Essay about Flare Fragrance Inc

Words: 4624
Pages: 19

Executive Summary
This marketing plan isprepared for the case study of Flare Fragrance Inc which operates in the U.S women fragrance market, currently its growth to maturity stage.External analysis has identified political, economical, social, technological and naturalfactors affecting the fragrance market. Most significant being declining U.S fragrance market and trend of tradingof luxury brands to mass alternative, post 2008 financial crisis.Industry analysis identified the U.S fragrance industryto be low in attractiveness. Critical success factors includes originality and innovation, prestige image, meaningful consumer experience, good distribution network and, relationship with retailers.
Flare’s portfolio consist of fragrances
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* However, ability of recreating natural aromas means chemical composition of such fragrance ingredients will not be affected by fluctuations in natural environment. |
Table 1: PESTN Analysis of the Women’s Fragrance Industry 4.2.2. PORTER’S FIVE FORCES – Industry attractiveness is low

Critical success factors * Originality and innovation – Allows a brand to differentiate or stand outfrom the many other brands of fragrances in the market. Innovation is also crucial to match the constantly changing market and to retain consumers interested towards our brand. * Prestige image – If given a choice, consumers would most often chose mid-tier or premium over mass brands due to the associated prestige and image. A successful brands offer an aspirational experience for consumers seeking prestige at an affordable price, implying that image-based advertising and promotions is still critical. * Meaningful consumer experience (service) – As purchase of fragrances involves a certain level of involvement, it is crucial that consumers receive a good point-of-purchase experience (salesperson, interior of counter/store etc.) to encourage trial or even repeat purchase. * Good distribution network – With increasing number of fragrances in the market, success often lies on having the right distributions to reach the target customers. * Good relationship with retailers –