Week 2: New Product-Fragrance

For a fragrance, I want it to be marketed towards women. I want my fragrance to be lasting. I don’t know what I would want it to be called, but something very feminine. I want my perfume to stand out from others so I want some sort of technology integrated in it, such as when/if your body odor starts to come forth throughout the day, the fragrance would become stronger. I know deodorant brands tend to use this technology and call it “stress response”.  Fragrances that are alcohol based tend to fade throughout the day, but fragrances that are oil based last much longer, which is why I want my fragrance to be oil based. Personally I like fragrances that are not too floraly. I tend to wear fragrances such as Viktor & Rolf’s Flowerbomb and Marc Jacob’s Daisy. I went to Sephora’s website and clicked on their perfume tab and then clicked on their bestsellers link. Viktory & Rolf’s Flowerbomb was number one and contained essences of Sambac jasmine, centifolia rose, cattleya orchid, and ballerina freesia bloom on a base of patchouli. Their second bestseller is YSL Black Opium which contains Coffee Accord, Orange Blossom, Cedar Wood Essence, Patchouli Essense. Another top seller is Marc Jacob’s Daisy, which contains Strawberry, Violet Leaves, Ruby Red Grapefruit, Gardenia, Violet Petals, Jasmine Petals, Musk, Vanilla, White Woods.

From looking at bottles of fragrances, it seems that consumers like unique looking bottles, whether they are cut in a clean way or are shaped like some sort of object, have a different texture or provide an aesthetically appealing look. Most bottles I have looked at have an easy to remove cap as well.

According to Report Linker, Leading players in the industry currently operating in the global perfume and fragrance market include Coty, Polo Ralph Lauren, Avon, Procter & Gamble, L’Oreal, Chanel, Estee Lauder, LVMH, Gucci, Bulgari, Puig, Elizabeth Arden and Versace. “Future growth in the global perfumes and fragrances market will be driven by the development of new products, including fragrances catering for consumers favoring natural products and environmentally friendly ingredients. Suppliers will also cater more to specific consumer segments such as fragrances for babies and young children, reports Global Industry Analysis Scents specifically for teenagers represent an area with huge potential for growth, with baby boomers the second-most lucrative demographic consumer segment. Suppliers will therefore likely concentrate their efforts on these two groups.”

These days it is very important to be a business that is socially responsible and takes into consideration the environment from the manufacturing to where I get my products. It would also be important to be vegan and cruelty free.

Hypothesis:

            I am creating a fragrance designed to be sold to the younger adult crowd. Ages 18-24. The fragrance will evoke sweet and floral scents that will make the women feel feminine, confident and sexy while they have it on. This long lasting fragrance is designed to wear everyday or for those special occasions. By making a impressive presentation for the packaging and bottle, I believe it will entice women to try the fragrance.

Consumer Target Market, Demographics and Psychographics.

“Forget Me Not” target market is the young, smart, creative, confident woman. She is comfortable in all aspects of her being. She is free and adventurous, sweet to tough to tomboy to romantic. A girl who likes to keep busy and push life to its limits, with traveling and hanging out and everything in between. “Forget Me Not” is for every type of young girl who lives any kind of lifestyle. Some examples are “Meadow” the bohemian girl, “Candy” the sweet and lacey girl, “Lou” the tom-boy, “Sandy” the beach girl, “Ginger” the sexy body-con girl, and "Molly" the classic retro girl. 

"Fragrance Sector: Must-read Reports and Statistics." How the Fragrance Market Is Evolving. N.p., n.d. Web. 14 Apr. 2015.