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24 March 2010
Implementation, Evaluation & Control
IMPLEMENTATION OF MARKETING GOALS:
In order to foster growth and sustainability, Dark Currant must continually research the market, which is described as, “people or organizations with needs or wants and with the ability and the willingness to buy.” (Lamb/Hair/McDaniel, 97) As the target market grows older, Dark Currant must focus on different generational characteristics. Dark Currant will need to continue its research into men’s fragrances prior to the launch date and into the product’s maturity. Dark Currant will need to be willing to reformat certain goals as the market dictates.
As a start-up company, Dark Currant will need to work hard to make sure business runs smoothly in production and distribution of the fragrance. We cannot afford to have any deliveries show up incorrectly. Managers will need to keep a close eye on operations to ensure success.
Dark Currant has put together an advisory committee of experienced professionals, including marketing managers, operations managers and brand managers. We are committed to being a resource for company personnel during this time. Dark Currant will hold regular bi-meetings via the Internet with resources such as Go-to Meeting. Each manager will be equipped with materials such as, a brand manual, operations manual among others.
IMPLEMENTATION TIMETABLE:
Dark Currant will be ready for distribution by October 2010. At this time our television and magazine ads will be circulating in anticipation for the release of the product in December of 2010. The following year, mid to late 2011, Dark Currant plans for a 3% hold on the market. Dark Currant will continue growth on into 2012.
In order to foster growth and sustainability, Dark Currant must continually research the market, which is described as, “people or organizations with needs or wants and with the ability and the willingness to buy.” (Lamb/Hair/McDaniel, 97) As the target market grows older, Dark Currant must focus on different generational characteristics. Dark Currant will need to continue its research into men’s fragrances prior to the launch date and into the product’s maturity. Dark Currant will need to be willing to reformat certain goals as the market dictates.
As a start-up company, Dark Currant will need to work hard to make sure business runs smoothly in production and distribution of the fragrance. We cannot afford to have any deliveries show up incorrectly. Managers will need to keep a close eye on operations to ensure success.
Dark Currant has put together an advisory committee of experienced professionals, including marketing managers, operations managers and brand managers. We are committed to being a resource for company personnel during this time. Dark Currant will hold regular bi-meetings via the Internet with resources such as Go-to Meeting. Each manager will be equipped with materials such as, a brand manual, operations manual among others.
IMPLEMENTATION TIMETABLE:
Dark Currant will be ready for distribution by October 2010. At this time our television and magazine ads will be circulating in anticipation for the release of the product in December of 2010. The following year, mid to late 2011, Dark Currant plans for a 3% hold on the market. Dark Currant will continue growth on into 2012.
Marketing Mix
PRODUCT:
Dark Currant is a fragrance consisting of scents such as plum and black currant with cherry blossom and wood notes. This fragrance comes in a glass bottle with a purple plastic top. The packaging will be a small box for the fragrance alone and a larger box will hold the gift sets including lotion, the perfume in a 1.7oz bottle as well as a miniature 0.4oz purse-sized bottle for on-the-go application.
PLACE:
Dark Currant is to be sold in department stores across the country such as Macy’s, Nordstrom, JC Penny, and the like. “A department store carries a wide variety of shopping and specialty goods, including apparel, cosmetics, housewares, electronics, and sometimes furniture.” (Lamb/Hair/McDaniel, 195) Dark Currant will travel mainly by truck or air when necessary. We will use shipping agents such as UPS to transport finished products from the factory to the specific stores or their main distribution centers.
PROMOTION:
“Most promotional strategies use several ingredients—which may include advertising, public relations, sales promotion, and personal selling—to reach a target market.” (Lamb/Hair/McDaniel, 211) Dark Currant will need to really start with a “bang” so-to-speak. Dark Currant needs to build a reputation that will compete with the likes of DKNY, Givenchy, and other competitors. Dark Currant has beautifully designed packaging as, packaging can ”influence consumer perceptions of quality and/or prestige. And packaging has a measurable effect on sales.” (Lamb/Hair/McDaniel, 140) Dark Currant will also have an eye-catching display set up wherever it is sold. These displays will have sample bottles on display for customers to test out. “Sampling allows the customer to try a product risk free. Sampling can increase retail sales by as much as 40%...” (Lamb/Hair/McDaniel, 249) Dark Currant will run ads in Cosmo, InStyle, Vogue, and other popular magazines that have a similar target market. Dark Currant will run a national television ad to make sure our name gets the exposure necessary.
PRICE:
“To earn a profit, managers must choose a price that is not too high or too low, a price that equals the perceived value to target consumers.” (Lamb/Hair/McDaniel, 261) Dark Currant is priced competitively at $58 for a 1.7oz bottle. Gift sets will be sold for $70, which include the 1.7oz perfume, a bottle of lotion and small 0.4oz “on-the-go” bottle for a women to carry in her purse.
Dark Currant is a fragrance consisting of scents such as plum and black currant with cherry blossom and wood notes. This fragrance comes in a glass bottle with a purple plastic top. The packaging will be a small box for the fragrance alone and a larger box will hold the gift sets including lotion, the perfume in a 1.7oz bottle as well as a miniature 0.4oz purse-sized bottle for on-the-go application.
PLACE:
Dark Currant is to be sold in department stores across the country such as Macy’s, Nordstrom, JC Penny, and the like. “A department store carries a wide variety of shopping and specialty goods, including apparel, cosmetics, housewares, electronics, and sometimes furniture.” (Lamb/Hair/McDaniel, 195) Dark Currant will travel mainly by truck or air when necessary. We will use shipping agents such as UPS to transport finished products from the factory to the specific stores or their main distribution centers.
PROMOTION:
“Most promotional strategies use several ingredients—which may include advertising, public relations, sales promotion, and personal selling—to reach a target market.” (Lamb/Hair/McDaniel, 211) Dark Currant will need to really start with a “bang” so-to-speak. Dark Currant needs to build a reputation that will compete with the likes of DKNY, Givenchy, and other competitors. Dark Currant has beautifully designed packaging as, packaging can ”influence consumer perceptions of quality and/or prestige. And packaging has a measurable effect on sales.” (Lamb/Hair/McDaniel, 140) Dark Currant will also have an eye-catching display set up wherever it is sold. These displays will have sample bottles on display for customers to test out. “Sampling allows the customer to try a product risk free. Sampling can increase retail sales by as much as 40%...” (Lamb/Hair/McDaniel, 249) Dark Currant will run ads in Cosmo, InStyle, Vogue, and other popular magazines that have a similar target market. Dark Currant will run a national television ad to make sure our name gets the exposure necessary.
PRICE:
“To earn a profit, managers must choose a price that is not too high or too low, a price that equals the perceived value to target consumers.” (Lamb/Hair/McDaniel, 261) Dark Currant is priced competitively at $58 for a 1.7oz bottle. Gift sets will be sold for $70, which include the 1.7oz perfume, a bottle of lotion and small 0.4oz “on-the-go” bottle for a women to carry in her purse.
Marketing Strategy
Target Market Strategy:
“A target market is a defined group that managers feel is most likely to buy a firm’s product.” (Lamb/Hair/McDaniel, 32) Dark Currant will be targeting mainly middle-class women ages 25 – 35. The interesting thing about this age group is that it actually spans the Generation X as well as Generation Y groups. This may bring some challenges when marketing to this group, as we will need to consider the characteristics of both generational market segments. We will respond to the lifestyles of both generations to better focus our advertising and marketing efforts. “Personality and self-concept are reflected in lifestyle. A lifestyle is a mode of living, as identified by a person’s activities, interests, and opinions.” (Lamb/Hair/McDaniel, 63) Soon Dark Currant will release its version for men, increasing our target market substantially.
Before Dark Currant can reach the hands of the target consumer, we must reach out to the target resellers who will carry our product. “The reseller market includes retail and wholesale businesses that buy finished goods and resell them for a profit.” (Lamb/Hair/McDaniel, 97) These resellers include department stores such as Macy’s, Nordstrom, JC Penny, etc. Dark Currant will also target many online retailers such as Amazon.com, Sephora.com and Perfume.com.
SWOT Analysis
Dark Currant has a product differentiation competitive advantage that will be discussed in the “strengths” section. This is sure to facilitate a long-term competitive advantage and ensure greater growth and profitability.
STRENGTHS:
Dark Currant fills a void in the fragrance industry bringing a unique blend of ingredients not seen in its competitors.
Dark Currant’s packaging is unique and will encourage sales and will stand out among the competition.
Dark Currant is competitively priced to gain the needed revenue and status among the industry.
WEAKNESSES:
Dark Currant is a new fragrance with no current customer base. It must start from the ground up, building its brand to be as trusted as its competitors.
OPPORTUNITIES:
Dark Currant can easily be translated to lotions, soaps, and other items to be sold as a package-deal or gift set.
Once the brand is established in the industry, Dark Currant can easily develop nighttime fragrances and other daytime fragrances to expand its product mix.
Also, once established Dark Currant could easily be sold internationally, opening up new opportunities for profitability. Dark Currant “must develop a global vision not only to recognize and react to international marketing opportunities but also to remain competitive at home.” (Lamb/Hair/McDaniel, 47)
THREATS:
Competitors could potentially come up with fragrances similar to Dark Currant thus cutting into Dark Currant’s revenue.
The current state of the US economy is still in a severe recession, which has the potential to effect profits.
“Pricing is always an important aspect of marketing, but it is especially crucial in times of inflation and recession. The firm that does not adjust to economic trends may lose ground that it can never make up.” (Lamb/Hair/McDaniel, 289)
STRENGTHS:
Dark Currant fills a void in the fragrance industry bringing a unique blend of ingredients not seen in its competitors.
Dark Currant’s packaging is unique and will encourage sales and will stand out among the competition.
Dark Currant is competitively priced to gain the needed revenue and status among the industry.
WEAKNESSES:
Dark Currant is a new fragrance with no current customer base. It must start from the ground up, building its brand to be as trusted as its competitors.
OPPORTUNITIES:
Dark Currant can easily be translated to lotions, soaps, and other items to be sold as a package-deal or gift set.
Once the brand is established in the industry, Dark Currant can easily develop nighttime fragrances and other daytime fragrances to expand its product mix.
Also, once established Dark Currant could easily be sold internationally, opening up new opportunities for profitability. Dark Currant “must develop a global vision not only to recognize and react to international marketing opportunities but also to remain competitive at home.” (Lamb/Hair/McDaniel, 47)
THREATS:
Competitors could potentially come up with fragrances similar to Dark Currant thus cutting into Dark Currant’s revenue.
The current state of the US economy is still in a severe recession, which has the potential to effect profits.
“Pricing is always an important aspect of marketing, but it is especially crucial in times of inflation and recession. The firm that does not adjust to economic trends may lose ground that it can never make up.” (Lamb/Hair/McDaniel, 289)
Objectives
“Without objectives, there is no basis for measuring the success of marketing plan activities.” (Lamb/Hair/McDaniel, 18)
Objective 1: Dark Currant plans to finish production and be ready for retail distribution by October 2010.
Objective 2: By December 2010 Dark Currant plans to be on every shelf in every major department store such as Macy’s and Nordstrom.
Objective 3: By mid-2011 Dark Currant plans to hold 5% of the market share of fragrance sales.
Objective 4: To have over 90% customer satisfaction in our product and build strong customer value. “A stable base of loyal customers can help a firm grow and prosper.” (Lamb/Hair/McDaniel, 7)
Objective 1: Dark Currant plans to finish production and be ready for retail distribution by October 2010.
Objective 2: By December 2010 Dark Currant plans to be on every shelf in every major department store such as Macy’s and Nordstrom.
Objective 3: By mid-2011 Dark Currant plans to hold 5% of the market share of fragrance sales.
Objective 4: To have over 90% customer satisfaction in our product and build strong customer value. “A stable base of loyal customers can help a firm grow and prosper.” (Lamb/Hair/McDaniel, 7)
Business Mission Statement
The mission of Dark Currant is to provide a fruity, more berry-inspired fragrance that seems to be missing in the marketplace. Dark Currant is committed to excel in customer service and satisfaction—from our sales counter to the scents we provide. We strive to form strong relationships with our customers through customer relationship management. “Customer relationship management is a company-wide business strategy designed to optimize profitability, revenue, and customer satisfaction by focusing on highly defined and precise customer groups.” (Lamb/Hair/McDaniel, 293) Dark Currant’s goal is to eventually expand its fragrance line into both men’s and women’s fragrances and be a fierce competitor in the fragrance industry. “New products are important to sustain growth, increase revenues and profits, and replace obsolete items.” (Lamb/Hair/McDaniel, 145) Dark Currant is committed to offering competitive prices and beautiful fragrances. Dark Currant was created to lift a woman’s spirit and make her feel beautiful. Fragrances have the power to change a person’s mood, attitude and presence. We are committed to creating innovative and inspiring fragrances.
Dark Currant believes that marketing research, which is the “process of planning, collecting, and analyzing data relevant to a marketing decision.” (Lamb/Hair/McDaniel, 114) is essential in planning for changes in the market, and continuing to see growth.
Dark Currant believes that marketing research, which is the “process of planning, collecting, and analyzing data relevant to a marketing decision.” (Lamb/Hair/McDaniel, 114) is essential in planning for changes in the market, and continuing to see growth.
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