SWOT Analysis

Strengths

"Market research is the process of planning, collecting, and analyzing data relevant to a marketing decision" (MKTG3 McDaniels Lamb Hair, Ch 8, pg 114)

We have done a tone of market research which allows us to choose benefit segmentation.

"Benefit segmentation is different because it groups potential customers on the basis of their needs and wants rather than some other characteristic, such as age or gender" (MKTG3 McDaniels Lamb Hair, Ch 7, pg 105).

We will have reliable staff members who have at least 2 years experience in customer service and sales.We have marketing trip planned with staff so we can not only get our product out there but also to get the staff familiar with each other so they can work better as a team.

Weakness

One of our biggest weaknesses is that we are new company and new to the fragrance industry. Being a new company, we have to be very cautious of how we spend our money during our introductory stage. "Sales normally increases slowly during the introductory stage" (MKTG3 McDaniels Lamb Hair, Ch 10, pg 155). With the economy the way it is today, consumers are less willing to spend money on such things as fragrance.

Opportunity

We have many opportunities to get our name out there and get consumers familiar with our product. Every marketing trip planned we will be giving out samples of DOMINATION. "Sampling allows the customer to try a product risk free. Sampling can increase retail sales by as much as 40 percent" (MKTG 3 McDaniels Lamb Hair, Ch 16, pg 249). Being new gives people a chance to try something different and spice up their lives a little bit.

Threats

Especially in the fragrance industry, because there is so much competition, bringing a new product on the market is a very difficult thing to do. We also are competing with the fact that we don't have a large of a financial bag to grab from for marketing as others who have been around from many years.