The stakeholders have chosen the name World Wide Vision. The name should connect the global character of the company, especially the possibility of world-wide delivery, with opticianbusiness.
Until today, the name has not been trademarked and nobody has secured the rights. Before the business goes online, the name and URL have to be legally protected.
1. NAME OF THE COMPANY 3
2. VISION AND GOALS 3
A. SHORT-TERM GOALS 3
B. MEDIUM-TERM GOALS 4
C. LONG-TERM GOALS 4
3. TARGET GROUP 4
4. COMPETITION AND MARKET ENVIRONMENT 5
5. PRODUCT POLICY 6
A. DESIGNER FRAMES 7
B. SUNGLASSES 7
C. OTHERS (LATER) 7
6. PRICE POLICY 8
7. PLACEMENT ON THE MARKET 8
8. PROMOTION POLICY 8
A. PR AND VIRAL MARKETING CAMPAIGN 9
B. ONLINE MARKETING 9
C. OFFLINE MARKETING 9
D. STRATEGIC COOPERATION’S 10
9. WEBSITE AND CORPORATE DESIGN 10
10. LIST OF LITERATURE 11
Table of Contents
1. NAME OF THE COMPANY
2. VISION AND GOALS
A. SHORT-TERM GOALS
B. MEDIUM-TERM GOALS
C. LONG-TERM GOALS
3. TARGET GROUP
4. COMPETITION AND MARKET ENVIRONMENT
5. PRODUCT POLICY
A. DESIGNER FRAMES
B. SUNGLASSES
C. OTHERS (LATER)
6. PRICE POLICY
7. PLACEMENT ON THE MARKET
8. PROMOTION POLICY
A. PR AND VIRAL MARKETING CAMPAIGN
B. ONLINE MARKETING
C. OFFLINE MARKETING
D. STRATEGIC COOPERATION’S
9. WEBSITE AND CORPORATE DESIGN
10. LIST OF LITERATURE
Objectives and Topics
The primary objective of this business plan is to outline the strategic marketing foundation for "World Wide Vision" (WWV), aiming to establish the company as the leading European online optician in the premium eyewear sector. The plan focuses on leveraging cost advantages and high-quality service to capture market share from traditional high-street opticians.
- Strategic market positioning and competitive analysis
- Customer-centric product policy and unique service offerings
- Comprehensive promotional strategy, including PR and viral marketing
- Operational roadmap for international expansion and scaling
- Corporate design and digital infrastructure development
Excerpt from the Book
4. Competition and market environment
According to the branch report of the Opticians Association the accumulated branch turnover in 2008 was 3.88 billion Euro. There has been continuous growth in the branch. Reasons for this are: the demographic change in industrial countries showing that the people are getting older, people today are more fashion-conscious and are investing in second or third pairs of glasses.
Even if the economic environment in Germany gets difficult and the consumer behavior is decreasing, the branch still reports an increase of its turnover of 3,2 percent.
There are several trends apparent on the market: the number of organic glasses (polycarbonate) rose by 3.5 percent. This trend is caused by new technological developments creating higher refraction-rates and aspheric glasses. The share of multifocal glasses rose on 31.7 percent.
One of the big advantages in Germany is that customers don’t need a prescription to buy glasses. Even if people get a prescription from the ophthalmologist, the share of turnover especially with statutory health insurance companies is marginal. This is different in other EU countries and it has to be considered when WWV plans to expand on new markets.
There are already several competitors on the market. We differentiate the competitors in 3 groups:
Highstreet opticians: These opticians have a very local focus, they are often present in high streets or shopping malls. They have a limited capital base and are often owned by self-employed opticians. In practice they are often very expensive because of a lack of synergetic effects which are used by chains, the very high rent for shops in this locations, low buying power and the high storage costs. Usually these opticians have a delivery time of 7-10 working days.
Summary of Chapters
1. NAME OF THE COMPANY: Discusses the branding rationale behind "World Wide Vision" and the necessity of legal trademark and domain protection.
2. VISION AND GOALS: Outlines the short-, medium-, and long-term milestones to become the European market leader in online premium eyewear.
3. TARGET GROUP: Defines the core audience, initially focusing on the 18-40 age demographic in Germany before expanding to broader categories.
4. COMPETITION AND MARKET ENVIRONMENT: Analyzes industry trends and categorizes competitors into high-street opticians, chains, and online rivals.
5. PRODUCT POLICY: Details the focus on designer frames and the implementation of a 48-hour emergency service as a unique selling proposition.
6. PRICE POLICY: Explains the cost-leadership strategy enabled by online-only operations and economies of scale.
7. PLACEMENT ON THE MARKET: Addresses the challenges of regional expansion and the necessity of tailoring strategies to specific European markets.
8. PROMOTION POLICY: Describes the four-pillar promotion strategy, utilizing PR, viral, online, and offline marketing channels.
9. WEBSITE AND CORPORATE DESIGN: Emphasizes the need for professional, externally developed corporate design tailored to specific user demographics.
10. LIST OF LITERATURE: Provides the academic and industry sources used to support the marketing strategy.
Keywords
World Wide Vision, Business Plan, Marketing, Online Optician, E-commerce, Eyewear, Premium Sector, Competitive Strategy, Pricing Policy, Promotion, Customer Retention, Corporate Design, Market Expansion, 3D Tool, Designer Frames.
Frequently Asked Questions
What is the fundamental purpose of this business plan?
This plan serves as a strategic roadmap for "World Wide Vision," an online-only eyewear venture, detailing how it will enter the market, compete with existing retailers, and achieve European market leadership.
What are the central themes of this document?
The document covers market analysis, branding, product differentiation, pricing strategies, and multi-channel promotional tactics tailored for the online eyewear industry.
What is the primary goal of the company?
The main goal is to become the leading European online optician in the premium quality sector within 5 to 10 years by offering superior service and competitive pricing.
Which scientific or analytical methods are used?
The author employs Porter’s generic strategies for competitive positioning and incorporates industry reports from the Opticians Association to validate market trends.
What is covered in the main body of the text?
The main body systematically explores the company's structure, the competitive landscape, specific product policies, and the marketing mix required to scale the business.
Which keywords define this work?
Key terms include E-commerce, Online Optician, Competitive Strategy, Pricing Policy, Market Expansion, and Corporate Design.
How does WWV differentiate itself from competitors?
WWV differentiates itself through a unique 48-hour emergency replacement service, a 3D visualization tool, and significantly lower prices compared to high-street opticians due to reduced overhead costs.
Why is the 3D tool considered a crucial part of the marketing strategy?
The 3D tool addresses a primary weakness of online eyewear retail by allowing customers to preview how frames look on their faces, thereby building trust and reducing return rates.
How does the company plan to manage international expansion?
Expansion will be approached in a step-by-step manner, starting with the German market, followed by other EU countries after adapting the marketing strategy to local legal requirements and consumer habits.
What is the significance of the "glasses subscription model"?
The subscription model is designed to ensure long-term customer retention by allowing clients to update their eyewear every two years for a recurring fee.
- Quote paper
- Dipl. Kaufmann, MBA Tobias Bandt (Author), 2010, Businessplan Online Optiker, Munich, GRIN Verlag, https://www.grin.com/document/167217
