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NEW product or service in an existing product/service category - Assignment Example

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NEW product or service in an existing product/service category

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. Baby Boomers are also likely to make consumption decisions that are aligned with their own personal values and ethics (Myron 2012). The secondary target market, the 18 to 34 year old markets, maintain favourable lifestyle-based characteristics for achieving profit success and market share in the fragrance industry. A recent study found that those in the Generation Y market are confident and secure and tend to gravitate toward premium and luxury products to justify their identity (Executive Digest 2008). Another study utilising a large sample of 24-35 year-old markets indicated a propensity to switch brands when a second competitive brand has their values linked to good causes (Myron 2012). This represents an ethical buying behaviour in an ideological market, an advantage for this socially responsible brand conception. 2.2 Product Review Grandma’s Boy Fragrances are designed to capture the essence of family togetherness and translate this set of corporate values into a total integrated marketing campaign. Grandma’s Boy will establish a cooperative supply chain structure that allows for premium ingredient procurement and rapid research and development to maintain innovative focus. The Grandma’s Boy product line consists of the following product conceptions: Humdrum – A premium, musk-scented product with overt masculine characteristics. Mother May I – A whimsical product, founded on a variety of blended fruit and natural essences ingredients. Bring it Home – A flowery, yet rugged scent with essences of apricot and lavender. Yenzig – A sweet, aromatic fragrance akin to major competitors such as CK1. During launch, these four product conceptions will be the focus of initial product offerings until Grandma’s Boy is able to determine which fragrances are meeting with market success and interest. Each packaging concept will bear the Grandma’s Boy logo, along with a colour coordinated scheme of baby blue, orange, copper tone, and ultra-modern graphics. Major companies in different industries such as The Home Depot and Sainsbury’s have found considerable psychological benefits of ...Show more

Summary

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…
Author : araynor
NEW product or service in an existing product/service category essay example
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