MGT610 /MGMT6014

Organisational Best Practice

Executive summary

The business world savours several factors in which the management is required that should
be entirely understood for developing and making the best use of optimal strategies and
policies which will be helpful in giving a competitive edge to the company. Specsavers is one
of the well-known eye care and hearing Service Brand. This report is giving information
about the market overview of eye care products and services and competitor analysis as to
how Specsavers requires a change to be in the competition. This report is also portraying
SWOT and pestle analysis and also accustoms the strategic plan of Specsavers.
Table of Contents

Executive summary....................................................................................................................2

Introduction................................................................................................................................3

Specsavers..................................................................................................................................3

Market Overview.......................................................................................................................4

Competitor analysis....................................................................................................................5

SWOT analysis...........................................................................................................................5

PESTLE analysis........................................................................................................................6

Strategic Plan.............................................................................................................................7

Benchmarks................................................................................................................................7

Recommendations for business success.....................................................................................8

Conclusion..................................................................................................................................8

References..................................................................................................................................9
Introduction

As the customers significantly looking for a convenient, accessible and simple way for
experiencing services so it has become vital for nowadays businesses for offering a flexible
approach for the fulfilment of ever-changing demands. Specsavers is combining first-class
interactions in their retail outlets seamlessly. This report is giving information about the eye
care industry overview you and also the performance of Specsavers. This report is depicting
that how stronger the competition is for Specsavers and also depicts pestle and swot analysis
in which the internal and external environment is being studied. This report has measured the
business plan with the help of benchmarks that are process, strategic, and performance which
has proven to be helpful to measure the efficiency of the company.

Specsavers

Specsavers is one of the leading International cooperation of ring trusted eye care and hearing
services with reasonable glasses hearing care as well as contact lenses in Europe and all over
the world. Their future vision has been developed for the company for becoming a global and
digital business their disparate systems have been discovered hampering their capabilities to
change and being agile (Specsavers, 2022). Specsavers is in the market from more than 35
years and works with their store partners for providing superior value audiology, optometry,
as well as health care services to customers.

(Source: Deventer, 2022)

Market Overview

In the year 2023, eyewear market revenue will be 141.5bn US dollars and expectation to rise
in the market by 4.37% annually. The largest segment of the market is the spectacle lenses
with 58.98 US dollars in the year 2023.

(Source: Statista, 2023)

(Source: similarweb, 2022)

A decline has been seen in the traffic to the Specsavers website in comparison with last
month. By 6.1 8%, there is a change in the traffic and also it has been seen that the traffic has
been a decline to 3.4 million in the month of November.
(Source: similarweb, 2022)

A recent market share of the website is revealing the audience composition across the
audiences. The audience of Specsavers is 44.43% female and 56.57% male. The visitor's
biggest age group is the 25-34 group.

Competitor analysis

There are several competitors in their market that are giving higher competition to specs
savers by providing superior quality products and services to the broad market and never
leaving the opportunity to rule over the market. Here are competitors-

1. Goggles4u.co.uk- Goggles4u is famous for its finest sunglasses and spectacles with their
superior quality and their ranges start from Euro 6.95. They have 315.3k visits on their
websites and rank 121470 globally and their category rank is 81 in the UK (similarweb,
2022).

2. Spex4less.com- spex4less is famous for their reasonable glasses and spectacles and also a
hundred per cent guarantee of satisfaction is being offered by the company. Their country
rank is 21289 in the UK and 442392 is their Global rank, as well as 336, is their category
rank and also they have 69.6K total visits on their official website.

3. Visionexpress.com- Vision Express is a well-known spectacles brand that is also

providing a facility for online eye tests and then the customer can purchase one glass as well
as contact glasses at their online platform or retail outlet nearby their location. The category
rank of vision express is 29 and they are ranking in the UK is 1319 and also they are having
1.4 million total visits.
SWOT analysis

Strengths Weaknesses

The broad product range which includes Low-quality perception

hearing services
Superior brands are not stocked such as Bebe
One of the leading service providers of eye and D&G
care with 830 outlets in Europe and the UK
Same-day services are not offered as their
Online booking competitors do

Brand awareness

The latest hearing and optical equipment is

utilized

Threats Opportunities

Existing and new competition Development of brand awareness worldwide

Credit crunch and UK recession International expansion of outlets

consequences
Unique designer frames will be at their peak
A shift in the market to globalisation from the leading houses of fashion

Higher competitiveness in resources and New services and facilities

customers
Diversification
Expansion of Far-east businesses
Alliances and innovation
PESTLE analysis

Political There are some modifications in the

Corporation taxation in the UK as well as in
the international market. A favourability of
political regime is being seen in foreign
investment along with the operations being
performed in Europe as well as all over the
world. A carbon tax is being introduced that
has posed a major threat to the future of
Specsavers.

Economic Clear and consistent pricing is being ensured

by Specsavers in superior Street markets for
providing reasonable hearing and eye care for
the broadest market via a model of
hierarchical price along with superior quality
services and products strong satisfaction
among customers and higher professional
standards in each Store. €1 million has been
invested by Specsavers partners as an aim of
continuation in the expansion of their
business in this innovative and dynamic
program of leadership development along
with the consultancies for meeting the
dynamic business needs.

Social A great advantage is being taken by the

company of the growth in designer specs
frames demand. Change in Lifestyle, as well
as a taste of the consumer, is representing the
threats and opportunities both for the industry
of eye care. Opportunities can be seen in
 terms of popularity among higher income
groups that are demanding designer eyewear
as well as ongoing Trends in designer spec
frames as necessary accessories that must be
added to their fashion. A threat can be seen in
terms of other treatments of vision correction
such as skilled labour absence and blazer and
also future qualified audiologies and
Opticians can be supported by the
educational system when there will be no
supply absence.

Technological A huge investment has been made by the

company for ensuring efficiency in their
regular activities with the installation of
modern technology for the facilitation of
development. The new concept has been
adopted by the company for performing their
operation with the introduction of the IT
support system as well as integrating the
system efficiently for powering the growth.
Primepower servers that are based on Solaris
have been chosen which will be helpful in the
outlet's overall performance (Spectrum,
2017).

Legal Intricate legislative technicalities is being

required in running and operating a franchise
that is required to be monitored by the
franchise or franchise. Additionally, a fact
has been complicated by the Specsavers that
their operations are being spread in every
country and also revealing differing
 legislative requirements.

Environmental The utilisation of energy sources such as oil

that is having vast environmental and
ecological implications. Carbon taxation is
being introduced is resulted in affecting the
profitability of Specsavers in future and also
there will be a threat of increment in the raw
material cost.

Strategic Plan

A strategic plan of Specsavers is seizing the opportunity for changing the eye care industry
after their 1983 deregulation. Formerly, patients were having low confidence in eye care as
well as several other options which have provided them dissatisfaction. A closer involvement
is required in operations management and ownership, as well as a new chance, has been
given by the new act for realizing their dream. The idea has become their inspiration to the
Specsavers group generation. The main vision of Specsavers is to offer hearing and eye care
services at reasonable costs. A bigger size of production, as well as enormous order volume,
has enabled the low cost. The buy 2 and pay for one concept was introduced by the
Specsavers group and their aim was clear for dominating the market in the Netherlands.

Benchmarks

There are 3 benchmarks that are being utilized for measuring this plan or process, strategic,
and performance.

Process benchmark is regarding the comparison of the steps in the activities with the
activities which have been mapped out.

Performance benchmarking is utilizing KPI as a comparison base which will be helpful in

measuring efficiency.
Strategic benchmark is dealing with best practices and core competencies towards the
organizational objectives' fulfilment.

Recommendations for business success

After an interim misfortune because of the pandemic of covid-19 in the years 2020 and 2021.
There was a decrement in the revenues by 5.8% but their fast pace growth and development
has been recommended by Specsavers group with sales reaching over 3.43 billion euro for
the 2022 fiscal year which is raised by 24.9% (Bernard, 2022).

Specsavers should have their eyes trained on to retain the UK market as well as dominates
other markets like new zeal and Australia. As the company is having their well-known brands
that is permitting fair competition with the rivalries such as Tommy Hilfiger and Fcuk.
However, the company is required to consider to establish retail outlets that are engaged in
selling grants for permitting growth in such a direction.

Conclusion

The company has an opportunity to spread its operations in Dubai as they have already
spread they are outlets in every region. Their brand name is enough to supply their eye care
products and there will be no difficulty or challenge in acquisitions and mergers for
negotiating with the potential franchise. The idea has become their inspiration to the
Specsavers group generation. The main vision of Specsavers is to offer hearing and eye care
services at reasonable costs. A bigger size of production, as well as enormous order volume,
has enabled the low cost.
References

A 'truly outstanding' brand dominates the optical market - mintel optical goods retailing
2017. Spectrum. (2017, August 29). Retrieved January 3, 2023, from
https://www.specsavers-spectrum.com/news/mintel-optical-goods-retailing-goods-
report-2017/

Bernard 2022-07-16T03:05:00, P.-M. (2022, July 16). Specsavers sales up 25% in 2021/22,
driven by domestic market. Eyewear Intelligence. Retrieved January 3, 2023, from
https://www.ewintelligence.com/financial-results/specsavers-sales-up-25-in-2021/22-
driven-by-domestic-market/97397.article

Corporate eyecare. Specsavers UK. (2022). Retrieved January 3, 2023, from

https://www.specsavers.co.uk/corporate

Eyewear - worldwide: Statista market forecast. Statista. (2023). Retrieved January 3, 2023,
from https://www.statista.com/outlook/cmo/eyewear/worldwide#revenue

File:Specsavers, Deventer (2022) 01.jpg - Wikimedia Commons. (n.d.). Retrieved January 3,

2023, from
https://commons.wikimedia.org/wiki/File:Specsavers,_Deventer_(2022)_01.jpg

Specsavers.co.uk Traffic Analytics & Market Share | similarweb. (2022). Retrieved January
3, 2023, from https://www.similarweb.com/website/specsavers.co.uk/