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Oakley Marketing Plan
Transcript of Oakley Marketing Plan
Official data from 2015 demonstrates a weekly wage growth of 0.2% in the last quarter, which has generated the fastest pay increase since 2012
Oakley's Marketing Plan
Oakley, Inc. is a sport and lifestyle brand, driven to ignite the imagination through the fusion of art and science.
Building our legacy of innovative, market-leading optical & SMART technology, we aim to continue manufacturing and distributing high performance sunglasses, prescription lenses and frames, goggles, apparel, footwear, and accessories.
Morgan Stanley analysts estimated last month that shipments of wearable devices would grow to 248 million units in 2017 from 6 million in 2013, more than double industry estimates.
Positive financial indicators suggest that potential for retail market growth is on the rise. GDP growth in the euro area has had the highest significant upraise in the last three years and exponentially fast rising in just the last two months from 51.4% to 52.2%
Inflation rate of 0.5% drives to cheaper commodities, a fact which, according to research, encourages consumers to spend more on clothing and accessories.
In UK, two in five adults are determined to improve their lifestyle. Research indicates that the percentage has risen to 44% of women and 47% 16-24 year old
Slopetracker report indicates participation at UK slopes and centers with a 12% increase year on year. The year on year comparison for this period was again robust with an 11% increase between 2013 and 2014.
We have the competitive edge due to:
Our primary focus on extreme sportswear technology
Vast resources allocated to our R&D department makes us the market leader
One of our main competitors include an American company Marchon Eyewear Inc. Their activities include selling eyewear under their own brand, also manufacturing and distributing on behalf of 20 designers and brand names Including:
Customer Target Profile
Using the ACORN classification, our target customer has been identified as;
Young athletes and professionals aged 15-40
Middle to high disposable income - $100,000 +
Lifestyle: eye wear targets single men and women
Prescription eye wear targets younger, professional married couples
Research and Development
Oakley became part of the parent company Luxottica in 2007. Luxottica's DNA is a mix of in house cutting edge R&D and exponentially growing distinctive know hows which coincides with Oakley's and this makes them the perfect pair.
Generating sales of over $7bn in 2014, Luxottica allocates vast resources for its R&D department.
1). Congruent with Luxottica's objectives, Oakley is planning to increase sales of up to 30% within 3 years.
2).Introduce the smart helmet technology by Q1 2016
Product Development - Introduce our new product - The O's (Swimming Goggles)
Expansion - Increase the number of stores within the UK
Increase sales of up to 30% within 3 years
Market Penetration - Entering into the swimming industry with our new product.
Introduce the smart helmet technology by Q1 2016
Approach F1 industry through existing partnership with Ferrari
Expand throughout all of the motor racing industry
Introduce the Oakley smart helmet in snow sports (Lowering entry barrier due to existing strong market presence)
Differentiation Strategy (Porter's)
Marketing Strategy Continued
Oakley's ability to deliver high-quality products or services.
Effective sales and marketing, so that the market understands the benefits offered by the differentiated offerings.
Good research, development and innovation.
Product - Smart Helmets & Goggles
Price - Premium Pricing
Place - Globally, UK for stores
Promotion - Celebrity Endorsments, F1 Exhibitions & Major sporting events.
New products include New F1 Helment with heads up displays that shows the drivers the status of the race and condition of the car. Image below depicts the idea.
Premium pricing strategy will be adopted for the helmet due to the complexity that goes in to making the helmet and the features provided
Due to no virtual competion at the present time, this enable us to charge a high premium price.
Estimated Price: £2,000 - £3,500
Technology to invest in:
• Casio Solar (partnership)
Felipe Massa our endorsement for Ferrari.
Ferrari Driver – Existing partnership with Ferrari
Involved in severe head accident
Top F1 driver
Media, Social Networking Websites, Exhibitions
Luxottica reported an 18% increase in profit for 2014 to €643 million ($719 million).
Investment required for our venture is 20 million Euros.
Marketing & Advertising – 1.5 million
R&D – 7 million
Manufacturing & Distribution – 6.5 million
Contingency fund – 5 million
Oakley is a major manufacturer of sports equipment
The brand is now a subsidiary of Luxottica Group, one of the many sunglasses brands manufactured and sold by the company
It has many well recognised sportspersons representing the brand
Investment required enough??
Opening stores in the major cities of the UK
Promoting our new products globally
We will be utilizing many media such as Social Networking sites and TV media.
We will also be using endorsements to promote our products