Entrepreneurship Research Design and Development

Question: Discuss about theEntrepreneurshipfor Research Design and Development. Answer: Marketing Segment Research, Design and Development The research and development that has been initiated by the company includes improved visual health, productivity and comfort. Research recognized above a dozen diverse generic brands that comprises of reading glasses (Dang and Pheng 2015). Market Niche and Market Share The estimated store coverage of RROV Ltd by the end of the third year was roughly 414 stores. The spectacles that are ordered by the government per month from Red River Optical (RRO), Vietnam (RROV Ltd.) was 519 (Pham 2013). Competitive Analysis The glasses that are sold by RROV are mostly deals with cost and quality that will be competitive with Chinese and Thai imports. Red River of Vietnam Ltd will distribute elevated quality and reasonably priced convenient reading glasses advanced to current competitive offerings in Vietnam or imported from China. Marketing Strategy There are mostly three target markets of Red River Optical (RRO), Vietnam that are segmented both demographically and geographically by age and income. All end-users are presbyopic individuals who are in need of quality and reasonably priced reading glasses. Present barriers are cost, ease of access, lack of consciousness and quality of existing offerings. The three target market are urban, government and rural (Wilk 2013). Primary: RROV Ltd. approximates that there are roughly 4 million customers in the urban and peri-urban areas of Vietnam. These individuals could benefit from enhanced access to good quality as well as fashionable ready-made reading glasses. This company aims to enter more or less 4.8 percent of this market within three years. 2. Secondary: It has been estimated by RROV Ltd that approximately 12 million presbyopes are living in rural areas that will advantage from the glasses provided by the company. Given the intricacies of distribution in rural areas, RROV Ltd model makes the use of relationships with eye clinics and NGOs to generate community-based allocation mechanisms such as Vision Angels and optiprenuers. As a result, market dissemination will be slow with a 0.4 percent of the rural market within the first three years. Tertiary: RROV Ltd will also be selling reading glasses to the Government of Vietnam and it will in turn re-sell those glasses to government workers who may be undergoing from presbyopia. It has been estimated by RROV Ltd that it can go through 6.3 percent of this addressable market of 213,000 within three years (Schmidt and Cohen 2013). The marketing strategy of Red River Optical generates awareness within the general population about the operation and advantages of ready-made reading glasses. Pricing Policy Target Customer Price to Customer Price to End-User Margin on re-sale 1. Non-optical retailers 54,000 90,000 125,000 40 to 60 percent 2. Factory Employees 95,000 70 percent 3. Vision Angels 26,400 46,000 41 percent 4. Government and public sector Cost plus 30 percent 54,000 45 percent As per the pricing policy, the company could diminish its cost to non-optical retailers to 36,000 however; its net income will remain positive. The price that is set for the factory workers stays the same, as the suggested retail price of glasses that are available at the non-optical stores. Advertising Plan RROV Ltd. Has mostly followed educational and social marketing techniques that are most suitable for their target market, rather than traditional advertising. They also makes the use of travelling billboards in order to advertise reading glasses. Posters in public places are also used that are mostly placed in tactical public places, such as village squares and market places. Posters in government work places are also used to advertise the reading glasses (Jennings 2015). References Bartig, K., 2013.Composing for the red screen: Prokofiev and Soviet film. Oxford University Press. Dang, G. and Pheng, L.S., 2015. VietnamEconomic, Trade and Infrastructure Overview. InInfrastructure Investments in Developing Economies(pp. 81-133). Springer Singapore. Jennings, G. ed., 2015.Abstract Video: The Moving Image in Contemporary Art. Univ of California Press. Pham, D.L., 2013.Impacts of Trade Liberalization and Institutions on Labor Market and Firm Productivity in Vietnamese Manufacturing(Doctoral dissertation, Christian-Albrechts Universitt Kiel). Schmidt, E. and Cohen, J., 2013.The new digital age: Transforming nations, businesses, and our lives. Vintage. Wilk, S.R., 2013.How the ray gun got its zap: odd excursions into optics. Oxford University Press.