MKTG1001- Marketing Fundamentals Assignment - Macquarie University

Assignment Task

Nature

This is an individual assessment task to be submitted in two separate submissions. The first submission(PART A) is due in Week 3, the second submission (PART B) is due in Week 6.

Instruction

Please note that a zero mark will be awarded for this assessment task if a student uses any company or product other than Dresden.

You are required to research this product and company and then prepare a report, to be submitted in two parts (Part A and Part B). The report will allow you to relate the theory taught in this course to marketing activities undertaken by the chosen company thereby providing evidence of ‘marketing in action.’

Your research must be as current as possible (from 2014 to 2021) and should come from sources such as articles, newspapers, magazines, websites, social media (e.g. consumer blogs), personal experience, etc. If you are not sure if the source of the evidence/ example is appropriate, please ask your teacher.

Background Information on the Business

The global eyewear market size was valued at USD $157.9 billion in 2021. It is expected to expand at a compound annual growth rate (CAGR) of 8.4% from 2022 to 2030 (Grand View Research, 2020). The changing lifestyle patterns and increasing adoption of accessories among millennials strongly favour market growth. Encouraged by the incredible product demand, the eyewear makers focus on developing attractive and affordable eyewear. They offer modern designs and patterns in response to ongoing fashion trends and to attract fashion enthusiasts. The continuous efforts of the leading market players to acquire new customers and retain existing ones are positively influencing the market statistics (Grand View Research, 2020).

The emergence of the COVID-19 pandemic has also positively impacted the market. As a result of the implementation of remote working models and online learning due to lockdown restrictions, people spent more time on smartphones, laptops, and desktops. The longer screen times urged consumers to spend on anti-fatigue and vision correction glasses, allowing the eyewear companies to increase the sales of their products (Fortune Business Insights, 2021).

The eyewear industry is dominated by a few major companies (Brandon, 2020). These major players have monopolised the global optical industry by owning the retail stores and manufacturing of the products creating an unfair competition and setting unreasonable benchmark for prices (Dresden Vision, n.d.). Eyewear has long been an extremely high margin business and it is estimated frames are usually marked up 10x — 25x from point of manufacture to point of sale (Maan, 2018). Thus, new eyewear start-up companies are on the rise offering quality products with affordable pricing to suit the needs of target markets who appreciate value for money.

Additionally, with the environment and the planet weighing more heavily on people’s minds, “sustainable retail” is on the rise, with consumers choosing to lean in more towards sustainable products. For the optical sector, this could serve as a stark warning – or an opportunity. The production, packaging and disposal of optical products waste are issues consumers will increasingly be concerned about, which can be transferred to practices, then ultimately suppliers and manufacturers (Bowman 2021).

In response to the need for more affordable and sustainable optical products, Dresden – the Sydney Based Start-up - began its mission in 2013 to make optical glasses more accessible, affordable, and environmentally friendly (Dresden Vision n.d.). Founded by Bruce Jeffreys and Jason McDermott in Australia, Dresden optical products are made from recycled and recyclable materials aimed towards offering sustainable products to their environmentally conscious customers.

In addition, through standardising their products, they have also managed to reduce production costs and then pass on the savings to their customers (Dresden Vision n.d.). By having only one design, Dresden can manufacture their glasses locally in Western Sydney with a zero-waste process (Brandon 2020). The single design helps keep costs low for those looking for affordable eyewear options (Brandon 2020).

“With Dresden, we actually just reinvented how glasses work into a modular system where everything is replaceable, and we put a lifetime warranty on the frame. So, if you break a pair of our glasses, you come in and we give you a new pair and you're on your way.” Jeffreys one of the founders explained in his interview with Westpac in 2018 (Toohill 2018). Dresden glasses aren't just colourful and sustainable, they're also durable and extremely lightweight (Brandon, 2020).

Report Requirements

In the current environment, Dresden want to continue expanding their operations in Australia.

You have been hired as an independent marketing consultant to help Dresden design a marketing plan to enable them to realise the opportunity the current environment presents.

Your role is to develop a 2-part marketing plan consisting of:

• Report (Part A): segmentation, targeting, differentiation and positioning strategies, and
• Report (Part B) : strategic recommendations to help Dresden achieve their objectives. The three (3) objectives of the 2-part marketing plan you are required to complete are to:

1. Identify a suitable target market of potential purchasers (individuals, not companies or businesses) for

2. Identify how Dresden is positioned within the

3. Develop an Integrated Marketing Communications strategy (IMC) using THREE (3) of the toolsfrom the Promotional Mix element (i.e., advertising, sales promotion, personal selling, public relations and/or direct and digital marketing) that will enable Dresden to increase

This MKTG1001 - Management has been solved by our PhD Experts at My Uni Paper.