Redolence Perfume Report

REDOLENCE PERFUME SUBMITTED BY:

1. Faraz Zafar 2. Shahzeb Ali khan 3. Azeemullah aslam 4. Rabia Aslam 5.  Nimra Siddique Siddique 6. Sumaiya Sumit SUBMITTED TO:

Maam Sobia Shujat CLASS: BBA-1(A) COURSE: Principles of Marketing

TABLE OF CONTENTS

S.NO

TABLE OF CONTENTS

PAGE NO:

1.

INTRODUCTION

3

2.

VISION

4

3.

MISSION

4

4.

VALUES

4

5.

BRAND PERSONALITY

4

6.

SUCCESS

4

7.

TARGET MARKET

5

8.

SWOT ANALYSIS

5-6

9.

COMPETITORS

6

10.

MARKET RESEARCH

6

11.

4P‟S OF REDOLENCE PERFUME

6-7

12.

ANSOFF MATRIX

7-8

13.

LINE EXTENSION

8

14.

CONCLUSION

8-9

Redolence Perfume

Page 2

1. INTRODUCTION: Redolence perfume comes in a 100ml perfume bottle and the fragrance is of refreshing citrus, fruits, aquatic and aromatic notes. The base features notes of musk and moss, and the bottle comes in a variety of colors. Generally perfumes are concentrated with “most concentrated- 10% to 25% fragrances and colognes the weakest, with 5% to 7% fragrances.” Redolence perfume is available in both cologne and perfume versions. Redolence comes in various makes and models such as lime green, aquamarine blue and white versions. There are clear benefits received by consumers from using this perfume such as to smell nice, appeal to others and cosmetic appeal. This shows that Redolence is not just intended for just preventing body odor (for which a deodorant would be enough) but goes beyond this to enhance the user‟s personality. Sometimes, as promotion, consumers are given free gifts which could be considered as extra products offer. Customers are generally defined as those who “purchase products for their own or someone else‟s use, while consumers are usually people who use the good or service. Businesses that use fragrance products such as hotels and spas would be unlikely to prefer this type of high end branded product. Price elasticity of demand is usually defined as „the sensitivity of quantity demanded to changes in price. In this market redolence perfume seems to draw customers which are long term and brand-loyal consumers who are generally price inelastic. Most of the customers of Redolence are long term oriented consumers who are looking for a Specialty limited edition that satisfies their desire for sensuality in appeal and believe that Redolence is the only one that can provide this. These would have more inelastic demand,  because if they can‟t find this product they probably will not accept substitute products as their  preference is for only this perfume.

Redolence Perfume

Page 3

2. VISION: Our vision is to be a globally recognized Luxury Brand.

3. MISSION: We exist to enrich our Customers' Lifestyles by: • Encouraging Creativity, Innovation & Continual Improvement • Adopting practices that are Ethical and Socially & Environmentally Responsible • Attracting & retaining the best Talent • Meaningful Relationships with Employees & Associates built on Trust & Respect • Maximizing Stakeholders' Interest

4. VALUES: • Excellence • Innovation • Partnership • Integrity • Open Communication

5. BRAND PERSONALITY: Brand Personality Brand Personality is a set of Human Characteristics associated with a Brand. Main Characteristics Associated with Redolence perfume is: • Masculinity • Individuality • Unconventionality • Young

6. SUCCESS: All the products that Redolence perfume produced are successful because of the quality and effective promotions. Their advertising Campaigns and promotional strategy is a benchmark. All

Redolence Perfume

Page 4

the fragrances are premium and new to this genre. Campaigns like chocolate month of the year, CLICK, Score more were a great success.

7. TARGET MARKET: Target Audience is: • • • 

• •

Men and Women Generation Y: Age Group: 18 –  35 years old Working and non working. Lifestyle (Vain, Athletic, Fashionable/Trendy, Active/always ) Social Status - Upper middle class, Upper class Psychographics –   The consumer likes to invest in luxury items, trend setting, confident, fashion conscious, stylish, affluent, contemporary, rooted in their traditions but also open minded and experimental

8. SWOT ANALYSIS: Swot analyses of Redolence perfume are:

Strength: 1. Market Leadership 2. Affordable price. 3. Excellent advertising and branding targeting the youth. 4. Good distribution, Promotions and campaigns for luring customers. 5. Famous for creative advertisements.

Weakness: 1. Domestic market phenomenon 2. High pricing reduces the target market 3. Controversial advertising often leads to legal issues

Opportunity: 1. Coming up with Limited Edition fragrances. 2. Tie up with hotel chains and large organizations like gym chains etc.

Redolence Perfume

Page 5

3. Create a new product lines, targeting female and male both customers.

Threats: 1. Copy by the competitors. 2. Emerging local players with lesser price. 3. Spray emits damages to the environment.

9. COMPETITORS: The competitors of Redolence perfume are: 1. Boss 2. Ferrari 3. Versace

10. MARKET RESEARCH: We conduct the market research through questionnaire, by taking interview from different  people, by providing free samples to different people and from their positive response we finally decided to launch a unique brand which satisfies the consumer needs and gives refreshing fragrance.

11. 4P’s OF REDOLENCE PERFUME: 4p‟s of redolence perfume are product, price, place, promotion,

Product: • • • • • • •

Redolence perfume gives you the feeling to walk with a proud. Luxury Brand for Men and Women The perfumes are designed for both men and women The refined oriental fragrance befits the vivacious and ex uberant individual The collection is created especially for those who aspire towards modern chic yet believe in their traditional roots These concoctions are rich oriental concentrates that makes an enticing choice for every fragrance lover. Ready to make the person feel like a celebrity, filled with pride and confidence and ready to capture the world.

Redolence Perfume

Page 6

Pricing: • • •

High margin low turnover market Perfumes starting from Rs 2500 / for 140 ml Special collection range –  Rs 6000 –  Rs 25000

Place: As currently we are operating our business online. But later on we are planning to operate our first physical outlet in Hyperstar Dolmen City Mall.

Promotion: We are promoting our product through free sampling and testing, and by giving special offers to our loyal customers. We also provide sale and special loyalty cards through which consumers can avail the discount on purchase of selected items.

12. ANSOFF MATRIX:

Redolence Perfume

Page 7

This matrix suggests four alternative marketing strategies:

1. Market penetration  - involves selling more established products into existing markets, often by increased promotion or price reductions or better routes to market, for example online. 2. Product development  - involves developing new products or services and placing them into existing markets. 3. Market development  - entails taking existing products or services and selling them in new markets. 4. Diversification  - involves developing new products and putting them into new markets at the same time. Diversification is considered the most risky strategy. This is because the  business is expanding into areas outside its core activities and experience as well as targeting a new audience. It also has to bear the costs of new product development.

Based on the ansoff matrix Redolence Perfume  falls in the Product development strategy. As we are launching a new product and providing those in the existing market so Redolence  perfume is the product development strategy.

13. LINE EXTENSION: This product is basically for both male and female. And we provide special products for both genders.

14. CONCLUSION: Scented oils, perfumes and other fragrances have been adorned by people since early civilization. Today, fragrances can be found all around, from scented candles, to all your favorite bath and  body products. There are numerous reasons why people wear perfumes, but ultimately it boils down to the fact that they make us feel happy. The reason we feel happy is heavily dependent on the individual, but can range from the presence of pheromones, memories the scent invokes, a feeling of escape, and the ability to show individuality through fragrances. First, Pheromones are scent triggered hormones which stimulate sex ual appetite. Logically this hormone plays an important role in human sexuality and desire. Analogs of the natural human hormone can be found in some perfumes where these scents trigger increased sexual appetite. The list of known pheromones is growing continually. Though, most of the currently recognized  pheromones only work on men. As such, women wearing these types of perfumes instill greater sexual desire in the men surrounding them, and in return, boosting her own self-esteem as h er feelings of being attractive and adorned grow. This, certainly, makes any woman feel happy. However, though pheromones influence our sexuality, the results are fleeting. Therefore, their  presence in a perfume plays a secondary role to other reasons why we wear perfumes.

Redolence Perfume

Page 8

Second, there is a strong connection between fragrances and memory. For instance, we may be somewhere shopping and smell something from a nearby bakery that reminds us of something our Mother made for us when we where little - like chocolaty brownies, or a homemade raspberry pie. Then, we find a perfume or lotion that smells like chocolate and raspberries and instantly feel at home with that fragrance. The same goes for hundreds of other scents out there that connects us with warm, positive memories - such as the smell of a husband's or bo yfriend's cologne on their sweater, the smell of particular holidays, the smell of rain or snow, and so on. Connecting ourselves to these memories through easily obtainable fragrances makes us happy. Third, we all need escape. Whether we're tired Mom's, teenagers, Grandmother's, working Mothers, or stressed Husbands, we all need a plac e of escape and that escape is often found in a  bath, shower, or massage with the use of fragrances. Therapeutic or not, fragrances can take us to a place of calm and serenity. They can rejuvenate our minds and energize our senses. When we surround ourselves with a fragrance we like, we a re in essence, placing ourselves in a protective  bubble that minimizes the stress of everyday. We are instantly comfortable. Lastly, and maybe even the biggest reason we wear fragrances, is to show off our individuality. With so many fragrances to choose from out there a person can truly be original in what they decide to fragrance themselves with. They can change the way they smell to match their mood, the occasion, or anything they like. One day they can smell like pomegranate and the next day, as their preference changes, they can smell like roses and musk. The ability to have this kind of individuality through scent directly influences our confidence and self-esteem. Different scents evoke different memories, and this can be an important part of human behavior. A lot of us breathe happily when we smell something that reminds us of a beloved relative, friend, or spouse. When someone wears a perfume frequently, their friends and family begin to associate that scent with their loved ones. As with designer clothes or expensive cars, a high quality perfume or cologne can also aid in sending a message of wealth and importance to others. Timeless scents such as our product Redolence P erfume are known to be classic yet costly, and can signal to others an air of prestige. Besides the fact that our scent can aid us in attracting potential mates and being w ell-liked by others, perfume and cologne are ultimately just ve ry enjoyable. It is nice to have fun with your fragrance, and keep experimenting until you find a scent that is perfectly suited to your  personality and lifestyle.

Redolence Perfume

Page 9