Situation Analysis / Current Marketing Mix
Current Product
The new fragrance Wonderstruck was launched in the middle of 2011. The famous singer and actress Taylor Swift launched her first perfume in collaboration with the world famous cosmetic company Elizabeth Arden.
In press the scent is depicted as follows a gourmand floral… a charming and sparkling surprise of vibrant fruits, kissed by a bouquet of soft petals and a touch of sweet indulgence.
The perfume is presented in an oval purple bottle (50ml). The bottle is decorated with “three gold charms” – the Moravian star, a dove and a birdcage.
As far as the package is concerned, it features patchwork style fabrics with a gold-embossed number 13 which is the singer’s lucky number. Of course, there is only one model of the product as its uniqueness is the most competitive feature of the fragrance.
This product is usually bought by consumers, not businesses. The product is targeted at the singer’s numerous fans who are eager to buy everything connected with their idol. The singer’s name and her works make the product different from other similar products launched by other celebrities.
It is important to note that the product was launched in 2011, but there were many teasers online. Consumers were eager to wait for the product for several months. Now it is available in various stores, and it is possible to buy the fragrance online.
Current Pricing
At present perfume market is full of various offers. Cosmetic and perfume companies create numerous fragrances. Celebrities often launch their own perfumes in conjunction with cosmetic companies. Admittedly, the price depends on the demand greatly. The singer’s popularity makes the fragrance really desirable among Swift’s fans.
Therefore, the price of the product cannot be very low as the demand is rather high. It is necessary to note that the price ranges from $50 up to $76. For instance, it is possible to buy the fragrance (for $49.50) at the singer’s official website.
At the same time, the fragrance costs $75.95 at eBay. As has been mentioned above the price is not low, though it is not that high. The product’s price ranges within the limits of pricing of similar products. For instance, such brands as Paco Rabanne and Gucci are also sold for about $50-70.
It is also possible to claim that the product’s pricing is based on the product’s image, its quality and features. Of course, the most important is still image and the singer’s name as these factors make people want to buy the fragrance at quite a high price (which is typical for high quality products and famous brands).
Current Distribution
The product is available in many places. In the first place, it is possible to state that the product can be bought right from the business that made it as consumers can buy it at the singer’s official website. At that, the price is very reasonable there.
Remarkably, there are lots of places where the product can be bought. Apart from the singer’s official site, the perfume can be bought at numerous online auctions and shops. The prices range rather insignificantly there. It is also possible to buy the fragrance in various stores, shops and boutiques.
Notably, the product was launched in the USA and now it can be bought in many other countries. The product entered Australian market in September 2011. It is still popular as the singer’s popularity is at its highest.
The abundance of places where the product can be bought is due to one of the major characteristics of the product. The fragrance is associated with Taylor Swift who is famous worldwide.
Her songs are on radio, TV and the Internet. Her images are in magazines, adverts and even films. Therefore, the singer has gained really wide popularity among young girls who are eager to be like their idol. Buying a fragrance is one of the ways to be closer to an idol. Thus, such wide popularity contributes greatly to the availability of the product.
Current Promotion
The advertising campaign started with a perfectly developed commercials which were featured on TV and on the Internet. It is possible to distinguish two major messages. In the first place, the singer reveals the idea of magic. The commercial starts with the singer wearing some casual clothes.
However, a small portion of the fragrance leads to magical transformation and the singer turns into a princess wondering a beautiful and romantic garden where her Prince Charming is already waiting. Thus, the fragrance is meant to make consumers believe in magic and fairy tales.
Another message which can be distinguished is the idea of trying something new. The commercial says: “the journey begins”. Thus, the consumers are meant to long for something new. This message is very important as the consumers are encouraged to give up using other brands and to try the singer’s new fragrance.
Therefore, these themes help to accomplish several objectives. In the first place, the consumer is eager to try something new, something associated with youth, romance, love, beauty and popularity. The consumers are encouraged to give up the brands they were loyal to before the launch of the fragrance.
Apart from this, the singer promotes that idea of magic. Admittedly, females are eager to believe in magic, they also tend to use fragrance to enchant males. Wonderstruck and Taylor Swift promise to help in reaching this objective.
Brand Positioning Theory
Define and explain brand positioning
The category of the brand is a very significant aspect of the position of the product in terms of how it is perceived with respect to the other brand names. This is defined as the major reason why consumers prefer to buy one product and leave the others.
If any company wants its brand to succeed, it must ensure that its product succeeds in finding a way to the mind of the targeted customer. In addition, it must ensure that its brand is in the targeted consumer’s mind, it offers a customer value that is persuasive and that it is better than that of its competitors.
Taylor Swift’s Wonderstruck achieves the necessary goals. The major focus in advertising campaigns is Taylor Swift herself. In fact, her name becomes the brand which is sold. Fans try to become closer to their idol and they willingly buy the fragrance the young singer has launched.
The target audience is the array of young female fans of the singer. Thus, potential consumers are young, active, romantic and a bit adventurous females who are eager to change something in their life.
Admittedly, this is a very wide audience to cover. Therefore, it is possible to claim that the brand is positioned in accordance with major business conventions, which in its turn ensures the product’s popularity and success.
Draw a perceptual map for the brand your lecturer has assigned to your class
Explanation of positioning of 5 brands on perceptual map
From the perceptual map above, it is evident that Wonderstruck is the best perfume because it has the highest fragrance, a better demand and an affordable price. Beckham is the worst since it has a lower demand, lower fragrance and it is very cheap. Though Delices has the best demand, a slightly higher price, its fragrance is low.
Princess Diana has also a moderately acceptable fragrance; its demand is lower than that of Wonderstruck. Michael Kors is the most expensive and it also has a high demand even though it has a low fragrance. Therefore, Wonderstruck is the best product in this market segment.
Target Market Identification
Geographic description
As has been mentioned above the singer’s worldwide popularity diminishes any possible geographical boundaries. Of course, the singer is majorly popular in the USA, but she is also popular in Australia, Canada, Europe and some other countries. Therefore, the fragrance is popular in these areas as well.
Though, the product is very popular in the USA, it is also very popular in other countries. It can be explained by the fact that the singer is popular in other countries. Besides, American products are also popular in these countries. It is also important to add that the product is more popular in urban areas than in rural areas.
Demographic description
The demographic variables which can influence a product’s popularity include income, occupation, age, sex, ethnicity, level of education. Thus, the target consumer of Wonderstruck is a young female of about 13-23 years old. Age is one of the most important variables in this case. It is important to note that ethnicity does not play any significant role in the product’s promotion and its popularity.
As far as the level of education is concerned, it is necessary to note that this factor does not significantly affect the product’s popularity. The consumers may be high (or junior high) school students, college students or university students. Notably, income is one of the crucial factors.
As has been mentioned above, the product’s price is quite high. This is why females whose families’ income is quite low are unlikely to have the fragrance. Of course, this does not mean that only girls coming from high income families would rather buy the fragrance.
Psychographic description
Psychographic segmentation is based on customer’s lifestyle, activities, interests, and opinions. Thus, the product is targeted at young females who are romantic and sensitive. These females like modern pop music. They follow latest trends and want to be fashionable. They also like Hollywood and they are eager to learn more about celebrities.
Of course, the major group of the product’s consumers is the group of Taylor Swift’s fans. So, these females often buy various products which can be associated with the famous singer (e.g. fragrance, similar clothes, etc.).
It is also important to note that the target consumers are quite active females who are not afraid of experimenting. These females still believe in magic, but they are ready to take action to make their dreams come true. Basically, the product is targeted at those who can be a dreamer and can be ready for changes.
Behavioural description
It is necessary to note that such factors as brand loyalty and price sensitivity are very important for any product. However, they are especially meaningful for Wonderstruck. Thus, the product’s popularity is based on the singer’s popularity. Thus, the decrease of the latter can lead to decrease of the former.
Of course, the price depends significantly on brand loyalty. If the product loses some points, the price will inevitably go down. There will be only one way out to make the major focus on the product’s manufacturer, i.e. Elizabeth Arden. Keeping the image of the young, beautiful and talented Taylor Swift, the producers should stress the manufacturer’s brand.
Bibliography
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“Taylor Swift.” Store Taylor Swift. Web.
“Taylor Swift Wonderstruck.” YouTube. Web.
“Taylor Swift Wonderstruck Teaser.” YouTube. Web.
“The New Fragrance by Taylor Swift: Wonderstruck.” My Perfume®: Authentic Designer Fragrances. 2011. Web.