Question

One of the initial stages in developing a business plan is to perform a market analysis. For this PA, you will develop a focus on industry attractiveness, target markets, and customer needs. Having confidence in your abilities and the right product or service won’t accomplish much if you don’t know how to get them into the hands of potential customers. Using your textbook as a guide, perform research to complete your market analysis and be sure to address key areas such as target market, future projections about the target market, and trends. This section of your business plan should represent a significant portion since it also encompasses your company, competitors, and potential customers and their needs. (3 to 4 pages)

Company: "Bishrom Eyewear" a leading nepali eyewear brand. we design our products in Nepal and make them in china.

Answer 1

"Bishrom Eyewear" is Nepali eyewear brand based in Kathmandu. "Bishrom Eyewears" are designed in Nepal and made in China. It is a leading Nepali eyewear brand started on November 2015. Its basic idea is to provide luxury eyewear at an affordable price. Bishrom Eyewear's vision is to achieve a leading position in the Nepali market by creating value for all its stakeholders.

The market analysis includes industry analysis, target market analysis, and competitors' analysis. Industry analysis deals with the general industrial environment, its growth, and attractiveness. Target market analysis deals with the target consumer and their characteristics. The competitive analysis refers to the existing competitors and their strengths and weaknesses.

Industry Analysis:

The eyewear market is estimated to be $120 billion globally in the year 2018. The CAGR of the eyewear market was 3.4% during 2011-18. It is expected to grow up to $141 Billion by 2024. Eyewear market can be regarded as one of the most growing markets. Eyewears are used for vision correction, protection from excessive light and harmful radiation, and style statement.

Market Drivers:

Various Government and Non- Govt. organizations are organizing free eye check-up camps to spread awareness about eye treatment. It can be considered as the primary factor of eyewear industry growth. The increasing pollution is promoting the usage of sunglasses. Excessive usage of digital items causes eye problem. Which can be considered as another factor for the growth of this industry. Eyewear products are now included in lifestyle products. Hence the youths are preferring to buy eyeglasses.

Target Market analysis:

Bishrom Eyewears has basically two product line. Those are Eyeglasses and sunglasses.

The target market could be as follows:

Eyeglasses:

Gender: Both male and female.

demographic:

0-25: Trendy yet power eyeglasses.

25-40: Classy and power eyeglasses.

above 40: Lightweight eyeglasses.

Lifestyle: Students, Working, Non-working people.

Geographic: Urban, Semi-urban, Rural.

Sunglasses:

Gender: Male, female, and unisex.

Demographic: mainly youths and professionals.

Lifestyle: Students, Youths, Young professionals.

Geographic: Urban, semi-urban.

The sunglasses should be stylish, trendy, and affordable. It should promote the product in both online as well as in offline media. Here the reference group plays a major role in the consumer's purchasing decision.

Competitors analysis:

The major competitors are:

• Safilo
• Alcon
• Luxottica
• Essilor

Strengths:

• Bishrom Eyewear's main strength is the low manufacturing cost. Due to this, it can make its products affordable.
• As the products are designed in Nepal it can study the market more efficiently.
• Online and offline presence is also an advantage for the company.

Weakness:

• Presence of bigger brands.
• Lack of resources.
• Brand awareness is low.