The Economic Strategy Of Vera Bradley - 1486 Words

This analysis examines the economic strategy of Vera Bradley. I took a closer look at the strategic moves of this Luxury goods manufacture. The owners going from making colorful patterned duffel bags and suitcases, has now become a household brand. Their decisions to differentiate ultimately shaped the growth of their business. With a declining fiscal year, Vera Bradley decided to implement a new strategy that will be sure to revamp growth. To further explore the challenges that continue to occur throughout this case, I analyze those challenges and suggest tools and techniques that would help improve the economic strategy of Vera Bradley. Vera Bradley began in 1982 when two women had an idea to make luggage fun and different. Barbara Bradley Baekgaurd and Patricia Miller decided it was time for a fashion change. While traveling through an Atlanta airport, they noticed that majority of the luggage carried by passengers was bland and uninteresting. Their idea to diversify luggage and duffle bags with colorful and stylish patterns was a great hit. In the mid 2000’s their company experienced rapid growth, selling in department, outlet stores as well as online. Unfortunately in the mid 2010’s the company’s standing seemed to decline, as there was more competition for ladies handbags and accessories. In the fiscal year of 2014 growth had stalled, just as they were preparing to launch a new strategy. The new strategy focused on three key areas: product distribution channels andShow MoreRelatedMarketing Analysis : The Mid Level Luxury Handbag And Accessories Industry Essay1664 Words   |  7 Pagesgrowing. This Industry relies on consumers having an ample amount of discretionary income to be able to purchase luxury handbags or accessories because this is a want and not a necessity. The PESTEL analysis showed that this industry should focus on economic and social principals for strategic significance for any future changes. Brand awareness is an important social factor because it allows buyers to recognize your brand and more people will realize who that specific company is. Brand awareness bringRead MoreVera Bradley s Strategic Plan1644 Words   |  7 Pages Vera Bradley 2014 Name Affiliation Date â€Æ' 1. Evaluate Vera Bradley s strategic plan for 2015-2019. Is it well-defined? Will it likely help the company be more competitive? Why or why not? Vera Bradley announced its strategic plan with the hope of improving financial performance, competitive advantage and long term shareholder value. The plan was designed as follows: a) Product strategy In 2014, Vera Bradley’s products categories included handbags, accessories and leisure and travel accessoriesRead MoreStrengths And Weaknesses Of Stylish Products Design Essay1710 Words   |  7 Pagesprice the competition can lower prices on their products to be a more affordable which creates a demand. Contingency Plan Recommended Vera Bradley as a contingency plan. Bake towards cheap products to make it more affordable to newer customers. The loss of brand value may outweigh any sales benefit. Competitors Firms Guess, Marc Jacobs, fossil, and Chanel are company successful in this industry. Payoff products rate of design that match consumer and needs. These companies understand that innovationRead MoreAnalysis Of Vera Bradleys Objectives2050 Words   |  9 PagesINTERNAL ANALYSIS 18.0 PRESENT STRATEGY 18.1 Vera Bradley’s Objectives †¢ Vera Bradley announced a comprehensive five year strategic plan designed to improve the company’s competitive standing, financial performance, and longterm shareholder value (192) †¢ The company’s new strategic emphasis was on improving its product assortment by focusing on its core designs, with â€Å"halo† products used to expand price points without creating an overly broad product line (192) †¢ The strategy would put the greatest focusRead MoreVera Bradley Case Study Essay4661 Words   |  19 PagesGBA 490 – 007 23 September 2015 Vera Bradley Case Table of Contents Page Numbers Executive Summary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..3-6 Appendix A: Dominant Economic Characteristics†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..6-7 Appendix B: PESTEL Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.7-9 Appendix C: Five Forces Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.9-11 Appendix D: Industry Driving Forces†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..†¦Ã¢â‚¬ ¦....†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..11-12 Appendix E: Key Success Factors†¦..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Read MoreVera Bradley Essay5191 Words   |  21 PagesWritten Case #1: Vera Bradley in 2014: Will the Company’s Strategy Reverse Its Downward Trend? LUICELENA PEREZ – CWID: 11493487 GBA 490-006 Dr. Marino 3/01/2016 Thirty-four years ago in the Hartsfield Atlanta Airport, Patricia Miller and Barbara Bradley noticed that the majority of people had the same simple and boring luggage design. These two friends saw the opportunity to pursue a new market that offers colorful and patterned baggageRead MoreMarketing Analysis : Southern Charm Boutique3584 Words   |  15 PagesPRODUCTS SERVICES We want to offer our customers a wide selection of unique looks and styles to satisfy every southern belle. We will offer selections from well-known brands such as Simply Southern, Southern Darlin’ Collection, Lily Pulitzer, Vera Bradley, and many more. We will also offer monogramed items and gifts that every southern belle will simply adore. 1.3 MARKET ANALYSIS The global women’s clothing industry is expected to exceed $621 billion in 2014, marking a 12% increase in five yearsRead MoreSample Resume : International Marketing Essay2345 Words   |  10 Pages MWIKI HENRY : 2013-06-00256 LIPAJI THOMAS : 2013-06-00294 Table of Contents CHAPTER ONE 3 PRICING 3 1.1 Essential factors before pricing a product:- 3 CHAPTER TWO 5 PRICING STRATEGIES: 5 CHAPTER THREE 7 FOREVER LIVING PRODUCTS INTERNATIONAL, Inc. (FLPI) 7 How it operates 8 3.1 PRICING IN FOREVER LIVING PRODUCTS. 8 3.1.1 New Distributor Price (NDP Price): 8 3.1.2 Wholesale Price: 8 3.1.3 Retail Price: 9 3.2 Challenges 11 3.2.1Read MoreManagers Explore and Exploit9261 Words   |  38 Pagesfirm was in trouble with margins and growth rates far below their competitors. 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