Vera Bradley Case Study Summary
This case study that makes a long-term 5+ years policy and strategy recommendations to the Vera Bradley company. Vera Bradley founded in 1982 by two friends, Barbara Bradley and Patrick Miller. The company operates in the women’s luxury handbag in the accessories industry. The company is focused on women’s distinctive fashion needs. The company generates revenues in two segments, are direct and indirect. Direct revenues include brick-and-mortar retail stores and e-commerce. Indirect channels are department stores. Vera Bradley is having problems expanding internationally in Asian markets and creating a product that is attractive to those markets.
Distinguishing Features of the Industry
Vera Bradley has a number …show more content…
Simply leading behind the other competitors is not enough to maintain increase profit. Vera Bradley needs to innovate and be different from other competitor’s product line. Vera Bradley number one goal should be catering to customer’s needs. Creative design -allows for differential of products. Vera Bradley innovation competitive advantage against other manufacturers. High quality for best price customers paying premium prices expect their products to be free of flaws. Vera Bradley Brand reputation increase brand awareness and brand loyalty. Globalization critical to increase market share and cost …show more content…
Cost Control and Pricing— Overall company is not competitive other than price of the products. Michael Kors products has the highest sales among all the brands. Vera Bradley is doing majority businesses in North America, Europe and Japan.
11. Competitiveness—Company’s competitive position is weak. The company needs a viable brand reputation/awareness.
12. Summary of External and Internal Analyses—Strategic issues does the company face is branding reputation. Consumers need to know the brand and it does not matter at that point the quality of the product. Once a consumer buys a product second objective is the creative design and quality. Overall the company is at a competitive disadvantage as it is behind almost all factors which includes creative design, innovation, quality product, best pricing, brand reputation, brand awareness, and globalization. Michael Jacob products have the highest sales and is the strongest competition for Vera Bradley.
In general Vera Bradley must open more stores focusing on the Asian markets. Also Vera Bradley must create new designs for their handbags and accessories. Strategy issues would be the competition. Vera Bradley must market their product based on need of the client and price accordingly to the