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Vera Bradley's Strengths

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Appendix 1: PESTEL Analysis Political Factors: Economic Conditions: • When the economic experience the recession, customers will cut their budget on expending luxury goods. o 2006 to 2010, the contributed to a 0.6 percent annual decline in industry sales under the regression economics. • Asia-Pacific region will increase their consuming power in the future because their growing wealth levels and the living standard. Sociocultural Forces: • Social Value of Vera Bradley: o The Vera Bradley Foundation provided over $35 million to support breast cancer. o Two founders, Miller and Baekgaard had been rewarded as “Outstanding Women Entrepreneurs”. Technological Factors: • Environmental Forces: Legal/Regulatory Factors: Appendix 2: Porter’s …show more content…

Competition from Potential New Entrants: Moderate • Profitable Market: There is almost 50% profit margin on high reputation brands, which is pretty high profit. • Have Unique Patterns and Get Copyright for the products: These pretend new entrants for just copy the successful company and make it harder for entering this industry. Competition from Substitute Products: Strong • Buyers Can Easily Switch to Vera Bradley Competitors: Vera Bradley gets so many direct competitors and these competitors’ products can also be the substitute of Vera Bradley’s product. Supplier Power: Moderate • Easy to Find Low Cost Outsourcing: In 2005, the company founded that using the outsourcing can lead more efficient and effective cost. • Built new facility and used IT system to improve their supply chain: Vera Bradley built their facility in Indiana and doubled the size in 2013. Buyer Power: Moderate • Majority of Vera Bradley: is person who likes colorful and fashionable products. • Price Sensitivity for Luxury Goods: Since Vera Bradley is an accessible luxury good; there will be an effect by changing price. It won’t like haute couture and traditional luxury goods’ price that stable. The price sensitivity for luxury goods was more concerned on the brand exclusivity. It means people may keep buy luxury goods no matter the price it is as long as the brand worth

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