Bus 343 Problem Identification & Situational Analysis

                BUS343 Problem Identification & Situational Analysis                                                                                

ideas (1-2 ideas) you think would be interesting to pursue. Explain how these product/service ideas provide value to consumers. 

A service where you pay a membership fee for an eyewear store where you have your glasses made on-site  in less than an hour at an affordable price.

Q3. Based on your initial research on the industries of your new product/service ideas, describe some of the key reasons for why you believe these would be profitable ideas to pursue. Thinking back to our discussions in Ch. 4, is there evidence to suggest that these industries will continue to grow in the next 5-10 years? What might be some of the threats to these industries in the future?

Buying prescription glasses is usually a lengthy process and often requires customers to come back a  couple weeks after to pick them up. The reason is because most eyewear stores don’t have an on-site lab.  This makes the prescription eyewear business very inefficient. I believe this will be a very profitable business because customers can come, pick the frames they want,  provide their prescription, and receive their glasses all in one visit.

I believe the eyewear industry will continue to grow in the future. The first reason being that the increasing dependence on electronics has led to eyesight problems. The means more people will need corrective eyewear. Second reason is that the rise in disposable income  resulted in an increased purchase of sunglasses and frames for fashion purposes.

Threats include contact lenses, as well as laser eye surgeries.

 Q4. Based on your initial research, describe 2-3 companies that would be considered as competitors to your new product/service ideas. Thinking back to our discussions of the SWOT analysis in Ch. 2, what are some of their key strengths/weaknesses? How do your product/service ideas differentiate from these competitors?

Cleary, which is an online eyewear store would be a major competitor. Their strength would be convenience since you can order prescriptive glasses online and have it shipped to your house. The drawback to this is that, when buying glasses, style and fit are very important for most people, so they  prefer to try them on in person. This will give our service an edge since we will be opening stores .