The Strengths of Note Fragrance - Research Paper Example

Insert Promotional analysis Introduction about fragrance The stores is from perfume nomenclature where practitioners speak of top, and heart base notes of the fragrance. It is a store that primarily sells perfumes and other oils to all levels of individuals. Fragrance oil is in demand by the young, youth and the people of the old age. In addition, the store has a collection of fragrance thus enabling it to meet the higher demand for the oil. Various perfumes are of different notes that give it its stand smell. There are different characteristics of each family: citrus, floral, oriental, and woody. Location The note fragrance is in 401 Spruce Street, on the corner of Wyoming and Spruce. The area of the business is strategically located in order for its esteemed customers to access quickly. Because the store also has a high volume of individuals, it is situated in the center of the city and a very spacious locality. Reasons for creating the business Due to greater demand for perfume across the world, the idea of note fragrance came into being. Moreover, the availability of materials as well as skilled labor required producing the product enhanced product generation, also there the high demand for quality and affordable fragrance perfumes boosted the business idea in its existence. Like any other business, the owners of note fragrance had an intention of making profit and employment generation to individuals around the world. In addition, strategic location of the company as well-advanced marketing strategies that are E-marketing among other online services boosted the Idea of generating the Note fragrance store. The business also requires little capital start as cheap and readily labor contributes in one way to another for the development of the fragrance shop. The idea of creating my perfumes emerges because passions and interest in perfumes. Apart from enjoying the beautiful scent of the perfume, I join the business for the sake of make profit and try to make ends meet. Due to readily available market for the product and sufficient infrastructure also boosts the need for one to invest heavily in the business. The product also does not only concentrate on particular individuals, but it cuts across to; young and old, men as well as women. Due to high demand and readily available market for the product, it will call for massive production that will increase the volumes of supplies hence meeting the customers demand at any given time across the world. Competitors Fragrance oil international limited is one of the major competitors, producing the same product as Note fragrance. In addition, luxury store also sells jewelries among other products that are in Note fragrance store. The other competitor is the department stores as well as fragrance stores for focus much on meeting customers demand with unique smells. Note fragrance does note despise competition. Instead, it treats race as an important challenge hence working extra hard to outweigh it competitors and at the same time meet is customers demand. Through meeting, the clients order and test, an organization in one way will also attain its set goals and objectives. Strengths, weakness, opportunities as well as threats to the business The strengths of Note Fragrance are unique because the store gives limited idea of crafting customers perfume with the smell of their choice. Moreover, the store has qualified staffs who understand the taste and preferences of their esteemed customers. On the other hand, weakness of the business majors on location of the shop in that, the Scranton area has a small population living there. Small population within the business locality means that there will be low turn up to customers, and hence there will be low returns in the company. In relation to the business opportunity, the firm has monopolized the market hence dictating on the price of the products in the region. The threats that the company face currently is strict government regulations and policies governing business undertaking in the area. Promotional Objectives due to Target Market: Mainly women between the ages of 35- 50. The note fragrance brand from the data is mostly used by older women and grown up women who want to feel in place with the modern fashion trends in the world. The objective of the business in regards to the said age group should be to reinforce the brand mainly to them from time to time. Women at this stage of life mostly know what they want in livelihood and are strong financially so pricing in not a very big issue for them. Maintaining the brand at its highest level is enough to keep most of the customers but the key objective of the business should be enough created newer interests and reinforcement of the brand. Creating more unique interests to the female customer should be done through launching of new note fragrance brands since it is in the fashion sector which is a very dynamic business. To ensure loyalty to the new products the company should aim at investing in personalized advertisements to the already established customers. It can be done through investing in personalized email advertising to alert the customers of newer note fragrance products. The adverts should be concentrated on informing the customers on the new fashion trends in the fragrance sector. Reinforcement of the note fragrance brand to the women in the 35-50 age group should not eat a lot into the advertising budget of the business since the fragrance has been in operation for quite some time and does not need a lot of re-branding of its products. But the objective of advertisements in this category would be strongly advertize the product to more women at the 35-50 age group. People who live in Northeastern Pennsylvania and New Jersey. The promotional objectives of the note fragrance business in Northeastern Pennsylvania and New Jersey would be to build awareness and give out information on the note fragrance brands. The number of the note fragrance user in Pennsylvania is relatively higher compared to New Jersey and other places. Penetration of the note fragrance brand into the Pennsylvania market would significantly increase if the business focused on a marketing strategy of providing a lot of information on note fragrance products to other people around the area. Advertising budgets towards Pennsylvania should be increased since there is potential from people to purchase the product as seen by the high number of previous customers. Marketing strategy for New Jersey would be first to build awareness to a larger group of people from the last purchase record show that there are not many previous customers of the products. This is despite customers of New Jersey being higher than other areas. The advertisements of New Jersey should mainly target the larger audience and not particular customers from other fields. Advertisements like television and radio should be increased in theses areas since they will reach a broader audience at relatively lower prices. Target higher income, because the product is a high-end category. The primary customers of the note fragrance are mainly people aged 35 years and above who are financially stable at that age. Due to the higher quality of note fragrance products the market that would be interested in the products are the high-end or people with higher standards of living. The advertising strategy for the business in regards t the high-end market would be to differentiate the note fragrance product from the other competition. The end market mostly now their product and the business would highly benefit by continued subscription of their advertisement in the Local Flair magazine. Most high-end users afford and occasionally read magazine, and it will be an excellent platform to reach out to high-end customers. 5. Promotion methods that have been used and why: a. The business is investing 10% of the revenue from advertising to have higher brand recognition and inform people of their existing in the market. The key to business success is reaching out to customers and letting them know the kind of products being offered by the enterprise. The advertising revenue should mostly concentrate on advertisements that seek to stimulate the brand and at the same time provide clear information on the various types of products being offered. Most of the advertising budget should be used in targeting the high-end market through increasing personalized advertisements and magazines that target people who have higher standards of living. Direct mail with a postcard- $0.10 for the printing of a postcard and $.34 for postage. We send out 500 per promo/event. The primary aim of postcards in advertisements is to increase customer exposure to the business. The major customers of note fragrance are adult women. The postcard majority should, therefore, target these customers. Postcards offer a very easy and efficient way to distribute easily . Postcards can be used for promotional coupons to target clients or as a reference material for your products by the client. It is efficient since the customers get to keep the postcards and will carry them anywhere they go. The postcard budget should mainly be used in proper design of the postcard since people will like to take or read elegant materials. Radio use 98.5 KRZ, and it is $22.75 per 15 second commercial. Radio advertisements will be mainly used to reach a larger audience. The audience should be one that has not been using the note fragrance products as they should. The radio advertisement should act as an awareness campaign and to provide the actual information on the products. Due to the high expense of radio advertisement, the information being shared through radio should be very brief, listing the products of note fragrance and importantly to inform the customers where to find note fragrance stores or shops. Detailed description of products through radio advertisements will cost the business a lot of f money. TV report that have covered the store and try to promote it. Television reports should be very objective in that they should show the use of the products and its effects on the people who use them. The reports should aim at showcasing the products especially in the note fragrance stores. Television reports can be very efficient especially if the correct audience watches them. e. Publicity in Scranton times and a magazine Advertisements in magazines and newspapers can be costly but very effective especially if the target market are user living at very high standards. The budget for Scranton times and another magazine advertisement should be higher. This is because they are very objective in terms of target market and are not only on paper but also on-line. It ensures it reaches a larger audience. This is because most magazine also has on-line versions of their magazines. f. Facebook with a daily budget of $5 to promote the page and 29 cents per like The social media are crucial for note fragrance business. Many people are using social media and increasing the budget in social media advertisements especially facebook will be very effective. Social media advertisement aims at achieving creating a connection with the customers by attaching emotional sense to the adverts. The advertisements should be informative and be designed in such a way that they encourages the users to want to know more about not fragrance brand and products. Works Cited Kotler, Philip; Kevin Lane Keller (2009).A Framework for Marketing Management(4th ed.). Pearson Prentice Hall. Read More