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A target market has also been chosen and studied and has appealed to the female racket. Market segmentation is also taken into consideration with the introduction of a new product as it identifies target markets by groups, which are identified by similar and distinguishable aspects while using the different segmentation groups. The report focuses on a ‘personal’ profile of an individual from the target audience as well as using a score card approach along with perceptual mapping, which Indicates what the strengths and weaknesses of the fragrance may be.
The fourth section of the report focuses on the product Itself as well as the different levels that are Involved In guaranteeing that the product Includes all complexities that encourage consumers to purchase the fragrance. The core, embodied and augmented levels of a product all have their own significant roles in the creation of a well-known brand. Giorgio Airman have considered whether keeping their obvious attributes or not for the packaging and the branding of their new fragrance would confuse consumers of this well-known brand.
However the new fragrance may have a different look to it, but still has the Giorgio Airman logo to reassure loyal customers of the brand’s integrity. The fragrance will be classified as a premium fragrance, however Giorgio Airman have set their prices so that consumers that earn a medium income can also afford to purchase the new fragrance. This allows consumers with a medium to high Income to afford the product depending on the size bottle they wish to purchase. Promotion of the fragrance Is needed and the use of the pull and push strategy Is used to convince the target audience to purchase the product.
Promotional material such as billboards, advertisements on the television, ‘pop-up’ advertisements on the internet and advertisements in fashion magazines will be used to ensure publicity of the product and the report states how this will be achieved. Lastly, the distribution strategy is taken into consideration that involves the consistency of those of the competing suppliers. The places of distribution that Giorgio Airman will be introducing its new fragrance to will be discussed as well as the reasons behind the choice they have made to target certain wholesalers.