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.
Showing posts with label Marketing Plan. Show all posts
Showing posts with label Marketing Plan. Show all posts
24 March 2010
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.
06 March 2010
EOC Week 8 - My USP compared to three others
Dark Currant
Dark Currant's unique blend of rich black currant and juicy plum with hints of cherry blossom and wood notes create a rich and sensual fragrance in a deep purple glass bottle. Dark Currant speaks to the movements of the soul and the changing currents of life. This indulgent fragrance instantly soothes and calms the mind.
Be Delicious
DKNY Be Delicious is 100% New York. This unique fragrance is fresh and full of possibilities for love, life, and adventure. A refreshing scent in an iconic apple-shaped bottle tempts you to take a bite out of life. A sophisticated blend of apples, exotic flowers and woods creates a fresh, juicy scent that can only be called delicious.
http://www.dkny.com/nshop/product.php?view=detail&productid=DY-2L7X-X9&startColor=No&page=viewall§ion=womens&category=&groupName=fragrance
Very Irrisistable Givenchy
Givenchy is the story of an unforgettable encounter between Hubert de Givenchy and Audrey Hepburn.
The Givenchy perfume house is paying tribute to its roots anchored in the world of fashion and cinema.
This unique mix of French elegance and American spontaneity, called the Givenchy "Twist", gave birth to Very Irrésistible Givenchy.
To be irresistible is not something you can choose: you just are!
It is uncalculated, a state of mind, a certain innocence, a very special smile, a twist, a certain "je-ne-sais-quoi". At Givenchy, it's a fragrance.
Very Irrésistible Givenchy evokes spontaneity, audacity and sensuality.
It marks the renewal of the brand and embodies its attachment to its history and its celebration of women.
http://www.parfumsgivenchy.com/fragrance/women_fragrances/very_irresistible_givenchy/spirit_2_25_37.html
Juicy Couture
Now everyone can have the charmed life, and scent, of a real live Juicy girl.
Top notes of mouthwatering watermelon, mandarin, and pink passion fruit combined with the sparkling freshness of bright marigold and green apple, enhanced by a splash of water hyacinth and crushed leaves.
Heart notes of couture tuberose absolute wrapped in wild rose with sophisticated princess lily and creamy tuberose.
Base notes of caramel créme brulée and vanilla meld with elegant precious woods and patchouli.
http://www.juicycouture.com/shoponline/fragrancebeauty/women/juicycouture/prod-1WV8
Dark Currant's USP sets itself apart from Be Delicious and Juicy Couture in the fragrances they each contain, where Givenchy doesn't say anything about the actual fragrance at all. They've taken a different approach--rather than focusing on what the fragrance smells like, they are counting on people buying into the lifestyle of Givenchy disregarding the actual sent of the product. The other USP's clearly spell out the type of fragrance and pursue buyers who are concerned with the actual fragrance they will be wearing throughout the day. DKNY is different in that it attempts to ride on the New York bandwagon, so-to-speak. The USP starts out selling the birthplace of Be Delicious rather than the actual fragrance. Dark Currant isn't riding on anyone's coat tails; it does not need to sell anything but itself.
Dark Currant's unique blend of rich black currant and juicy plum with hints of cherry blossom and wood notes create a rich and sensual fragrance in a deep purple glass bottle. Dark Currant speaks to the movements of the soul and the changing currents of life. This indulgent fragrance instantly soothes and calms the mind.
Be Delicious
DKNY Be Delicious is 100% New York. This unique fragrance is fresh and full of possibilities for love, life, and adventure. A refreshing scent in an iconic apple-shaped bottle tempts you to take a bite out of life. A sophisticated blend of apples, exotic flowers and woods creates a fresh, juicy scent that can only be called delicious.
http://www.dkny.com/nshop/product.php?view=detail&productid=DY-2L7X-X9&startColor=No&page=viewall§ion=womens&category=&groupName=fragrance
Very Irrisistable Givenchy
Givenchy is the story of an unforgettable encounter between Hubert de Givenchy and Audrey Hepburn.
The Givenchy perfume house is paying tribute to its roots anchored in the world of fashion and cinema.
This unique mix of French elegance and American spontaneity, called the Givenchy "Twist", gave birth to Very Irrésistible Givenchy.
To be irresistible is not something you can choose: you just are!
It is uncalculated, a state of mind, a certain innocence, a very special smile, a twist, a certain "je-ne-sais-quoi". At Givenchy, it's a fragrance.
Very Irrésistible Givenchy evokes spontaneity, audacity and sensuality.
It marks the renewal of the brand and embodies its attachment to its history and its celebration of women.
http://www.parfumsgivenchy.com/fragrance/women_fragrances/very_irresistible_givenchy/spirit_2_25_37.html
Juicy Couture
Now everyone can have the charmed life, and scent, of a real live Juicy girl.
Top notes of mouthwatering watermelon, mandarin, and pink passion fruit combined with the sparkling freshness of bright marigold and green apple, enhanced by a splash of water hyacinth and crushed leaves.
Heart notes of couture tuberose absolute wrapped in wild rose with sophisticated princess lily and creamy tuberose.
Base notes of caramel créme brulée and vanilla meld with elegant precious woods and patchouli.
http://www.juicycouture.com/shoponline/fragrancebeauty/women/juicycouture/prod-1WV8
Dark Currant's USP sets itself apart from Be Delicious and Juicy Couture in the fragrances they each contain, where Givenchy doesn't say anything about the actual fragrance at all. They've taken a different approach--rather than focusing on what the fragrance smells like, they are counting on people buying into the lifestyle of Givenchy disregarding the actual sent of the product. The other USP's clearly spell out the type of fragrance and pursue buyers who are concerned with the actual fragrance they will be wearing throughout the day. DKNY is different in that it attempts to ride on the New York bandwagon, so-to-speak. The USP starts out selling the birthplace of Be Delicious rather than the actual fragrance. Dark Currant isn't riding on anyone's coat tails; it does not need to sell anything but itself.
25 February 2010
Sales Pitch
Dark Currant is a brand new fragrance that captures the essence of rich black currant and juicy plum with hints of cherry blossom and wood notes. It is a decadent fragrance that brings out every woman's sensuality. Inspired by the vines of Napa Valley this complex perfume accentuates every woman's mysterious nature.
Priced at $58 for a 1.7oz bottle Dark Currant directly competes with DKNY's fragrance Delicious Night. Where Delicious Night is overbearing and too floral, Dark Currant brings a more subtle fragrance straight off the vine.
Dark Currant exists to bring women between the ages 23 - 33 a beautiful fragrance that is sure to delight the senses as well as the wallet for it is priced competitively with many department store fragrances. Dark Currant plans for steady growth in the industry as there is no fragrance quite like it. With a beautiful bottle and a stunning fragrance, it is sure to capture a substantial share of the market.
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