Ray ban swot_analysis
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Ray-Ban sunglasses were created in 1937 and originally made for pilots protection. In 1999, Bausch & Lomb sold Ray-Ban to Luxottica Group for $1.2 billion. Ray-Ban offers a variety of styles from different decades with Aviators and Wayfarers as top sellers. A S.W.O.T. analysis shows Ray-Ban's strengths are its long-standing brand recognition and quality, while weaknesses include high cost. Opportunities exist in brand expansion and awareness of protective lenses, while threats include cheaper imitation sunglasses and economic downturns reducing luxury purchases. The target market is men and women aged 18-34 who value active lifestyles and individual self-expression
Ray ban swot_analysis
- 2. Historical Context Ray-Ban sunglasses were first introduced by Bausch & Lomb in 1937 In 1999, Bausch & Lomb sold the Ray-Ban brand to the Italian Luxottica Group for 1.2 billion dollars Originally created for protection purposes for pilots and were quickly adopted by the U.S. Army They now offer a variety of bright colors and styles reminiscent of all decades Aviators and Wayfarers are Ray-Bans best sellers
- 3. S.W.O.T analysis Strengths Opportunities -Long standing and well established -Raise awareness about the importance of the brand protective lenses -High quality and durable -Chance for brand extension and expansion -Provide numerous styles and many -Emphasize Ray-Ban as a brand that values color options individuality and self expression -Many of the sunglasses are gender -To create valuable partnerships with other brands neutral with similar messages and target audiences -Appeals to many generations ex: tie up with Royal Enfield -Promise 100% anti reflective lenses -Campaigns such as Never Hide and Define yourself which protect eyes against harmful rays Weaknesses Threats -Costly product -In hard economic times, people buy less designer -Exclusivity of distribution channels products -Consumer brand loyalty to other sunglasses brands -Many stores sell cheaper versions of Ray-Ban inspired sunglasses -May be seen as a trend that will die out
- 4. Target Market Demogeographic Primary target is men and women between the ages of 18 and 34, who have enough discretionary income to purchase their product In terms of ethnicity, their target market encompasses White, African, American and Asian populations Targets people who live in areas that are often exposed to sun and wear sunglasses often Psychographic (values, attitudes, lifestyles i.e. VALS) Women and men in their target market share common qualities that make them important prospective buyers Often make purchases to reflect their values, attitudes and lifestyles Target is comprised of adults who value an active lifestyle and strive for success Behavioristic Target market puts a strong emphasis on individuality and self expression Majority of the target market is employed either part or full time but still has time for leisure whether it is with friends, family or co-workers
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