This paper introduces a brief marketing plan for a company called Clear Vision. This company is bringing a new product to market and this represents the initial marketing plan that will introduce the product to consumers and eyewear professionals. The promotional strategy will primarily focus on selling to eye care professionals. Many customers look to their eye doctors for advice and earning the trust and respect of these important partners will be at the foundation of the network promotion.
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Company Background
Company Overview
Clear Vision is a premier manufacture of cutting edge personal vision solutions. The company's new breakthrough product, Liquid-Drop Contact Lenses, will create an entirely new niche in the eye care industry. The company is headquartered in the U.S. And manufactures their products domestically. The entire production facility is FDA approved and the company produces high quality goods that are all focused on the eye care industry. The company has been in business for over fifteen years and has experienced massive growth. The company's biggest drive of growth has been innovation and the company is looking forward to the launch of its next generation product to spring board the company's growth once again. The company is also anticipating getting its certification to begin tapping into the European market for foreign expansion.
Mission Statement
Clear Vision, Inc. will be the world's premier provider of contact lens goods and accessories. Our mission is providing value to people to help them see clearly while also making them as comfortable as possible.
Marketing Plan
Product Position Overview
The introduction of contact lens gave consumers and alternative to eye glasses. Liquid-Drop Contact Lenses will give consumers an alternative to traditional contact lens. They are significantly lighter and less dense than traditional lens and therefore give users a feeling of barely having a contact lens in at all. The superior wear-ability that the lens offers put them in a whole new category of eye care devices. Many customers can hardly tell that they are wearing anything at all. The technology that offers this performance is not inexpensive and the products demand a premium in the market place. Therefore the target market will consist of people who are in the market for the premium contact lens.
Potential Audience
It is often difficult to generate a report on the total market for contact lens. In recent years the total market size has stayed relatively constant with the U.S. market valued at approximately $2.4 billion at the manufacturer level in 2012. (Nichols, 2013). The market for contact lens has not grown in equal segments; rather the market for soft lens has grown faster than other segments. Furthermore, the latest economic downturn has made many customers consider various substitute products such as glasses so that they could save money. However, our target market will consist of the segment of potential consumer that are looking for quality and innovative designs so that they can be as comfortable as possible with their vision correcting lenses. The U.S. is slowly progressing through an economic recovery and the worldwide market is also predicted to grow 8.6% over the period 2012-2016 (Wood, 2013).
Entry into the European market would also be a prime target since their market is similar to the U.S. market and the same niche could be found there as well. The European market has a total growth rate of 9.69% of the 15-64 years old population wearing contact lens, the Nordic region (DE-FINO-SE) is leading the penetration ranking, ahead of new second, Switzerland (7.77%). Assuming 50% need vision correction, the Nordic region has an almost 20% penetration rate while the lowest is Germany (2.96%) (Euromcontact, 2009). There is also the possibility that a free-trade agreement may be signed in the future between these two economic powerhouses that would make trade much easier (Marshall, 2013)
Ps
Product
Liquid-Drop Contact Lenses are an innovative design that offers comfort and superior wearability.
Place
Liquid-Drop Contact Lenses will be position at the high end of the market of competing lenses. They will be marketed through a distribution network that sells eyewear and related products.
Price
Liquid-Drop Contact Lenses products will require a premium price for their innovative design and the manufacturing process that is needed to produce these lenses.
Promotion
The promotional strategy will primarily focus on selling to eye care professionals. Many customers look to their eye doctors for advice and earning the trust and respect of these important partners will be at the foundation of the network promotion. There will also be a national advertising campaign that will cover internet, tv, radio, and print media to launch the product to market.
Cs
Customers
The primary customers that will be targeted in the marketing plan are those that regularly seek eye care services from a licensed physician. The lens will only be sold with a prescription and therefore educating these individuals about the technological advantages of the product will be a key marketing solution. From this customer base, the target market will include those consumers who are on the higher end of the market in terms of their eye care spending.
Company
The company will have to align itself fully to the marketing campaign to ensure that it acts in a uniform fashion around the launch of its new product. The marketing campaign must be fully in sync with the company's operations so that it can promote itself in an accurate fashion and win brand loyalty.
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