Group project. Report. BRAAC Eye glasses. Final copy.

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Principles of Marketing – Group Project – G19. April 2023. Chelsea Lydon (4505812) Anushka Anushka (4489926) Arjun Patel (4487124) Aryan Sehrawat (4492129) Rubjot Singh RJ (4483956) Baljinder Singh(4506197) Market Analysis – Anushka Anushka – 4489926. Canadian Market size: According to Denis Langlois , Canadians bought more than 7.5 million sets of eyewear in 2017, for a total of about $1.42 billion. In 2017, about 66.8% of Canadians used prescription eyewear. The changing lifestyle of millennials favours the growth rate of eyewear as they like to accessorize specs and desire to give off luxurious look. Retailers are working on improving designs to attract fashion enthusiasts and stay on top of current trends. The purpose is to attract new customers and boost brand loyalty with existing customers. In accordance with Statista , the eyewear industry is expected to generate US$3.65 billion in sales with a 2.66% yearly growth rate in 2023. Current trends: We provide a wide range of designs for our customers with different preferences, such as Ultra-thin and ultra-light frames with distinctive designs, sunglasses with UVA rays protection lenses, minimalist wired designs, oversized and bold frames, eco-friendly eyewear, blue-light-blocking glasses, retro and vintage frames, and trending coloured frames. We have prescriptive as well as non-prescriptive eyewear. SWOT Analysis: Strengths : Physical features: We offer a unique product design (breakproof + anti-fog eyewear + UVA rays’ protection lenses + blue light lenses), a virtual try-on app, affordable pricing, and quality product. After-purchase benefits: Free cleaning products on the first buy, family discounts, refer-a-friend offers, free eye- checkups and repair for premium users, Weaknesses : We are new to the market; few people know about our brand. We are inexperienced in business. Opportunities : The eyewear market is growing so is the demand; collaborations with well-known companies, quality designs, after-purchase benefits, and affordable pricing can attract a wide range of customers. Threats : The eyewear industry is highly competitive, and customers' design preferences may change with time, opening another eyewear store opposite our store. Target Market – Anushka Anushka – 4489926. Identify the target market for the new product in Canada. Different age groups have different preferences and requirements. For example, the older generation may need prescriptive frames, while younger generations may need fashionable frames to stay current with fashion trends. Men and women may have different frame design preferences. Income also plays a vital role; consumers with higher pay rates may be willing to pay more for quality and fashionable frames, while those with lower pay rates may settle for affordable options. Consumers with an active lifestyle may use specific sports eyewear, while others may opt for trending frames. Consumers with vision problems may require corrective lenses, thus impacting their eyewear choices. Current fashion influences consumers as they may be more likely to go for trending frames. Some consumers are loyal to specific eyewear brands and like to stick to them instead of trying out new eyewear brands. Demographics, psychographics, and behaviours of this market. Our product is for both men and women, and we provide eyewear for all ages; however, we focus on the age group, precisely 18-70, indicating we aim to appeal to consumers across different life stages. Since our brand is

Principles of Marketing – Group Project – G19. April 2023. Chelsea Lydon (4505812) Anushka Anushka (4489926) Arjun Patel (4487124) Aryan Sehrawat (4492129) Rubjot Singh RJ (4483956) Baljinder Singh(4506197) high-end, we are trying to attract consumers with high incomes (80k-120k). They are highly educated and prefer fashionable, durable, quality frames. They live in urban or suburban regions of Canada. Our target market includes the younger generation, who like to wear eyewear as a fashion accessory and a form of self-expression. They are health conscious and prefer UVA rays’ protection and blue light frames. They have active lifestyles, and they are interested in sports-specific durable frames. The brand's offering of high-end frames may appeal to consumers who value luxury, while its affordable frames may appeal to value-conscious consumers. Consumers who wear eyewear for vision correction may prioritize comfortable and durable frames and might want to update their look by getting new frames. Fashion enthusiasts might buy multiple frames to mix-match with their outfits and aesthetics. Contact lens wearers might purchase frames for specific activities where contacts are unsuitable. We have online stores for consumers who prefer online shopping rather than in-store. Since we are advertising our product on social media, consumers might stumble upon our sites and get influenced. Explain how the new product meets the needs and wants of the target market. We offer a range of frame designs that might appeal to different age groups, such as trendy designs for younger consumers and sophisticated designs for older consumers, this way they can buy whatever designs that may suit their personal taste. We provide prescriptive frames for consumers with vision correction issues, UVA rays protection lenses, and blue light filtering frames for consumers with excessive screen time. Our product is made from high-quality materials which ultimately makes our frames lightweight, durable, comfortable, and resistant for all-day wear. Our product can be purchased online as well as in-store allowing consumers to purchase according to their convenience. Unique Selling Proposition – Chelsea Lyndon 4505812. Our product has many features that make it unique to the market:  Breakproof – Made of sapphire, which is extremely tough and is often used for things such as rings that receive lots of daily use. As glasses are worn all day long, sapphire is a great choice of material as it will withstand daily wear and tear and ensure our glasses are sturdy as advertised to our customers.  Antifog – Particularly relevant in cold climates such as Canada in which those who wear glasses regularly face vision challenges in the cooler months due to fog.  Virtual try-on app – Many competitors offer a try-on at-home experience; however, we offer an app in which customers can virtually try on the glasses with a camera view. This allows a higher change of sales as customers do not have to physically come in to our store fronts to try on their glasses and can do it from the comfort of their own home.  Free cleaning products on first buy – If customers invest in either a low- or high-ticket product of ours, they receive free cleaning products on their first purchase. This offering also encourages customers to sign up for the ongoing subscription that we offer as they will see how high-quality the cleaning products are and want to continue using them.  Refer a friend offers – When a customer refers a friend, both the friend and current customer receive 10% off future purchases within a 3-month period. This encourages people to be return customers.  Unique product design: We offer many different product designs, such as minimalist and oversized frames as well as blue light blocking. This large range of design options allows us to appeal to a broader market.  Free eye checkups and repairs for premium customers: When someone purchases a yearly subscription for $50.00, they receive free eye checkups for that year as well as discounts on cleaning products. After purchasing cleaning products, a couple of times, they save the money that they spent on the initial $50.00 subscription purchase. As our target market makes an income of $70,000 – $120,000 they will resonate with this product as it is high value, which sends a message to customers that it is a prestige product. Furthermore, in a 2018 study of Canadians who wear prescription glasses, it was reported that almost half of all ages would like a better selection

Principles of Marketing – Group Project – G19. April 2023. Chelsea Lydon (4505812) Anushka Anushka (4489926) Arjun Patel (4487124) Aryan Sehrawat (4492129) Rubjot Singh RJ (4483956) Baljinder Singh(4506197) of fashionable frames, which is something that BRAAC offers. Also, the survey reported that when purchasing eyewear, 67% of people are likely to ask their family and friends for their opinion on how they suit them. As BRAAC offers a refer-a-friend discount, there is an increased chance that customers will bring their family and friends to help them choose and receive a referral discount for their own glasses (Optical Prism, 2018). Competitor Analysis – Baljinder Singh – 4506197. Direct Competitors:  Clearly: Clearly is a Canadian online eyewear retailer that offers a wide range of prescription glasses, sunglasses, and contact lenses. They offer a variety of frames, lenses, and coatings, with prices ranging from $50 to $500.  LensCrafters: LensCrafters is a chain of eyewear stores with over 90 locations in Canada. They offer a range of frames, lenses, and coatings, and have in-store optometrists available for eye exams. Prices range from $100 to $1000.  Hakim Optical: Hakim Optical is a Canadian chain of eyewear stores with over 160 locations across the country. They offer a range of frames, lenses, and coatings, with prices ranging from $50 to $500 Indirect Competitors  Warby Parker: Warby Parker is a US-based online eyewear retailer that offers a range of prescription glasses and sunglasses. They have a limited selection of frames, but offer free shipping and free returns, with prices ranging from $95 to $295.  Zenni Optical: Zenni Optical is a US-based online eyewear retailer that offers a wide range of prescription glasses, sunglasses, and eyewear accessories. They have a large selection of frames, with prices ranging from $6.95 to $200. Comparison of BRAAC glasses with Competitors. The BRAAC eye glasses will be a high-quality, designer eyewear line, targeted at fashion-conscious consumers. The product will be priced at the mid to high-end range, with prices starting at $200. Clearly, LensCrafters, and Hakim Optical offer similar products at a lower price point. However, they may not offer the same level of quality or design as the new product. Comparison of BRAAC glasses with Competitors Warby Parker and Zenni Optical may offer similar designs at a lower price, but their products may not have the same level of quality or exclusivity as the BRAAC The BRAAC will offer benefits such as high-quality materials, unique and fashionable designs, and a personalized shopping experience. It may not be the most affordable option in the market, but it will cater to a specific audience looking for luxury and exclusivity. Overall, the BRAAC will have to compete with established brands in the Canadian market. However, by offering high-quality materials, unique designs, and a personalized shopping experience, it can differentiate itself from its competitors and attract a niche market of fashion-conscious consumers who are willing to pay a premium for high- end eyewear. Marketing Strategy – Aryan Sehrawat 4492129. In this generation, you can use many kinds of marketing channels, but not all of them might be successful. So, the best way to ensure your product is reaching as many people as it can you should create a marketing strategy which is unique to your product, the place you are launching your product and the target audience. Our marketing

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Principles of Marketing – Group Project – G19. April 2023. Chelsea Lydon (4505812) Anushka Anushka (4489926) Arjun Patel (4487124) Aryan Sehrawat (4492129) Rubjot Singh RJ (4483956) Baljinder Singh(4506197) strategy should be able to reach people who live in Canada, and the are between the age of 18 to 70. Although the product is for all ages, we are marketing to those over 18 as it is unlikely that children will be purchasing the product themselves. The product provides many different features, which can be the unique selling propositions of our product such as being fog-proof and offering a try on app. After carefully studying our product and market we have decided to choose 4 different marketing channels for reaching the most amount of people:  Developing a brand on social media: - Nowadays, this channel is being used by almost every successful brand. According to recent data, the average person spends 3 hours and 15 minutes on their phone each day, and 1 in 5 smartphone users spends upwards of 4.5 hours on average on their phones every day. So, we will develop a website, accounts on different social media platforms, and content relating to our product and the latest trends. This marketing strategy will be successful because people in their 20s to 40s love social media and mobile phones. So, the best way to reach them is by creating a social media presence. Did you know that It's now projected that $130.5 billion of total social media ad spending will be generated through mobile by 2027.  Email marketing: This channel can be used to reach potential and old customers. It can be used to inform customers of new offers and deals. According to statistics email marketing has one of the highest return of investment for every $1 you spend, you can expect average return of $40.  Collaboration with influencers: - collaborating with influencers can be expensive, but it can bring the best return on investment because nowadays, people have started idolizing influencers and they try and be like the influencer as much as they can and did you know that 67% of marketers plan to spend more on influencer marketing campaigns in 2023.  Television advertisement: - this channel is very important if you want to reach customers in their 40s to 70s. the people in this age group are old school. They don’t use social media or follow influencers that much. They like watching television so the best way to reach them is by marketing our product on television. Sales Forecast – Robjut Singh 4483956. Our product is one of the innovators in our category. We are looking to spread ourselves, that is why we have also listed our products on amazon to make it more convenient for customers. As of today, one can buy it either from amazon or from our own site and storefront. We predict that we will sell a well over a number to make enough to sustain in the market and to keep our potential customers satisfied. Forecasting future sales of a product or service based on historical data, market trends, and other relevant factors is what sales forecasting is all about. Here are some assumptions and methods for forecasting sales of our glasses: Assumptions: Historical sales data: According to the data we have researched it has been found that from the 7.5 million glasses produced all over the Canada (2017) we can provide a number close to 10,000. It is all based of if we get an

Principles of Marketing – Group Project – G19. April 2023. Chelsea Lydon (4505812) Anushka Anushka (4489926) Arjun Patel (4487124) Aryan Sehrawat (4492129) Rubjot Singh RJ (4483956) Baljinder Singh(4506197) average of 600 customers in a month and the average customer spends 300 dollars with our company, then we can hit our target very easily. Sales can be influenced by the level of competition in the market. As we are currently in recession the price of our glasses can be overwhelming but we can assure from our side that we can Consumer preferences: Consumer preferences refers to the choices which maximise the satisfaction of the consumer. So from our side, we will make sure that we will do everything in our power to stand out from our competitors. Pricing Strategy – Arjun Patel 4487124. Our new product will be priced at 2 stages. 1. Premium-$500 2. Affordable- Approximately $200-$250. We conducted market research to determine the price point that would be most competitive in the Canadian market while still allowing us to make a profit. Discounts and Bundles: We will offer a 10% discount for family members who purchase the product together. This discount promotes families to purchase one or more of the products, while also increasing customer loyalty and satisfaction. We provide different services in bundles for a discounted price. In bundles, you can get different services like glasses, subscriptions, eye checks, and more. We also offer refer-a-friend discounts. When you refer a friend you get store credits or discounts for your next purchase. Distribution Strategy – Chelsea Lyndon 4505812. Our product will be distributed in both the marketspace and marketplace. Marketspace is an online store, and a marketplace is an actual storefront. We are using selective distribution, meaning that we will sell in a couple of select outlets in one geographic location, which in our case is Ontario. The product will be manufactured by us directly from the manufacturer to our own company stores/website and then to the consumer. We will also use indirect methods such as selling on amazon as an intermediary. Furthermore, we are offering in-store sales as we will be providing in-store services such as eye testing that will help develop an in-store sale after the tests and also flow on to sell ongoing subscription services for yearly eye testing, cleaning products and replacement lenses. Factors affecting channel choice: Market Product Company Geographic region: Our online store will sell to all of Canada however our stores are just in Ontario – we are starting out Technical factors: Break proof, differing designs depends on customer likes and budget, anti-fog lenses for the winter season in Financial resources and ability of management: As we have been able to build financial stability through multiple investors, we are

Principles of Marketing – Group Project – G19. April 2023. Chelsea Lydon (4505812) Anushka Anushka (4489926) Arjun Patel (4487124) Aryan Sehrawat (4492129) Rubjot Singh RJ (4483956) Baljinder Singh(4506197) provincially, with a future goal to expand into all of Canada. Ontario. able to easily establish our own products, store front and spot in the marketplace and marketspace. Number of potential customers: Large number of potential customers as the Canadian market is almost $2.1 billions, with prescription eyewear accounting for 80% of this number. Perishability: Product is break proof using high quality materials so is built to last. Desire for channel control: As we are using both indirect and direct methods to get our product to the consumer, we understand that we will not have complete channel control. We will have complete control when we sell from our website to customers directly and in our store but for amazon based sales, we will not have full control. As our product doesn’t have a short shelf life this is acceptable for us. Type of market: Marketspace: Will have our own online store as well as sell on Amazon. It has been stated that the in an average first year of sales on Amazon, businesses make $30,000 profit so this is worthwhile for us. Marketplace: In store in Ontario. We will rent multiple storefronts across Ontario, primarily starting in Toronto as it’s the largest region in Ontario. Unit Value: Our product will have prestige and low pricing options. We will charge $500 for our premium top of the line glasses with all of our benefits (breakproof, fog etc) and $150-$200 for product with less benefits. Order size: We estimate that most customers will spend minimum $200 plus $50 for the yearly subscription. Product life cycles: Majority of glasses that does not use breakproof material such as ours last for 2 years. Ours will last a minimum 5 years due to the use of sapphire. In terms of distribution channel, we will use Canada Post for our online store as it is the cheapest method in Canada. For the amazon store, we will use their direct shipping method. We are aware that amazon charges an inventory storage fee which is why our main focus is marketing our own online store as well as in-store purchases, so we don’t have the majority of our stock in amazon fulfilment centres costing us money annually. Launch Plan - Baljinder Singh – 4506197. Launch Date and Location: The launch date for the Bracc eyeglasses product in Canada will be on July 1 st 2023, which coincides with Canada Day. The launch location will be Toronto, Ontario, as it is one of the largest cities in Canada with a diverse population that is receptive to new products and also the location of our storefronts.

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Principles of Marketing – Group Project – G19. April 2023. Chelsea Lydon (4505812) Anushka Anushka (4489926) Arjun Patel (4487124) Aryan Sehrawat (4492129) Rubjot Singh RJ (4483956) Baljinder Singh(4506197) Promotion and Activities: - Influencer Marketing: One of the key promotion strategies will be to collaborate with popular Canadian influencers in the fashion and beauty space to promote the Bracc eye glasses product on their social media platforms. These influencers could include fashion bloggers, YouTubers, and Instagram influencers who have a large following in the Toronto area. - Social Media Advertising: Another promotional strategy will be to run targeted ads on social media platforms such as Facebook, Instagram, and Twitter, to reach a wider audience. We will use targeted ads to reach potential customers in the Toronto area who are interested in prestige fashion, beauty, and eyewear. - Pop-Up Store: To give customers a chance to try out the product, we will set up a pop-up store in the heart of downtown Toronto. The pop-up store will showcase the product and offer customers the opportunity to try them on and purchase them on the spot. This will also provide an opportunity to collect customer feedback and insights. - Press Releases: We will also issue press releases to announce the launch of the Bracc eye glasses product in Canada. We will distribute the press release to local and national media outlets, including newspapers, magazines, and online publications. - Giveaways and Contests: To generate buzz and interest in the product, we will run a series of giveaways and contests on social media platforms. This will encourage people to follow our social media pages, share our content, and engage with our brand. Overall, these activities will help to build awareness and generate excitement about the Bracc eye glasses product launch in Canada. With a strong emphasis on influencer marketing, social media advertising, and experiential marketing through the pop-up store, we aim to create a strong presence in the Toronto market and establish Bracc as a leading eyewear brand in Canada. Conclusion: In conclusion, BRACC glasses aims to bring a prestige product to the Canadian eyewear market that has never been seen before. Through our unique offerings, such as anti-fog and breakproof technology, as well as our virtual try-on app and family and friend discounts, we aim to start and continue strong in the Canadian market. We are targeting all Canadians, however, only focusing on those over 18 for purchasing; thus, this age bracket will be targeted during our launch phase in July 2023. References: 4OpticalPrism. (2018) Hot Canadian Market Clearly. (n.d.) Top glasses trends for men and women: 2022 and 2023 eyeglass styles.

Principles of Marketing – Group Project – G19. April 2023. Chelsea Lydon (4505812) Anushka Anushka (4489926) Arjun Patel (4487124) Aryan Sehrawat (4492129) Rubjot Singh RJ (4483956) Baljinder Singh(4506197) How to Advertise on Social Media: A Beginner's Guide for 2021" by Alexandra Hayes https://explodingtopics.com/blog/smartphone-usage-stats https://opticalprism.ca/canadian-consumers-want-choice/ https://opticalprism.ca/hot-canadian-eyewear-market/ https://sproutsocial.com/insights/social-media-statistics/ https://www.clearly.ca/thelook/eyewear-trends/ https://www.oberlo.com/blog/email-marketing-statistics https://www.statista.com/outlook/cmo/eyewear/canada Product Launch Checklist: A Comprehensive Guide for a Flawless Launch" by Jason Quey Statista. (n.d.) Eyewear- Canada The Power of Influencer Marketing in 2021" by Anum Hussain The Power of Pop-Ups: The Why and How of Creating an Amazing Pop-Up Shop" by Eva Recinos The Ultimate Guide to Launching a New Product" by Neil Patel

Group project. Report. BRAAC Eye glasses. Final copy.

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