Description
Purpose and Objectives: Each student will explore the opportunities for brand building and financial achievement presented by their new fragrance product launch and will prepare a compelling rationale for why their product launch is a good investment of resources. In doing so, this assignment will prepare students for bringing forward new business initiatives and justifying the opportunity they present to decision-makers.
Framework and Process:
Each student will explore the unique entrepreneurial opportunities presented by their new fragrance product launch and will prepare and present a slide presentation addressing the following areas of content:
1. A clear statement of the new product to be created and launched to the marketplace including its market segment (prestige, mass market, artisanal).
2. The identification of the brand that will support the development and launch of this new product.
3.A thorough and specific assessment of the opportunities presented for brand building including the acquisition of new customers for the brand as well as the deepening of relationships with existing customers. Make certain to identify with clarity the target consumers for new customer acquisition as well as the existing customers most likely to embrace the new product.
4.An assessment of the potential the new product launch presents for financial achievement, including an assortment plan of the items to be included in the launch and their retail prices. How broad is the appeal of this product? Does this product have global appeal or is it limited to specific markets? Does this product have the potential for longevity, sustaining its presence successfully in the marketplace for many years, or is it limited in its product life to a specific moment in time?
5.A SWOT analysis was prepared for the brand launching this new product to the marketplace.
6.The identification of any direct competitors already selling similar products to consumers in the marketplace.
7. An assessment of the level of risk associated with the new product launch. How would you weigh the potential rewards against the required investments of time and money to launch this new product in the marketplace?
My theme is the launch of a perfume inspired by famous Chinese landmarks by Melt Season, a Chinese fragrance brand invested in by Estée Lauder. The task now is to create a business plan for Melt Season’s new fragrance line inspired by Chinese landmarks. This project needs to be presented in a PowerPoint format with accompanying speaker notes.
