SWOT Analysis of Specsavers in Global Market: Business Essentials

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Added on 2024/07/12

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This essay presents a SWOT analysis of Specsavers Optical Group Ltd, a British retail chain operating globally in the dispensing optician industry. Founded in 1984, Specsavers offers optical services and products, including glasses, contact lenses, and hearing aids. The analysis identifies Specsavers' strengths, such as customer loyalty, high product variation, a significant UK market share (42%), knowledgeable employees, and effective marketing strategies. Weaknesses include high product pricing, lack of same-day service, and past criticisms regarding prescription standards. Opportunities lie in further brand expansions, introducing new designer frames, diversifying into hearing services, and targeting local businesses with exclusive offers. Threats include increased competition from local competitors like Boots and Vision Express, and customer perceptions of overpriced products. The essay concludes by summarizing the internal and external factors affecting Specsavers' business expansion.

Business Essentials
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Table of Contents
Introduction................................................................................................................................ 3
Discussion.................................................................................................................................. 4
Conclusion..................................................................................................................................5
Reference List............................................................................................................................6
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Introduction
Business analysis is referred to the research disciplines that identify context to deliver
appropriate values to the stakeholders. SWOT analysis is the study undertaken by the
organisation to understand and identify the weakness, opportunities, threats and strengths of
an organisation. The concerned essay conducts the SWOT analysis of Specsavers.
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Discussion
Specsavers Optical Group Ltd is a British retail chain business that operates across the globe.
Specsavers belongs to the dispensing optician industry that was established in 1984
(Specsavers.co.uk. 2018). It was founded by Doug Perkins and Mary Perkins of Guemsey.
The parent company of the optical is Specsavers International Healthcare. It offers optical
services and products such as selling the glasses, contact lens, sunglasses, hearing aids and
eye testing options. Swot analysis is and analytical framework that evaluates the company’s
competitive position (Bull et al., 2016). It determines and assists the firm to accomplish the
objectives while identifying the obstacles faced by the organisation. The analysis helps the
organisation to overcome and minimise the issues to achieve best results. The SWOT analysis
of Specsavers has been described below.
Specsavers has been successfully operating in the global market from the last 34 years. The
major Strengths of the company reflect the customer loyalty and acceptance. The company
has successfully established its roots in the dispensing opticians industry and has ensured
high product variations and service quality in the workplace. The company has the largest
single market share among the major opticians holding 42% of the UK market. The company
has efficiently shown knowledgeable employee participation serving efficiently and ensuring
high service performance. The company has been able to use effective marketing strategies
which has attracted customers in case of both in-store and online stores.
In terms to company Weaknesses, the company has shown high pricing of the products.
Even though the quality of the products is high, the customers do not prefer paying high
delivery charges or customisation charges for contact lenses or glasses. The company lacks
same day service options because of which customers prefer to select other dispensing
opticians. Since the company was criticised for not meeting the standards and providing
glasses to the customers without prescriptions, it affected the reputation of the organisation.
Even though it has been able to recover its position, it still lacks the power to identify the
suppliers and their potential.
The Opportunities states further brand expansions in the stores and in offline options while
ensuring new designer frames introducing in the stores from the leading fashion houses.
Diversification is possible with new products and establishing higher reach to hearing
services. To target the local retailers and business, Specsavers can start providing exclusive
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offers. If the company is able to make the most of these opportunities, it can even aim to
expand in other foreign countries.
Threats to Specsavers is in establishing its business global market, as increase of local
competitors like Boots and Vision Express is present in the market. Customers might gain the
perception that the company offers over priced product to be named as the best brand and is
not suitable in an economic manner.
Conclusion
The concerned essay has precisely analysed the strengths, weaknesses, opportunities and
Threats that is affecting the business of from internal and external contexts. It has briefly
overviewed the customer perception and market influences towards the business expansion of
Specsavers.
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Reference List
Bull, J.W., Jobstvogt, N., Böhnke-Henrichs, A., Mascarenhas, A., Sitas, N., Baulcomb, C.,
Lambini, C.K., Rawlins, M., Baral, H., Zähringer, J. and Carter-Silk, E., 2016. Strengths,
Weaknesses, Opportunities and Threats: A SWOT analysis of the ecosystem services
framework. Ecosystem Services, 17, pp.99-111.
Specsavers.co.uk. (2018). Welcome to Specsavers Opticians. [online] Available at:
https://www.specsavers.co.uk/ [Accessed 3 Aug. 2018].
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