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Business Mission Statment

Business Mission Statement

The mission of Resonance is to create a fragrance a man would go buy for himself as well as women buying it for men. Our objective is to create a fragrance that appeals to a target market segment. This will be achieved through market research. In the first year of production Resonance will claim 4% of the men's fragrance market share. Each year following achieving a 10% increase in sales.

Implementation, Evaluation and Control

Implementation of Marketing Goals:

Resonance must work as a new company to infiltrate the current market and make a name for itself. Market research must be continually done to define the habits of our target market. As our current target market grows older we must adjust our marketing to include their changing interest as well as include new generations coming in to our target segment. Creating value for our customer continually, giving them reason to reuse our products and hopefully become a habit for most of our customers. Through good customer service with our retailers, we can promote good service to our customers.

Upon start up, managers will closely monitor every stage in the process from production to delivery. Value starts with delivering our promises to our retailers. Promotional items will be sent to every department store as well as free product for those working the fragrance and make-up counters. We want first hand experiences selling the quality of our product. We will monitor sales through store reports to further target our desired market and maximise sales potential. "The best new companies view new-customer attraction as the lauching point for developing and enhancing a long-term relationship."(Lamb/Hair/McDaniel, 7)

Implementation Timetable:

Resonance will be ready for distribution by July 2010. A wholesale website for online ordering will be available by October 2010. By summer 2011 Resonance will hold 4% of the market share for men's fragrances. Each year following Resonance will achieve a 10% gain in sales.

Marketing Mix

Product:

Resonance is a Mens fragrance with hints of leather, vanilla, green tea, amber and jasmine. The fragrance come in a red and clear glass bottle with a spray application system. It will sold alone as a 1.7 oz bottle or as a set which includes a 4 oz aftershave lotion.

Place:

Resonance will be sold in major department store nationwide, such as Macy's, Nordstrom's, Dilliard's, Robinson's May and others.“A department store carries a wide variety of shopping and specialty goods, including apparel, cosmetics, housewares, electronics, and sometimes furniture.” (Lamb/Hair/McDaniel, 195) Certain Boutique stores such as Metro Park will also carry our fragrance. Resonance will be distributed mainly by truck to our oulets, by air to our distant carriers. Local delivery to our retailers will be handled by companies such as UPS and FedEx.

Promotion:

Resonance is a product that is simple and clean but speaks loudly. Our promotional strategy will reflect this idea. Our packaging, displays and advertising will have this general feel. To introduce the product our department store will have sampling available at our displays, which will also have music playing. “Sampling allows the customer to try a product risk free. Sampling can increase retail sales by as much as 40%...” (Lamb/Hair/McDaniel, 249) Advertisements will be placed in national publications such as MAXIM, Cosmo, InStyle, Rolling Stone and regional publications such as 944 and Racket. "magazines are often targeted to specialized audiences and thus reach more potential customers."(Lamb/Hair/McDaniel, 234) Bus stop and kiosk light boxes will also be utilized around shopping hubs, such as malls and retail centers like Town Square in Las Vegas.

Price:

The price for Resonance will be set at $56 for the fragrance alone, 1.7oz bottle, $70 for the 1.7oz fragrance and 4oz aftershave lotion.

Marketing Strategy

The target market for Resonance is middle class men and women ages 21-35. "The majority of Americans today define themselves as middle class, regardless of their actual income or educational attainment"(Lamb/Hair/McDaniel, 71) Part of our customer's self concept is being music lovers and our advertising will incorporate music in some way. "Through self-concept, people define their identity, which in turn provides for consistent and coherent behavior"(Lamb/Hair/McDaniel, 76) Our age demographic spans both generation X and Y. Our advertising will target each one individually and together. Urban city nightlife will be a consistent theme in our marketing. Targeting the lifestyle of our market segment.

SWOT Analysis

Strengths:

• Resonance's blend of ingredients create a unique fragrance unlike any other brand.
• Resonance's packaging and store display will make it stand out against the competition.
• The simple color scheme will reduce the cost of print production.
• The fragrance can be sold alone or paired with the aftershave lotion.

Weaknesses:

• Resonance is a new brand with no prior customer base, the company must create customer value from scratch.

Opportunities:

• Resonance could easily be inserted in the nightlife scene of Las Vegas, using club promotions and events.
• More products and fragrances could be developed after obtaining a customer base.
• More sales translates in more advertising, possibly commercials

Threats

• Competitors could potentially try to replicate our scent and cut into our market share.
• Overall retail sales have been low compared to past years due to the nation's economy recession.
  

"A typical consumer is exposed to more than 2,500 advertising messages a day but only notices between 11 and 20"(Lamb/Hair/McDaniel, 77)

Objectives

As a new product our objectives here at Resonance are:

• Have production and distribution fully up and running by July 2010. Spending about 15% of the budget on advertising, i.e. magazine ads, website, store promotion material.
• By November 2010, Resonance will be sold in every major department stores (Macy's, Nordstrom's, etc.) as well as some select boutique stores such as Metro Park.
• By summer of 2011 Resonance is to achieve 6% of the market share in Men's fragrances.
• Obtain at least 90% in customer satisfaction to build the brand and continue delivering value to the customer.

"Without objectives, there is no basis for measuring the success of marketing plan activities" (Lamb/Hair/McDaniel, 18)

Sales Pitch - EOC week 7

Resonance is a new men's fragrance that invokes the number one memory receptor for women, scent. "The memory of you will resonate with her long after you're gone." Resonance is has a semi-woodsy, leathery notes that hits you first, then slightly sweet when you are in close. This fragrance is for men comfortable with themselves, it shows through their appearance and their confidence. The key notes of the fragrance are extracted from the finest herbs and oils found in nature. Resonance is meant for any occasion but is elegant enough for special occasions. As you smell the hints of mahogany and jasmine, it will take you on a journey through a virtual forest where you'll find hints tea leaves, amber and end up at the intoxicating sweet vanilla bean. Only the women closest to him will get to know his sweet side.

Resonance will be sold at department stores nationwide. With a reasonable price point at around $50, it will appeal to men would care about their appearance and women who want a quality fragrance for their man. Resonance is for the man who knows what he wants and gets it.

Campbells soup EOC

My favorite soup is Tomato soup especially creamy tomato soup. I like to dip grilled cheese sandwiches in it. I like it because it tastes good, it’s warm and comforting. The soup isn’t too heavy and doesn’t require any chewing. I would always eat it when I was sick. I enjoy the creamy variety more because it has a thicker consistency that traditional condensed. I’ve tried the organic but wasn’t a big fan.

I f I was charged with creating a new soup flavor I would suggest a miso or pho product line. Especially here on the west coast, the Asian market is constantly growing. In almost every major city on the west coast has a china town or something similar. It may be a niche market to some, but I have really seen an increase in asian noodle soup restaurants here in Las Vegas.

Within the product line could be multiple flavors, such as beef, chicken, pork and vegetable. There could be spicy varieties and mild ones. I sure would be curious to try one. I think it would be a good alternative to ramen. Campbell’s is a brand a America trusts, a diversification could help their sales.

Week 5 EOC Super Bowl Ads

I did not watch the Super Bowl, I was at work the whole duration of the game. However I did watch the commercials on Hulu.com later. They had a whole compilation of commercials. I watched about ten minutes worth of commercials. One of the most memorable commercials was the Dorito's commercial where a guys shows up for a date and is invited in, the lady is a single mom with about a 6 year old son. The woman needs a minute to freshen up, as she walks away he is checking her out. Her son is in the family room with a bowl of dorito's. The guys sits on the couch and grabs a chip. The boy smacks the chip out of his hand and gets in his face and says "don't touch my Mama and don't touch my Dorito's." This ad for sure uses the humor element as well targets single parent families and African Americans. Another ad I remember well is Audi's ad for the new A3 TDI. It uses a adaptation of the song "Dream Police", in the commercial it is "Green Police." A Green Police task force is making busts of environmental offenders. People using plastic grocery bags, throwing batteries away, using styrofoam cups, etc. The car is introduced while the green police are conducting a check point at a road block, looking for cars that are not eco-friendly. When they come across the Audi, the cops says "clean burning diesel, sir" to his superior and they let the Audi skip the road block. The ad is fun and at the end states that the A3 TDI was named 2010 green car of the year. This ad was very memorable to me not because of the satire and humor used, but because I was actually looking into buying that car already.

Week 4 EOC Mad Men

In the first episode of Mad Men, they introduce us to the Marketing world of the 1950s. The main hub for advertising was on Madison avenue, which I didn't know. The first episode was geared more toward advertising, a more sales oriented marketing approach. The show really depicts the sexism and discrimination present in the 1950s. The main character is the executive advertising director. His current assignment is to come up with an ad campaign for a tobacco company. The tobacco industry had just come under attack about the health risks of their product. This created a big challenge foe Don Draper. Everybody who was working with Draper on this project was focused on the health risk aspect of the product. Draper finally comes up with a strategy last minute that expresses the products attributes rather than discount the health risks. He is trying to create new attitudes toward the attributes of the product. He figured that every tobacco company was dealing with the health risk allegations. So might as well focus attention at the quality of the product.

Week 4 EOC Super Bowl Ad

This is Apple's 1984 Super Bowl commercial where they introduce the Macintosh. This ad is the jumping off point for their brand that boasts to think different. I enjoy their reference to the book 1984, where the masses are PC users. This is considered the most famous Super Bowl ad to date. There marketing angle really dares people to think against the grain at something different. Who wants to be a mindless follower of the masses. Their angle is dramatic and the product that the commercial is selling isn't apparent till the end. This builds curiosity and suspense. Which laid the foundation for what the brand Apple is today.

Week 3 EOC Customer service

I have working in customer service for about seven years now. My current job emphasizes customer service heavily. We have customer service standards posted in the back hallway. Occasionally we will have secret shopper that report the quality of our customer service. Since I have had customer service standards pounded in my head I am more aware when I receive great customer service that goes beyond what is required. A recent experience I have had that was great customer service was when I visited a Hallmark Gold Crown store. I needed to get a birthday card for my sister. I have never been to the store before and did not know the layout at all. As soon as I walked in a young girl that worked there walked up and greeted me, which I expected. I keep walking to the first wall of cards I saw. The girl walked with me and asked what kind of card I was looking for and whom I would be giving it. I said I was looking for a birthday card for my sister. She directed to the exact spot where there cards that fit my description. The girl was extraordinarily friendly during this encounter. I found the card I wanted in the first one I picked. I was in and out of the store in about five minutes. I for sure would have been wondering around that store for about ten minutes without her help. She demonstrated great customer service to me while the other employees did not even greet me.

Week 2 EOC- My Demograph

My demograph is generation Y. This means I was born between 1979 and 1994. Our book has some characteristics that describe generation Y. First is that we are impatient. I believe this to be true. We have fast food, fast cars and high speed internet. I am very annoyed when a web page does not load within ten seconds. So much of the things we grew up with are automated, premade and prepackaged. Next is family-oriented, this describes me also. My family is very important to me and I hope to have children of my own one day. Inquisitive is our next characteristic, again is true about me. I always want to know more. One my favorite TV stations is the science channel. I feel I am opinionated, the next characteristic, I think for myself and am not always easily swayed. Diversity is another part of generation Y for which I fit. We are supposed to be good time-managers; this describes me some of the time. I can be quite the procrastinator. Generation is supposed to be “street smart”, which I believe to be, but I know many of my peers who are not. Last is connected, which I definitely am, I always have my cell phone on me which has my email, facebook, bank, music, books, address, and phonebook all on hand all the time. I check these things every day, multiple times for some.

EOC Week 2- Favorite Fast Food

When I was growing up my favorite fast food was McDonald’s. My mom was a teacher at the school I went to for elementary and junior high. We rode to and from school everyday together. My mom would drive through before school. I loved Egg Mcmuffins with hash browns and orange juice. My mom would try to make them at home for me but they were not the same. After school we would sometimes go through and get me chicken nugget meals or cheese burger meals. Whenever the monopoly game was going on we went much more often. That marketing worked well on me.

Week 1 EOC

I am an aspiring Web designer with a varied skill set. I am in my final year of my web design degree from The Art Institute of Las Vegas. My interest in media arts began with my interest in skateboarding. I began editing video to try to advance myself in the Las Vegas skateboarding scene. This interest got me my first sponsorship. I went on to help produce a skate video that I starred in, we sold this video in three states in the southwest. Skateboarding fueled my interest in graphics, web designed and video production. From all of this I settled into web design because i found that all of my strong points could be utilized. I am now very skilled in many graphics programs such as Adobe Photoshop, Illustrator, InDesign and Dreamweaver. I am also knowledgable about program languages such as HTML, CSS, javascript and Actionscript. I hope go on to create great design for others and possibly make my way into the skateboarding industry.