Marketing plan Assignment Example | Topics and Well Written Essays - 3250 words

Marketing plan - Assignment Example It is flourishing more than ever before. Consequently, fragrance has become a necessity rather than a luxury for women. The future of fragrance industry seems to be rosier than ever, but the possibility of downturn in luxury item market can not be ruled out due to widespread recession wave. Fragrance market is highly competitive with the presence of giant business corporations. Pink is a small but international company with a range of 6 brands which is divided into two main lines; Pink Divine and Pink Dew. Market in USA and Europe is saturated for Pink with chances of growth by extensive competitive strategy; on the other hand, opportunities are diverse in Middle East, Japan and China. Pink can have an edge through partnerships and research ventures with the established corporations. Pink’s marketing strategy is to innovate and play with the strengths. We have to focus on competitors in order to achieve our target of US$0.5 billion. Economic environment is volatile, due to recession period there is a downturn in world economy. In this situation demand for luxury goods, especially fragrances decrease. Consequently, women are spending lesser on expensive products especially fragrances are used occasionally rather than regularly. There is very little room for growth in over saturated markets like USA and Europe. In 21st century the marketing world has changed completely. With globalization markets are easier to approach as advanced communication means has shrunk the world to a village. To meet the needs of business in this fast-paced world there are much technological advancement. Internet has not only changed marketing techniques but also replaced inventory with information. To meet the requirements of modern customer we have to concentrate on technological advancements like nanotechnology in sunscreen products in future. Suppliers will be provided by the superior technical support. For Pink, to support customer needs and value creation through the products