MÔN KHỞI NGHIỆP - DỰ ÁN KINH DOANH CỬA HÀNG MẮT KINH KẾT HỢP MÔ PHỎNG 3D

VIETNAM GENERAL CONFEDERATION OF LABOUR

TON DUC THANG UNIVERSITY

MIDTERM REPORT
ENTREPRENEURSHIP COURSE

TOPIC:

EYEWEAR STORE BUSINESS
DEVELOPMENT PROJECT

Instructing Lecturer: M.S. Trần Thị Thanh Vân
Class: Sunday – Shift 02
Group: 06

HO CHI MINH CITY, Sep/2021


TABLE OF ASSIGNMENT AND EVALUATION OF WORK
PERFORMANCE LEVELS

No

Full Name

Student
ID

1

Nguyễn
Kiểng

717H0764

2

Trần Thị
Thanh Thảo

717H0876

3

Lê Anh Thư 717H0887

4

Nguyễn
Trương Anh 717H0890
Thư

5

Phạm Văn
Thuận

717H0891

6

Nguyễn
Quốc Nam

717H0794

7

Nguyễn Vũ
Lan Anh

717H0690

8

Mã Bửu
Châu

717H0280

Missions
-

Porter’s Five Focus
SWOT Analysis (1)
SWOT Analysis (2)
Business Model Cards (1)
Business Model Cards (3)
Customer Journey
Business Model Canvas (1)

Business Model Stress Test
Partner Analysis
Business Model Canvas (1)
Business Model Canvas (2)
Business Model Canvas (3)
Return On Investment
Profit Calculator
Summary report
Focus Group
PESTLE Analysis
Porter’s Five Forces
Partner Value Matrix
Business Model Roadmap
Thinking Hat
Marketing Cards
Competitor Analysis
Target Group Selection
Focus Group
Process Journey
Marketing Mix
Persona
Value Builder
Deadly Wastes Canvas

Evaluation

100%

100%

100%

100%

100%

100%

100%

100%

2


COMMENTARY OF THE TEACHER

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TABLE OF CONTENTS
THE THANKS ................................................................................................................................. 6
INTRODUCTION ........................................................................................................................... 7
STEP 1. I WANT TO START A BUSINESS ............................................................................... 8
Section 1.1 I Want To Understand My Customers ..........................................................................8
1.1.1 Target Group Selection ...........................................................................................................................8
1.1.2 Focus Group................................................................................................................................................9
1.1.3 Persona ...................................................................................................................................................... 14
Section 1.2 Develop A Viable Business Model ................................................................................ 16
1.2.1 Value Builder .......................................................................................................................................... 16
1.2.2 Business Model Canvas ....................................................................................................................... 17
1.2.3 ROI ............................................................................................................................................................. 18
Section 1.3 I Want To Implement My New Business .................................................................... 20
1.3.1 Business Model Canvas (actual implementation) ........................................................................ 20

1.3.2 Business Model Canvas ....................................................................................................................... 21
1.3.3 Business Model Roadmap ................................................................................................................... 22
Section 1.4 I Want To Test The Attractiveness Of My Product Or Idea................................. 23
1.4.1 Thinking Hats .......................................................................................................................................... 23
1.4.2 Focus Group............................................................................................................................................. 24
Section 1.5 I Want To Explore New Market................................................................................... 24
1.5.1 Porter’s Five Forces .............................................................................................................................. 24
1.5.2 Pestle Analytics ...................................................................................................................................... 26
1.5.3 SWOT ........................................................................................................................................................ 30

STEP 2. I WANT TO TEST MY BUSINESS............................................................................. 33
Section 2.1 I Want To Test The Attractiveness Of My Offering ............................................... 33
2.1.1 Thinking Hats .......................................................................................................................................... 33
2.1.2 Focus Group............................................................................................................................................. 33
Section 2.2 I Want To Test Whether My Business Is Future Proof .......................................... 34
2.2.1 Business Model Canvas ....................................................................................................................... 34
2.2.2 Pestle Analytic ........................................................................................................................................ 35
2.2.3 Business Model Stress Test ................................................................................................................ 42
Section 2.3 I Want To Increase Efficiency ...................................................................................... 43
2.3.1 Process Journey ...................................................................................................................................... 43
2.3.2 Deadly Waste Canvas ........................................................................................................................... 44
Section 2.4 I Want To Test Whether My Business Is Financially Sound ................................ 48
2.4.1 Business Model Canvas ....................................................................................................................... 48
2.4.2 Profit Calculator ..................................................................................................................................... 49
Section 2.5 I Want To Test Whether My Business Is Future Proof .......................................... 49
2.5.1 SWOT ........................................................................................................................................................ 49
2.5.2 Business Model Canvas ....................................................................................................................... 52
2.5.3 Business Model Cards .......................................................................................................................... 53

STEP 3: I WANT TO GROW MY BUSINESS .......................................................................... 54

Section 3.1 I Want To Reach My Customers.................................................................................. 54
3.1.1 Persona ...................................................................................................................................................... 54

4


3.1.2 Marketing Card ....................................................................................................................................... 56
3.1.3 Marketing Mix ........................................................................................................................................ 56
Section 3.2 I Want To Develop A Viable Business Model ........................................................... 59
3.2.1 Value Builder .......................................................................................................................................... 59
3.2.2 Business Model Canvas ....................................................................................................................... 60
3.2.3 ROI ............................................................................................................................................................. 61
Section 3.3 I Want To Reach My Customers.................................................................................. 61
3.3.1 Pestle Analytic ........................................................................................................................................ 61
3.3.2 Porter’s Five Forces Model ................................................................................................................. 68
3.3.3 SWOT ........................................................................................................................................................ 69
3.3.4 Weaknesses .............................................................................................................................................. 70
Section 3.4 I Want To Discuss My Business.................................................................................... 70
3.4.1 Business Model Canvas ....................................................................................................................... 70
3.4.2 Business Model Cards .......................................................................................................................... 72
Section 3.5 I Want To Explore New Ways Of Making Money ................................................... 73
3.5.1 Business Model Canvas ....................................................................................................................... 73
3.5.2 Business Model Cards .......................................................................................................................... 74

STEP 4: I WANT TO MAKE MY BUSINESS MORE PROFITABLE ................................... 76
Section 4.1 I Want To Understand My Customers ....................................................................... 76
4.1.1 Target Group Selection ........................................................................................................................ 76
4.1.2 Focus Group............................................................................................................................................. 77
4.1.3 Persona ...................................................................................................................................................... 78
Section 4.2 I Want To Improve My Product Or Service ............................................................. 81

4.2.1 Customer Journey .................................................................................................................................. 81
4.2.2 Competitor Analysis.............................................................................................................................. 83
4.2.3 Value Builders......................................................................................................................................... 83
Section 4.3 I Want To Convince My Partners ................................................................................ 85
4.3.1 Partner Analysis...................................................................................................................................... 85
4.3.2 Partner Value Matrix............................................................................................................................. 86
Section 4.4 I Want To Increase Efficiency ...................................................................................... 87
4.4.1 Process Journey ...................................................................................................................................... 87
4.4.2 Deadly Waste Canvas ........................................................................................................................... 88
Section 4.5 I Want To Explore New Ways Of Making Money ................................................... 91
4.5.1 Business Model Canvas ....................................................................................................................... 91
4.5.2 Business Model Cards .......................................................................................................................... 92
4.5.3 Business Model Canvas ....................................................................................................................... 94

CONCLUSION ............................................................................................................................... 96
APPENDICES ................................................................................................................................ 97

5


THE THANKS
First and foremost, we want to express our thanks to the faculty teachers of
Business Administration who have provided us with knowledge and experience in
both study and life throughout the years. We have learned many new and valuable
things as a result of the information we received in school, along with studying and
personally interacting with top members of the profession. To equip oneself with
experience, we need not just theory but also practical experience.
Simultaneously, the whole team would like to thank Ms. Tran Thi Thanh Van
for her dedication to imparting and guiding us with the knowledge to complete this
report. From the knowledge she gave, we have researched and learned a lot of new

knowledge, which will be valuable baggage for us.
We wish you all the best of health and success in your career.
In the process of completing the report, do not avoid mistakes. We hope that
you will understand and give us suggestions so that our group can improve our
knowledge. Sincerely, thanks!

6


INTRODUCTION
Since the 1980s, eyewear has become an important support item, particularly
for the younger population. According to a study conducted by Vien Nhan Khoa My,
roughly 9.8% of the world's population (more than 4 billion people) would have
myopia by 2050. As a result, refractive errors (nearsightedness, astigmatism, and
farsightedness) account for 15–40% of the population in Vietnam, equating to 14–36
million individuals. This problem affects 50% of students in some inner-city schools.
As a result, there is a lot of demand for buying and wearing glasses.
Glasses are not only helpful in maintaining excellent eyesight, but they are
also an essential fashion item for today's youth. Your appearance and style will be
more trendy with the use of glasses and clothing.
Because of the above reasons, we want to introduce an eyewear shop called
"Seen." With a large space, a variety of designs, and high quality. Customers, in
particular, may design their own preferred glasses based on their interests. With the
slogan "I've seen it!" We aim to express the brand story of "Seen," which is "Finding
yourself via every perspective of life." Customers who visit our company will see all
areas of life through fashionable glasses that are appropriate for all ages.

7

STEP 1. I WANT TO START A BUSINESS
Section 1.1 I Want To Understand My Customers
1.1.1 Target Group Selection
In 2010, around 1.9 billion people in the world had refractive errors, between
80% and 95% of people with myopia. The American Academy of Ophthalmology
(AAO) estimates that by 2050, about 9.8% of the world's population (more than 4
billion people) may have myopia. This rate is especially high and rapidly increasing
in Asian and Southeast Asian countries in recent years. Myopia is also the top-level
of risk made blind in the world.
The rate of refractive error in Vietnam currently accounts for about 15-40%,
corresponding to about 14-36 million people. Notably, refractive errors such as shortsightedness, long- sightedness, and astigmatism are increasingly common among
adolescents, with an incidence of about 15-20% in rural students and 30-40% in
urban areas. In some schools in urban areas, the rate of this disability is 50%. At
universities, especially in schools with difficult entrance examinations such as
Polytechnic University, more than 70% of students are nearsighted, many students
are severely short-sighted.
The glasses are the most significant for people who have refractive errors,
glasses help these people to see clearly and protect their eyes. In recent years, glasses
have also become more fashionable and some styles of glasses are very trendy.
Therefore, the target customers are people who have eye illness and need to wear
glasses and people who wear fashionable glasses.
According to a survey by Seen, the question “Do you wear glasses?” has been
answered “Yes” accounts for nearly 90% and the answer “No” just takes
10.5%. These results have been answered by 200 people in different ages and the
percentage of people wearing glasses are significant larger.

8


Figure 1.1: Survey of eyeglass users

1.1.2 Focus Group
Among all survey participants, there is a relatively wide age group. According
for the most is from 18-25 years old which take 62,5%, the under 18 age group takes
the second place with 17,5%. The over 35 years old just takes 7% and from 26-35
years old takes 13%.

Figure 1.2: Survey on the age of using eyeglass
The proportion of sexual in wearing glasses is quite the same with 50,5% for
females and 49,5% for male. This shows in the pie chart below:

9


Figure 1.3: Survey of eyeglass users’ gender
Myopia is also the biggest reason for people who wear glasses, this eye illness takes
63,7% in the survey. Myopia is a serious problem about eyes that the young people in
Viet Nam faces off. Sun glasses is also noticed which stands at second place with
50,3% and the third place is fashion glasses with 36,9%.

Figure 1.4: Survey of eyeglass types
The number of glasses has also changed remarkably, 43% of people wear glasses just
once per year. The percentage of people who change their glasses twice or three

10


times per year is 33,6% and people who change glasses more than three times per
year are just 7,8%. Lastly, 15.6% of people do not change.

Figure 1.5: Survey the number of glasses replacement in 2020

The money spent for a pair of glasses from 600.000VND to 1.000.000 VND takes
52,2% showing that quite reasonable price for buying a pair of glasses. The pair of
glasses under 600.000 VND takes 22,3% and over 1.000.000 VND takes 25,1%.

Figure 1.6: Survey the price willing to pay for eyeglasses
The reasons why people have to change their glasses are very different but we find
out 4 biggest reasons that people change their glasses are their glasses are broken and
they must be changed with nearly 70%. Moreover, changes in myopia diopters with

11


55,9% and people following their doctor advice is 25,1%. Some people change their
glasses because of trendy is 49,7%.

Figure 1.7: Survey the reason for changing glasses
The percentage of reasons why people buy a pair of glasses because they have eye
illness is 61,5% and they want to protect their eyes is 60,3%. The last reason is that a
pair of glasses is a fashion item at 46,9%.

Figure 1.8: Survey the reason for buying glasses
The increase of e-commerce helps people easily have experience online, 87,9%
people want to wear glasses online by 3D before deciding to buy a pair of glasses but
12,8% people do not want that experience.

12


Figure 1.9: Survey the need to experience online eyewear testing
In recent years, the trend about personalizing has rapidly increased, 76,5% people

want to design their own glasses, just only 23,5% want their glasses is original.

Figure 1.10: Survey the need to design glasses
These are the extent of the criteria affecting the purchase of glasses:

13


Figure 1.11: Survey the extent of the criteria affecting the purchase of eyeglasses
1.1.3 Persona
Age
Sex
Behaviors

Income
(in a month)
Location

18-30
Male, Female and other
•

Interested in-service experiences.
• Interested in fashion.
• Care about their eye health.
• Looking for a fashionable pair of glasses.
• Routine eye exams.
• Likes to collect unique and fashionable glasses.
• Enjoy the shopping experience in a modern space with
modern equipment.

• Need to try on eyeglasses online to save time but still be able
to find eyeglasses if it suits them.
4.000.000 – 7.000.000 VNĐ
Districts in Ho Chi Minh city: Phú Nhuận, 3, 1, Bình Thạnh, Tân
Bình

14


•

•

•

•

•

Customer
group
Customers
from 18 to
30 years old.
Sex: Male,
female and
other.
Looking for
a pair of
glasses.

Goals of
customers
Finding a
pair of
glasses that
suit them.
Eyesight can
be tested.

Needs of customers
• Eyeglasses on a
budget.
• Try and
experience
eyeglasses.
• Diversified
forms of
payment.
• Convenient
location.
• A good quality
product.
• Youthful design.
• Attentiveness in
customer
service.
• Warranty and
Return policy.
• Try on
eyeglasses

online for
convenience
online shopping.

•

•
•

•
•

•

•

•

Benefits
Design
suitable for
young people
and catch up
with trends.
Free eyesight
test.
Customers are
supported
through phone,
facebook.

A
loyalty
program.
Customers
receive many
incentives on
special
occasions.
Reasonable
warranty and
return policy.
Support gift
wrapping
service.
Good location.

Product or service
• Eyewear
products
designed by
Seen.
• Unisex
eyeglasses
product.
• Try on
eyeglasses
online via
website.
• Available order,
delivery and

payment online
via website.
• Space and
dedicated
service.
• Professional
staff, highly
skilled in the
field of
measuring and
fitting glasses.
• Lenses are
imported from
reputable and
quality
manufacturers.
• Payment in
many forms.
• Product
packaging will
change during
special

15


occasions.

Match between customer and product
The group of customers that Seen. target is those who looking for good quality

fashion eyewear at a reasonable price. A professional team with high expertise,
attentive customer care service, combined with technology to try on eyeglasses
online which bring convenience to customers and the best possible experience.

Section 1.2 Develop A Viable Business Model
1.2.1 Value Builder
Customer
Needs of customers
group
• Eyeglasses on a
• Customers
budget.
from 18 to
• Try and
30 years old.
experience
• Sex: Male,
eyeglasses.
female and
• Diversified
other.
forms of
• Looking for
payment.
a pair of
• Convenient
glasses.
location.

•

•
•

Benefits
Design suitable
for young
people and
catch up with
trends.
Free eyesight
test.
Customers are
supported
through phone,

•
•
•
•

Product or service
Eyewear products
designed by Seen.
Unisex eyeglasses
product.
Try on eyeglasses
online via website.
Available order,
delivery and

payment online via
website.

16


•

•

Goals of
customers
Finding a
pair of
glasses that
suit them.
Eyesight can
be tested.

•
•
•

•
•

A good quality
product.
Youthful
design.

Attentiveness in
customer
service.
Warranty and
Return policy.
Try on
eyeglasses
online for
convenience
online
shopping.

•
•

•

•

•

facebook.
A
loyalty
program.
Customers
receive many
incentives on
special
occasions.

Reasonable
warranty and
return policy.
Support gift
wrapping
service.
Good location.

•
•

•

•
•

Space and dedicated
service.
Professional staff,
highly skilled in the
field of measuring
and fitting glasses.
Lenses are imported
from reputable and
quality
manufacturers.
Payment in many
forms.
Product packaging
will change during

special occasions.

Match between customer and product
The group of customers that Seen. target is those who looking for good quality fashion
eyewear at a reasonable price. A professional team with high expertise, attentive customer
care service, combined with technology to try on eyeglasses online which bring
convenience to customers and the best possible experience.

1.2.2 Business Model Canvas
BUSINESS MODEL CANVAS
KEY
KEY
VALUE
CUSTOMER
PARTNERS
ACTIVITIES
PROPOSITIONS RELATIONSHIP
- Factory
- Marketing &
- Ultimately online - Personal help and
- Supply
Ads
shopping
support.
chain
- Sales
experience
- Member card
partners
- Eyes

- Personalized
- Gift voucher
- Marketing
measurements & products
company
advisements
- Personalized
- KOLs
marketing
KEY
DISTRIBUTION
RESOURCES - Eyes
CHANNELS
measurement
- 3D face
- Retail stores
simulation
- Online website

CUSTOMER
SEGMENT
- Medium
income
- Age 18 – 35
- Sex : Female
/ Male
- People who
need fashion
glass.

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- Talented
employees
Ophthamologists
- Specially
designed products
COST STRUCTURE
- Production
- Marketing & Ads
- People training

REVENUE STREAM
- Sale of products

1.2.3 ROI
(Attached Excel file)

Figure 1.12: ROI of the first year (2021)

18


Figure 1.13: ROI of the second year (2022)

Figure 1.14: ROI of the third year (2023)

19

Section 1.3 I Want To Implement My New Business
1.3.1 Business Model Canvas (actual implementation)
BUSINESS MODEL CANVAS
KEY
KEY
VALUE
CUSTOMER
PARTNERS
ACTIVITIES
PROPOSITIONS RELATIONSHIP
- Factory
- Design glasses,
- Despite shopping -Member cards:
- Marketing
sunglasses.Update online, customer
silver,gold.
channels:
trend.
could try wearing -Gift voucher:
Instagram,
- Sales products
glasses base on
opening day,
Facebook,
through online and 3D face
birthday.
Youtube
store.
simulation.

-Hotline to contact
- KOLs: Tun - Customers
- Personalized
and response.
Phạm,Cô em service
products
-Mini game online
Trendy.
- Eyes
- Eyes
on facebook and
- Logistics
measurements &
measurement
Instagram.
company:
advisements
- Customer could - Build a
Viettel post,
- Signed
buy a quality
professional
Ahamove,
production
glasses from a
service process to
Lalamove,
contract with
local brand with
take care customer

GHTK.
factory.
the reasonable
at store and reply
-Domestic
- Cooperate with
cost and
online.
Acquirer and acquirer, eimmediately
e-payment
commerce
Warranty Policy.
wallet:Zalo
exchange
- Update newest
pay, Momo.
,Logistics
fashion trend
company.
glasses.
KEY
DISTRIBUTION
RESOURCES
CHANNELS
- 3D face
- Retail stores
simulation on
- Online website
website.
- The design

team,produce
specially designed
and quality

CUSTOMER
SEGMENT
- People who
need to use
fashion glasses.
- Age: 18-35
- Sex:
Male/Female/
Others
- Income: above
10.000.000vnd
- Location: in
VietNam(store in
Phu Nhuan
district)

20


products.
- Ophthalmologists
- Sales team
- Dealing with
acquirer and
logistics company
to get reasonable

percentage
commissions.
COST STRUCTURE
- Production, packing cost
- Marketing fee
- Labor cost
- Running and maintaining website
- Provision cost
- Rental fee & extra cost

REVENUE STREAM
- Sale of products

1.3.2 Business Model Canvas
BUSINESS MODEL CANVAS
KEY
KEY
VALUE
CUSTOMER
PARTNERS
ACTIVITIES
PROPOSITIONS RELATIONSHIP
- Factory
- Design glasses,
- Despite shopping - Member cards:
- Marketing
sunglasses.Update online, customer
silver,gold.
channels:
trend.

could try wearing
- Gift voucher:
Instagram,
- Sales products
glasses base on 3D birthday.
Facebook,
through online and face simulation.
- Hotline to contact
Youtube
store.
- Personalized
and response.
- KOLs
- Customers
products
- Mini game online
- Logistics
service
- Eyes
on facebook and
company:
- Eyes
measurement
Instagram.
Viettel post,
measurements &
- Customer could
- Build a
Ahamove,
advisements

buy a quality
professional
Lalamove,
- Signed
glasses from a
service process to
GHTK.
production contract local brand with
take care customer
- Domestic
with factory.
the reasonable cost at store and reply

CUSTOMER
SEGMENT
- People who
need to use
fashion
glasses.
- Age: 18-35
- Sex:
Male/Female/
Others
- Income:
above
10.000.000vnd
- Location: in
VietNam(store
in Phu Nhuan

21


Acquirer and
e-payment
wallet:Zalo
pay, Momo.

- Cooperate with
acquirer, ecommerce
exchange
,Logistics
company.
KEY
RESOURCES
- 3D face
simulation on
website.
- The design
team,produce
specially designed
and quality
products.
- Ophthalmologists
- Sales team
- Dealing with
acquirer and
logistics company
to get reasonable
percentage

commissions.
COST STRUCTURE
- Production,packing cost
- Marketing fee
- Labor cost
- Running and maintaining website
- Provision cost
- Rental fee

and immediately
Warranty Policy.
- Update newest
fashion trend
glasses.

online.

district)

DISTRIBUTION
CHANNELS
- Retail stores
- Online website

REVENUE STREAM
- Sales of products

1.3.3 Business Model Roadmap
(Attached Excel file)

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Section 1.4 I Want To Test The Attractiveness Of My Product Or Idea
1.4.1 Thinking Hats
WHITE HAT: Describe the idea - just with YELLOW HAT: Describe why the idea
facts
will work - benefits and value
- A brand new local fashion eyewear brand
using
online
eyewear
experience
technologies and Consumers have the
ability to create their own eyewear style on
the website
- Consumers have more options with a
high-end national brand of fashionable
eyewear at competitive prices in the
market.
- Instead of visiting a store to try and
choose glasses, consumers have the
opportunity to choose, experiment and buy
right on our website.

- A brand new local fashion eyewear
brand at competitive prices
- Apply online glasses experience
technology
to

creating
more
competitive value
- Consumers have the ability to create
their own eyewear style on the website
- Still sell glasses but have more
channels to selling and earning more
money instead of just offline.
- Gaining an additional customer
segment of people who do not have
time to go to offline stores or prefer to
shop online.

RED HAT: Describe the feelings, hunches GREEN HAT: Describe alternatives
and intuition towards the idea
for the idea - new ideas
- What about other brands that are also
using the technology of experimenting with
glasses online?
- A good idea so as not to waste time taken
up by customers
- Only busy people buy glasses online and
these people have stable incomes.
- Why do they choose a completely new
local and not another well-known global
brand?

- Instead of opening a completely new
brand with both offline and online
stores, just open an online store with a

perfect business model and technology
applying
- Retail eyewear from well-known
brands in the market, instead of
establishing a new one

23


1.4.2 Focus Group
- Conduct surveys of target customers and interview potential customers about
products and services;
- Demographics: Gender, age, interests, median income;
- Factors to choose to buy eyeglasses;
- Service needs and desires;
- The cost is willing to spend to use the service.

Section 1.5 I Want To Explore New Market
1.5.1 Porter’s Five Forces
With the growth of Vietnam's population,the competition among domestic
glasses distribution companies is becoming more and more competitive.We will
analyze 5 competitive pressures to find out the company's strength in the market
current glasses.
❖ Bargaining Power Of Suppliers
The current situation of the glasses market in Vietnam is quite saturated. With the
number of domestic glasses factories not diverse, we have difficulty in taking the
initiative in negotiating the input l production price. During the current covid-19
pandemic, actively negotiating with suppliers to get a good price is also a big
challenge.
❖ Threat Of Substitute Products

In fact, glasses products always have a fairly stable position in the market with very
few other substitutes due to the specificity of eyeglasses that are products used to
correct refractive errors of the eye. In addition, the products our glasses are diverse in
design and use production materials to ensure the health and safety of users. With
unique designs suitable for each customer with eye needs our glass and the level of
safety for health, we believe that the pressure from the product to replace our product
in the market is very low.
❖ Threat Of New Entrants
The risk of new competitors entering the industry is quite high. Besides, the cost to
enter the current eyewear market is also very high including research and
development costs, advertising costs and other costs. Incentive program to bring the

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product to market. When selling this glasses product we have to face many threats of
other companies that may enter to compete but with the strengths that we currently
have and entry costs are very high, creating a large entry barrier for competitors who
want to enter the current glasses market.
❖ Rivalry Among Existing Competitors
The current glasses market is fiercely competitive among competitors. Consumers
often change their habits and need to shop for their own glasses, so there are many
brands and stores dealing in glasses. In Vietnam and especially in the Ho Chi Minh
City area, there are many well-known eyewear stores such as: Shady Glasses, Sai
Gon One Glasses, Sai Gon Gia Hung Glasses, Saigon Glasses Joint Stock Company,
Saigon Eyewear, etc. And some consumers in Vietnam also have a need to own
glasses from famous fashion brands in the world can be mentioned as: Gucci, Dior,
Grada, Rayban, Linda Farrow, Fendi,... Those are stores, glasses brands in Vietnam
and around the world that are direct competitors. With us, the battle is getting more
and more fierce as companies in the eyewear business market regularly compete on

product prices and constantly change models and designs. We also have to change
constantly to capture the needs of today's consumers to buy glasses.
❖ Bargaining Power Of Buyer
On the market today, there are many shops selling glasses with various designs,
colors and prices suitable for different customers. Consumers can have many
different choices. Choosing a pair of glasses can both correct refractive errors and
can be used as a fashion accessory every time you go out, so most of them at every
glasses store has its own highlights to attract customers to shop for its glasses
products. There are many glasses stores in Ho Chi Minh City today from cheap to
high priced. In addition to glasses business, they also have promotions, discounts
warranty and return policies for customers to satisfy the shopping needs of
consumers.
In Vietnam, there are currently two types of eyewear business, which are highend glasses business and traditional glasses business. For high-end glasses business,
they aim to be high-end in the market products, providing very good services to
customers, the luxury in product design and bringing a lot of value to customers, but
the price to own a pair of their glasses is quite high compared to other products. With
the current spending level of Vietnamese people. Besides the traditional business
stores, they focus on the segment of customers with moderate incomes with low to

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