product that can suit the consumers’ day to day’s activities (Glazer 1991).In Australia, it is a well-known tourist destination, has a wide beach, and is involved with various sports such as ice skating.
Hence when the hub is designing should have in mind how the sunglasses can improve the life of the people when they are involved in the activities (Day 1980). Will the product help improve the lives or make it worse all this will be answered in a market analysis? In the objective of the company the consumer strut the company depending on the behavior they portray. Therefore the company should treat their consumers as kings since without them they cannot operate there they need to win their credibility to retain them (Kinnear & Root 1988).
Recommended Marketing Research
In marketing it aims at satisfying the consumer’s needs this is done through having the 4P’s in mind which are product, price, promotion, and place or distribution which are applied to meet the market target Day 1980). If at all an organization is to succeed in its effort to realize its set goals and objectives, there are certain things that it must do. To start with, such a firm requires identifying the target market. Next, the firm requires assessing the available marketing opportunity.
The marketing strategies of a firm should also be designed in such a way as to enable the attainment of its set goals. Moreover, the process of planning for marketing programs should be to help the management to execute the best marketing decisions.
In our case, we are concerned with the first two stages before we implement the strategy to produce the sunglasses with inbuilt cameras. In the first stage, we must analyze the marketing opportunities. In his stage, the company will be in a position to define the market its nature and know the particular customers to target (Lieberman, 2003). There is also assessing the consumers in the way they will react towards the introduction of the new product.
The environment is also analyzed to find out if the product probability of survival is high (Kotler et al 2009). The company resources are also assessed to ensure they will be sufficient to support the production. The second stage is identifying the market segment and selecting the target group. This will help concentrate on a particular market segment which will enhance the achievement of the best overall economy on the product. This will be in a position to know the various strategies to use.
Market segmentation
This is where the company will identify the particular groups of people in the market that can consume the product. The hub where the company is selling the sunglasses has groups who are tourists, astronauts, criminal investigators, and other general public not covered in the groups. In producing the inbuilt cameras it will serve a benefit to the tourist where they will be in a position to take photographs with ease without the use of a camera (Dickson and James 1987). The same will be for assonance they will be in a position to take various pictures in the space with ease. In the security part especially the policemen and investigators they will be in a position to take a picture at the crime scene with easy and enhancing accurate results. This is illustrated in the table below:
The hub company will target most tourists since Australian is a well-known tourist destination. This will create a large market for the sunglasses. This will only be achieved when vigorous promotional activities inform of the product and the benefit it has over the other sunglasses. One of the benefits will be that they will not have to carry a camera to take photographs. The sunglasses will not only protect the eyes but also be in a position to take photos. Hence buying them will be a double benefit and cut on cost. The company should improve on the design of the sunglasses and be in a way it will attract or appeal to the tourists for them to buy. Since tourists buy anything so long as it is appealing no matter the cost.
Marketing strategies
Having conducted the required market analysis then the company should focus on the promotion, distribution, and price in the production. To reach the targeted sales one the company must inform of the new product launch. This will be through advertisements and also through gift modes. Also since the product mostly targets the tourist both domestic and international they may sponsor the movies which will be viewed both at home and internationally.
Hence the will be informative to the people of the availability of such a product. The price will also be the next factor to consider where they have to charge reasonable prices that will not oppress the buyer and at the same time will be of benefit to the company (Paul 2004).
The place or distribution should be efficient to the buyer; the product should be made available at convenient places. A good example is where they can put some of these products at curio shops where most tourists visit to purchase their products, the shops may also be located at the entry of national parks and so many other strategic points where the tourists can access with ease. With effective marketing management, the company will identify the target group that is in a position to fix the price and bearing in mind of its competitors will produce products that can suit every person in the market. They will be able to practice cost leadership in prices, market segmentation, and product differentiation.
Having the known buyer’s behavior and their views the company will be In a position to decide if it will be of any benefit to producing the specific product and if they are certain barriers it will be in a position to deal with them (Malhotra 2002). The company should put in mind the issue of product mix where the various sunglasses produced should range in size and have different qualities that will serve different groups. In where they will have to sell outside the company the means of transport should be efficient to prevent damage and they should also focus on the good timing to avoid delays.
Conclusion
Marketing is therefore a business activity designed to plan on the price, distribution, and promotion of the particular product. Without proper marketing management, the company may not be in a position to meet the set objectives or the target sales.
Proper market research should be done this will help a lot in the pricing promotion and distribution of the particular product. Marketing research helps identify the strengths opportunities weaknesses and threats that a company may encounter in the market and will prepare to use these chances to excel o improve the service or product offered In every activity the consumers should be well handled to ensure that their ideas are included in the making of the products and their needs are well met with the consumption of the product. Having this in mind the company will be in a position to achieve the goals effectively.
Reference list
Bradley, Nigel , 2007, Marketing Research. Tools and Techniques. Oxford University Press, Oxford.
Charles M Judd, Richard Jessor, John E Donovan 1986 Structural equation models and personality. Research Journal of Personality Volume 54, Issue 1, Pages: 149-198.
Day, G., 1980, Strategic Market Analysis: Top-down and bottom-up approaches, Working paper #80-105, Marketing Science Institute, Cambridge, Mass.
Dickson, Peter R. and James L. Ginter, 1987 Market Segmentation, Product Differentiation and Marketing Strategy. The Journal of Marketing, Vol. 51, No. 2, pp. 1-10.
Glazer, Rashi, 1991, “Marketing in an Information-Intensive Environment: Strategic Implications of Knowledge as an Asset”, Upper Saddle River, NJ: Journal of Marketing, p. 1–19.
Kinnear, Thomas C.; Root, Ann R. (1988), 1988 Survey of Marketing Research, Chicago: American Marketing Association.
Kotler, P., Adam, S., Denize, S and Armstrong, G, 2009, Principles of Marketing, 4th edition, Pearson Education, Sydney, Australia.
Lieberman, Michael, 2003, A beautiful segmentation, Quirk’s Marketing Research Review.
Malhotra, Naresha K., 2002, Basic Marketing Research: A Decision-Making Approach, Upper Saddle River, NJ: Prentice Hall.
Paul Chris, 2004, Know this: marketing basics, know this media. Chicago.Prentice Hall. Web.