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"NEW" product or service in an existing product/service category - Assignment Example
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A Marketing Plan BY YOU YOUR SCHOOL INFO HERE DATE HERE Grandma’s Boy – A Marketing Plan 1. Executive Summary Grandma’s Boy fragrances are a new product conception in a very saturated, highly competitive market consisting of many upscale and mid-priced competitors…
Research uncovered opportunities for Grandma’s Boy to utilise quality positioning to gain market prominence, with considerable emphasis on values and lifestyles to gain market attention. Grandma’s Boy will find market success through aesthetic packaging, effective integrated promotions and advertisement, and by establishing a competitive pricing structure. 2. Current Marketing Situation The target market for Grandma’s Boy fragrances is the Baby Boomer market and the 18-35 year old male buyer who maintains similar values and ethics of the Grandma’s Boy brand. 2.1 Market description Grandma’s Boy Fragrances is a values-based brand promoting corporate principles such as family and social connectedness. The most viable markets are the Baby Boomer market, a market of buyers born between 1946 and 1964. Expenditures on children and family represent the majority of volume consumption for this market (Baby-boomers-life.com 2010). Furthermore, a 2005 telephone survey utilising a sample group of approximately 1,200 Baby Boomers indicated that 91 percent believed family stories and family values are the most important lifestyle need (Coombes 2005). This strong drive toward sustaining and improving family dynamics in the Baby Boomer market represents significant opportunities for capitalisation by expressing family, tradition and nostalgia (as appropriate) to gain market interest. ...
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