Ray Ban Ferrari Edition Marketing Plan

This assignment presents a comprehensive marketing plan for Ray-Ban's Ferrari edition products. It delves into the target market analysis, assessing the demand and consumer preferences for these luxury sunglasses. The plan also examines the strengths, weaknesses, opportunities, and threats (SWOT) associated with launching this product line. It highlights key strategies to maximize brand visibility, promote product features, and navigate potential risks in the competitive eyewear market.

Running Head: Marketing Management and Digital Communications
Marketing Management and Digital Communications

Marketing Management and Digital Communications 1
Executive Summary
The current report analyzes the marketing plan of the ray ban sun glasses of Ferrari edition. Both
the companies with the partnership introduced this product in the market so as to initiate more
sales for the company. The repot analyses description of the product, objective of the copay and
implementation plan of the company in the target market. Further details about the product are
discussed below.

Marketing Management and Digital Communications 2
Contents
Executive Summary.....................................................................................................................................1
Introduction.................................................................................................................................................2
SWOT...........................................................................................................................................................2
Competitor Analysis....................................................................................................................................3
Mission........................................................................................................................................................3
Marketing and financial Objective...............................................................................................................3
Marketing Mix.............................................................................................................................................4
Digital marketing communication plan........................................................................................................5
Action plan to achieve objectives................................................................................................................5
Implementation and control of plan............................................................................................................6
Conclusion...................................................................................................................................................6
References...................................................................................................................................................7

Marketing Management and Digital Communications 3
Introduction
The report structure states the marketing plan to promote the ray ban sun glasses of Ferrari
Scuderia collection. The product is currently in invented in the market which needs to know
about the market conditions to create an identified position in the target market. Further, the
report analyzes the SWOT analysis of the ray ban along with its competitor's analysis so as to
know the specifications of the products and the competitors who are prevailing in the market.
Further, the plan defines the mission and objectives for the products. Strategies (marketing mix)
and implementation plan are defined so as to articulate the objectives (Armstrong, et. al., 2015).
Lastly, the report discusses the implementation and control plan initiated by the organization to
govern the growth process. Details of the marketing plan by Ferrari ray ban are discussed below:
SWOT
SWOT analysis refers to the product analysis which discusses the strengths, weakness,
opportunities, and threats of the product in the target market. Further details are discussed below:
Strengths: the biggest strengths to the product invented by Ferrari are that it is product under the
brand name of two renowned companies that is Ferrari and Ray Ban. Both the companies are
prevailing on the peak of its target market due to which goodwill is created in the mind of
customers. With this process people start to trust on the new product of the company, initiating
sale of the product in the organization. Apart from that, keeping the image of the company intact
the company also focuses on providing quality products so that their brand image is sustained in
the market (Cooper, 2013).

Marketing Management and Digital Communications 4
Weakness: Ferrari Scuderia and Ray-Ban both provide a premium brand product in the market.
The arrangement of both the company creates a premium brand product to offer in the market.
This can act as a weakness for the company as both the companies will involve their personal
profit in the manufacturing of the product, due to which the price of the product in the market
will rise. Resulting to which only a few people will afford the branded product from the market.
Although the fact is known that Ferrari ray ban is a premium brand product but it should be
approachable by the people present in the target market. Thus, it can act as a weakness of the
product (Eusebio, 2017).
Opportunities: it refers to the chances which if the company will gain then it can achieve
advantage in the target market. The advantage to the Ferrari ray ban product can be that, as they
provide product differentiation due to which interested people who wish to buy original UV rays
protection product can purchase this product in the market. As both the companies have
identified the image in the target market, resulting in which people will trust on the product and
buy the product. This can act as an opportunity to the company to gain the competitive edge in
global business (Finne, & Grönroos, 2017).
Threats: the presence of many competitors in the target market of the product can act as a threat
for Ray-ban Ferrari edition products. The fact that shall be taken into account is that there are
already competitors of the company present in the market, who are existing in the market since a
long time, so the product might take time to create its position in the market. to compete with
such highly efficient the company needs to create product as well as price differentiation in the
market, then people will get attracted to initiate the sale of the product in the market (Goyal,
2017). Oakley, Mauji Jim etc. are some of the competitors of the product prevailing in the
market.

Marketing Management and Digital Communications 5
Competitor Analysis
As discussed earlier are the two major brands prevailing in the market which is holding a major
share of sales of the total market. Talking about Oakley, the company produces products which
are mainly known for their stylish features and ray ban produces more of classic features. As
both the brand's ray ban are of same company Luxottica, so will not become difficult for ray ban
to flourish their Ferrari edition in the Australian market (Kumari, n.d). Apart from that, the
company currently is exceeding their market share if compared to Oakley.
Mission
As it is known that the company ray ban is present in the market since 1937, so the main aim of
the company is already fulfilled till date; that is to flourish them in the current target market.
Further, the company produces its products with a mission to maximize the satisfaction level of
customers by providing them efficient products which protect their eyes from UV rays.
Also, the company aims to generate diversity in their products by manufacturing Ferrari edition
products in the market. The aim of Ferrari edition products is to provide the customers high-
quality class experience to the customers of the company (Hoang, 2016).
Marketing and financial Objective
As the Luxottica has created new ray ban products, so with the initiation of such product the
marketing objective of the company for initial six months are described below:
 Place them in the top position in the market by cutting competition
 Increase the customer base by 5 %

Marketing Management and Digital Communications 6
 Setup outlets in areas where the company has scope to gain competence Key, &
Czaplewski, 2017).
Further, the financial objective of the company with the ray ban product is discussed below:
 As the product is new to the initial financial aim which the company's aims to create
sustainability of their product in the target market.
 Another financial objective of the company is that they aim to increase the revenue
growth of the company in monetary terms.
 Cut costs and increase the profits of the company is the third aim of the company which
they wishes to fulfill in the upcoming 6 months (Molinillo, et al., 2017).
Marketing Mix
The marketing mix is a tool which helps the company to market their product by looking at its
specifications. It helps the company to gain adequate knowledge about the product so that they
can advertise their product accordingly. Further, the marketing mix of Ferrari Scuderia glasses
Ray-Ban is discussed below:
Product: the ray ban products of Ferrari edition are UV protection sunglasses. The quality of the
product is premium which satisfies the wants of the customers. The product is a unique mirror
aerodynamic design product which only aims to maximize the customer's satisfaction. The
specialty of this product is that it is designed with the idea of Scuderia Ferrari with the
manufacturing process of ray ban, initiating qualities of both the companies. Apart from that, the
Ferrari edition provides premium classic quality product having guarantee in it. The guarantee

Marketing Management and Digital Communications 7
helps the customers to build the trust of the product leading the customers to initiate sales
(O'guinn, et.al., 2014).
Price: the company uses skimming techniques to decide the price of the product, as the company
builds its image in the market through product differentiation, thus technique is best suited for
the company to compete in the market. Apart from that the company the company initiates same
price strategy which shows that no product flexibility is adopted by the company. Also, as the
company is a premium brand product so they provide high prices so that the price can satisfy the
quality of the product. Also, the company aims to provide rebate to the customers who buy the
product in bulk (Ryan, 2016).
Place: it refers to the place where the product is available in the market. As it is known that ray
ban is a brand whose products are highly circulated in the target market. So as the company is
already holding its outlets in the market, thus it shall be taken in accounts that Ferrari edition ray
ban would also channel itself through same sources of Ray Ban Company present in the market.
Also, the company has intensive distribution strategies in its business due to which most of the
companies will hold this product in the market. Thus, the customers would not face difficulty in
finding the product in the market. This will create brand image of the product in the target
market.
Promotion: promotion refers to the techniques with help of which the company communicates
their product in the target market. Being manufactured and sponsored under the name of such
companies which are already renewed in the target market so the product does not need enough
promotion in the market. But the mode through which the company shall communicate the
product to the prospective customers is through social media applications and online websites of

Marketing Management and Digital Communications 8
the company. They shall post the detailed specification of the product on the website, by looking
at which people will get attracted and buy the product (Scott, 2015).
Digital marketing communication plan
To circulate the product in the market the company initiated the digital marketing
communication plan with the aid of which they socialized their product to the prospective people
who will actually buy the product. Ray-ban shall initiate a campaign for their new Ferrari edition
product, with this effect people will get to know about the new product introduced by the
company. Further, they shall post all the specification of the product on their social media page
(Facebook, Instagram etc.); then only people will get attracted toward the product and initiate
sale. Also, they shall provide discount to customers on purchase through online mode (Vigneron,
& Johnson, 2017).
Action plan to achieve objectives
In order to take into actions the objectives which the company decided for the product, ray ban
implement the following activities in their business:
 Initiate differentiated product so that people make a repeated sale and competition is
reduced. As the new product is new the sale can be only initiated if the customer likes the
product and services of the company so they shall ask for feedback from the customers.
 In order to increase the customer base, they shall initiate to create diversity in the product
which they are providing in the market.

Marketing Management and Digital Communications 9
 To setup outlets, they shall initiate market analysis and look for the place where the
product is highly sold. Further, they open their outlet at such place to provide addition in
sales (Tiago., & Veríssimo, 2014).
 Further sustainability of the product can be only achieved if they provide durability in its
working. So Ray ban glasses shall involve durability feature in them which means that
the glass shall not break on falling down. Also, the customer looks for this product due to
the UV protection coating, so the coating shall also provide benefit to the customer
otherwise sustainability will not work for the company.
 Revenue can be only achieved by the company if the company provides cost-efficient and
differentiated product in the market. Also, the company can increase the revenue to
focusing on their brand image in their market.
 The cost of manufacturing product shall be reduced. This will maximize the profit ratio
of the company. In order to implement this objective Ray Ban shall use reusable products
in their internal process; with this affect, the cost of production of glasses will reduce and
profit will automatically increase (Solomon, 2014).
Implementation and control of plan
In order to implement the plan; the company shall firstly optimize the resources required for the
product and circulate the adequate marketing plan in the management so that the employees of
the company properly promote the business process. In addition it the management shall also
control the marketing plan scrutinizing and examining the current results with the assumed
objectives of the company. They shall identify the deviation and aim to remove them for the
efficient growth of the organization. For implementation of control process, the manager shall

Marketing Management and Digital Communications 10
compare the actual growth with the expected growth of the company and then control shall be
measured accordingly (Scott, 2015).
Conclusion
Thus in the limelight of above-mentioned events, the fact that shall be noted is that the ray ban
Ferrari edition products have a great scope to flourish themselves in the current target market, the
company just need implementation plan which can focus on the growth and minimize the
upcoming risks of the company.

Marketing Management and Digital Communications 11
References
Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction.
Pearson Education.
Cooper, R. G. (2013). New products: What separates the winners from the losers and what
drives success. PDMA handbook of new product development, 3-34.
Eusebio, R. (2017). Marketing II. Marketing, 2018.
Finne, Å., & Grönroos, C. (2017). Communication-in-use: customer-integrated marketing
communication. European Journal of Marketing, 51(3), 445-463.
Goyal, L. (2017). Leading Digital Strategy: Driving Business Growth through Effective E-
commerce. Vikalpa, 42(2), 128-130.
Hoang, T. (2016). Integrated marketing communication plan for “beyond the cover” season
6: A Book Cover Design Contest.
Key, T. M., & Czaplewski, A. J. (2017). Upstream social marketing strategy: An integrated
marketing communications approach. Business Horizons, 60(3), 325-333.
Kumari, D. P.(n.d.) Change in Consumer’s Choices From Past To Presents. Social Sciences
International Research Journal ISSN, 2395-0544.
Molinillo, S., Japutra, A., Nguyen, B., Nguyen, B., ... & Chen, C. H. S. (2017). Responsible
brands vs active brands? An examination of brand personality on brand awareness, brand
trust, and brand loyalty. Marketing Intelligence & Planning, 35(2), 166-179.

Marketing Management and Digital Communications 12
O'guinn, T., Allen, C., Semenik, R., & Scheinbaum, A. C. (2014). Advertising and integrated
brand promotion. Nelson Education.
O'guinn). Satisfaction and Dissatisfaction: Formulating Digital Marketing Strategy for
Online Faith-Based Education. Journal of Academic Administration in Higher Education,
12(2), 21-25.
Ryan, D. (2016). Understanding digital marketing: marketing strategies for engaging the
digital generation. Kogan Page Publishers.
Scott, D. M. (2015). The new rules of marketing and PR: How to use social media, online
video, mobile applications, blogs, news releases, and viral marketing to reach buyers
directly. John Wiley & Sons.
Solomon, M. R. (2014). Consumer behavior: Buying, having, and being (Vol. 10). Upper
Saddle River, NJ: Prentice Hall.
Tiago, M. T. P. M. B., & Veríssimo, J. M. C. (2014). Digital marketing and social media:
Why bother?. Business Horizons, 57(6), 703-708.
Vigneron, F., & Johnson, L. W. (2017). Measuring perceptions of brand luxury. In Advances
in Luxury Brand Management (pp. 199-234). Palgrave Macmillan, Cham.