Discuss About The Business To Business Competitive Marketing?
The business plan states the marketing analysis of the Ray Ban product of Ferrari edition. The Scuderia Ferrari collection of Ray ban glasses is the new product invented by the company Ran Ban. In this report the SWOT analysis of the product is displayed which show the chance, advantages and weakness of the product to place them in the market. Further it also provides competitor analysis along with marketing and financial objectives of the product to fulfill. The mission states the objective of the company in the target market. Apart from that the report also identified the marketing mix of the product which helps the company to know about the specifications of the product (Vigneron, & Johnson, 2017). Lastly implementation and control process of management is decided to assist the mission of the company. Further details of the plan are discussed below:
It refers to the advantages and disadvantages which can either assist or decrease the growth of the company. Further the SWOT analysis of Ray Ban F1 edition is discussed below:
Strengths: the forte of the product is that it is a classic collection of ray Ban Company. Being made under the name of both the renowned company, it will get easier for the product to capitalize the market. As Ray Ban and Ferrari are on its peak in their particular target markets, so this acts as an advantage to the company for the sale of their product. Strength of the product is its specialized classic designed collection, this initiates the customers to purchase the product firstly due to the product design and secondly due to the brand image (Scott, 2015).
Weakness: Ferrari and Ray ban both companies sell premium brand product in the market. also the company Ferrari Scuderia sponsors ray ban goggles with a view to earn profit from the product manufactured, due to which both the companies will include their profit margin in the product. This arrangement will lead to increase in price of the product. Although it is known that F1 collection is itself a premium product, still the price of the product shall be affordable by all. But only few people in the target market can’t afford this collection which acts as a drawback for the company (Ryan, 2016).
Opportunities: opportunities are chances which the company and products receives with the use of which they gain capitalization in their market. The benefits of Ray Ban are that they provide differentiated products in the market with UV protection glasses in them. Now a day’s people look for classic collection which secures the eyes of people from harmful rays and this product helps them in protecting their eyes. So, this feature of the product acts as opportunities by the use of which they can grow in the competitive market. Also, if customers like the quality of the product then they will create goodwill of the product in the market through which sales will increase (Armstrong, et. al., 2015).
Threats: this product is currently invented in the market, o there are already many competitors of the product existing in the market. So, in order to increase the sales the product firstly need to settle itself in the market by creating product differentiation. It can act as a threat for the company to cut the competition and initiate sustainable working of its business (Suh, 2014).
The major competitor of the F1 collection of Ferrari is Oakley. Although Oakley and ray ban comes in the same parent group which is Luxottica, there is a cut throat competition between the products. After ray ban Oakley is the second best company prevailing in the market, it holds a major market share. Oakley produces stylish eyewear, due to which ray ban somehow saves itself as the stream which ray ban follow is classic collection and Oakley manufactures fashionable glasses (Bull, et. al., 2016).
Ray ban was introduced in the year 1837, since then it is the aim of the company to flourish the market with their products. The company aims to achieve sustainability by selling differentiated products in the market. For F1 collection, the mission of the company is to provide comfortability to the customers by selling classic collection with UV protection sunglasses. The company also aims to provide high-ended premium quality products in the market. By looking at the market data it can be said that the aim of sustainability of ray ban is fulfilled in the market but, they aim higher to reach at every corner of the world and provide them such services (Hou, Wu, & Du, 2017).
Marketing and financial objective
At the beginning of the product every company aims for some objectives which they need to fulfill in upcoming certain time period. Further the six monthly marketing and financial objective for the ray ban Ferrari collection products are discussed below:
- Create product differentiation and place the product on the peak in the market.
- Upsurge the customer base.
- Increase their area of providing services by the way of opening outlets at different places.
- Being a newly introduced product in the market, the main financial aim of the company is create sustainability of the product in the target market.
- Reduce the cost of production and increase profit margin.
- Initiate repetitive sales.
So, the above mentioned are the six monthly goals which the company aspires t fulfill with the help of marketing plan (Cezar, & Raghunathan, 2016).
Marketing mix a part of marketing plan which helps the company to gather information about the product, its best price, the place in which it shall be situated and the mode of promotion through which company shall circulate information about the product. Further the marketing mix of the ray ban F1 collection is discussed below:
Product: being manufactured under the name of companies like Ferrari and ray ban, no person can doubt on the quality of the product. Further talking about the pacification of the product, it is a classic collection of ray ban with UV protection Glasses in them. The design of the product has unique mirror acrodynamic design which assist people comfort along with style. The additional specialty of the product is that it is design with the view of Ferrari and manufactured by ray ban, so the quality of both the companies are included in it. Also the product comes under the guarantee period which helps the customers to build trust on the product and the company as well (Journeault, De Ronge, & Henri, 2016).
Price: Ray ban uses price skimming techniques to decide the prices of the product which shall be offered in the market. Price skimming refers to techniques of selling the product at a prices which enables the company to gain higher return in the market. Only the skimmed customers shall buy this product as the prices are kept high by the company. also the company enjoys the first mover advantage, as the product ad technique used in the market is new due to which the company can quote any price of the product according to their on which buyers shall purchase the product (Stone, 2016).
Place: it refers to the availability of the product in the market. As it is known, that both the companies Ferrari and ray ban have their outlets at different parts of the world due to which it will get easy for the product to place them in the market. The F1 collection of ray would also channel itself through same medium from which ray ban channelize their other products in the market. Further as the company wishes to increase the market share, so with the introduction this product in the market, ray ban can setup their outlets at different places as well. So, lastly it can be said that they product will not find it difficult to place itself in the market as Ferrari and ray ban are already holding a major market share (Signori, & Flint, 2016).
Promotion: it refers to the mode through which the company promotes it product in the market. In order to introduce a new product in the market, the first thing which a company needs to do is communicate adequate information about the product in the market. So, the company shall promote this product through social media websites. As most of the people now make purchase through online websites, so it is considered as the best means through which the company shall promote their product in the market. They shall communicate and circulate the information of the product through their websites as well so that all prospective people get to know about the new product development made by the company (Baker, & Saren, 2016).
Digital Marketing Communication Plan
To spread the product in the market, the company needs to circulate adequate information about the product in the market. For that purpose as discussed earlier, the company initiates to use digital media for promoting the product in the target market. They shall inform people regarding the specification of the product through emails, messages etc. Apart from that they shall initiate drone technology to introduce the product in the target market. Digital communication in today’s world is necessary as it helps the company to communicate with mass at a same time (Guzm?n, & Davis, 2017).
Action plan to achieve objective
Following actions shall be taken into process to fulfill the marketing and financial objectives of the product.
- The company shall implement differentiation in their product so that repeated sales are made by the customer. This will also reduce the competition which will automatically affect the sale of the company positively.
- Customer base of the company can be only increased in the company by providing quality products and services to the customers of the company. Thus, the management shall strictly following the quality parameter so as to increase the customer base.
- For setting up outlets in other places, the company shall firstly improve the sales to the level of that new stores are required in the market. Adding to it, they shall also setup their outlet at the places where the product is highly demanded in the market (LUCCHETTA, 2016).
- Sustainability is one of the important aspects of the company which shall be maintained and followed by all. The company shall work in such a way that sustainable future of the product is maintained in the market.
- Efficient usage of resources shall be made so that cost of production decrees and profit margin increases.
- Repetitive sales are one of the biggest factors of growth of a company. It helps the product to gain the competitive edge in the market. Repetitive sales happen only when the customer gets satisfied with the quality of the product. So the company shall develop genuine quality product to initiate repetitive sales (Mosca, & Giacosa, 2016).
Implementation and control of plan
The company shall implement the plan in such a way that it provides benefits to both the companies along with the customers. They shall initiate form a marketing plan for the management which shall be strict followed by al the employee of the company. Assisting to it the manager shall scrutinize the activities of the employees initiated in the market. Further new recruits shall be hired which shall provide ideas to the company better optimization resources and creating better sales. So in this way the marketing plan shall be implemented in the organization to achieve sustainability along with better sales (Sarkar, & Sarkar, 2016).
In order to control the managerial activities of the management, it is the duty of the manager to inspect and scrutinize the activities of the management. Further control can be initiated in the management by giving adequate authority and responsibility in the management. With this the employees of the company will become accountable towards fulfillment of their duties resulting to which control will get initiated in the management. The management shall make plans and execute them, at the end of the plan they shall retrospect the outcomes with the planned outcome. Deviation shall be identified and control measures shall be implementing to resolve the issue (Baker, & Saren, 2016).
Thus, in the limelight of above mentioned events the fact that shall be noticed is that the company ray bay is a highly efficient company constantly growing in the global market. Further, the new product introduced in the market shall be promoted though social media websites so as to increase the sales of the company.
Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction. Pearson Education.
Baker, M. J., & Saren, M. (Eds.). (2016). Marketing theory: a student text. Sage.
Bull, J. W., Jobstvogt, N., B?hnke-Henrichs, A., Mascarenhas, A., Sitas, N., Baulcomb, C., ... & Carter-Silk, E. (2016). Strengths, weaknesses, opportunities and threats: A SWOT analysis of the ecosystem services framework. Ecosystem services, 17, 99-111.
Cezar, A., & Raghunathan, S. (2016, June). Competitive Mobile Marketing and its Impact on the Mobile Eco System. In ECIS (p. ResearchPaper10).
Guzm?n, F., & Davis, D. F. (2017). The impact of corporate social responsibility on brand equity: consumer responses to two types of fit. Journal of Product and Brand Management. researchgate. net/publication/309202831.
Hou, R., Wu, J., & Du, H. S. (2017). Customer social network affects marketing strategy: A simulation analysis based on competitive diffusion model. Physica A: Statistical Mechanics and its Applications, 469, 644-653.
Journeault, M., De Ronge, Y., & Henri, J. F. (2016). Levers of eco-control and competitive environmental strategy. The British Accounting Review, 48(3), 316-340.
LUCCHETTA, G. (2016). Logistics service optimization. The case of Luxottica.
Mosca, F., & Giacosa, E. (2016). Old and New Distribution Channels in the Luxury Sector. In Global Marketing Strategies for the Promotion of Luxury Goods (pp. 220-243). IGI Global.
Ryan, D. (2016). Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers.
Sarkar, A., & Sarkar, J. G. (2016). Devoted to you my love: Brand devotion amongst young consumers in emerging Indian market. Asia Pacific Journal of Marketing and Logistics, 28(2), 180-197.
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.
Signori, P., & Flint, D. J. (2016). Digital marketing innovations and their role in service ecosystems, the exchange of value and social impact. Tiziana Russo-Spenaand Cristina Mele, 259.
Stone, M. (2016). Business to business competitive marketing: Practice and literature. Journal of Customer Behaviour, 15(1), 3-14.
Suh, J. (2014). Theory and reality of integrated rice–duck farming in Asian developing countries: A systematic review and SWOT analysis. Agricultural systems, 125, 74-81.
Vigneron, F., & Johnson, L. W. (2017). Measuring perceptions of brand luxury. In Advances in Luxury Brand Management (pp. 199-234). Palgrave Macmillan, Cham.