Essay About Competitor Brands Price And New Target Market        4Part

Competitor Brands Price – Quality Positioning
ContentsPART 1 : Competitor Brands Price/Quality Positioning Graph        3PART 2: Identifying a New Target Market        4PART 3: 4P Marketing Strategy        7Launching a New Line of Fragrance in the Canadian MarketPART 1 : Competitor Brands Price/Quality Positioning Graph  The fragrance market has a lot of fashionable brands, all of which are designed for a particular target market.Brand NameAsking Price (CDN)Original Package Size (m/l)Price Per m/l (CDN)Average Quality Rating (i.e. 4/5 stars)Number of ReviewsSource of DataNautica Voyage Cologne$33.99100$0.33994.4 23Amazon.caNitro Men $23.04100$0.23045 11Amazon.caGuess Seductive Homme$32.76100$0.32764.1 71Amazon.caD&G Light Blue$91.85125$0.73403.617Amazon.caChrome Cologne$47.70100$0.47704.817Amazon.ca        The table above shows 5 different brands of male fragrances coupled with their respective user ratings. Data was compiled from Amazon (2018) The Correlation Between Consumer Ratings and the Price of Fragrances        The graph below shows the correlation between the average consumer ratings and the price per m/l of all 5 brands listed above.[pic 1]PART 2: Identifying a New Target Market        In order for a brand to be successful, it needs to be developed for the right market and for the right purpose. In this particular case, we will develop a unisex brand which will have its main focus on fitness enthusiasts.Demography According to The Star (2011), about 15 % of Canadians meet fitness requirements and this number is significantly growing. This fitness revolution has led sports apparel manufactures to develop fashionable clothes for the gym. This fragrance brand will appeal to the target market as both fashionable and handy in the gym.