267 MKT. Principles of Marketing. 'Scents of Time.' Essay

267 MKT. Principles of Marketing. 'Scents of Time.' - Essay Example planning to develop and launch a range of 15 perfumes over the next few years, targeting the UK market, where according to DP, the level of knowledge about perfumes is at the same level as the knowledge of wine in the nineteen seventies. Through Scents of Time, DP seeks to help consumers learn more about the perfumes they are buying. DP’s fragrances will be fully described and linked into one of the twelve fragrance families developed by Michael Edwards as the growing industry standard (Case Resource). This paper conducts an analysis of the environment influencing the launch of Scents of Time, as well as an analysis of how the UK market is to be segmented, with recommendations on targeting and positioning strategies that may be utilized. It goes on to recommend a pricing strategy and the unit price for the fragrances in relation to factors influencing the market during 2009; as well as the recommended media to support the launch, including whether or not a celebrity endorser/s will be appropriate. The macro-environment consists of the broad patterns and trends in the country and the rest of the world, external to the business concern. These patterns and trends influence customers and how they would likely respond to a business’ offerings. They also influence the business options open to the company (Gallagher 2007). PEST analysis is an analysis of the macro-environment affecting the business. PEST stands for political, economic social, and technological factors present in the external environment (NetMBA 2007). Political – The primary political factor affecting the business of Scents of Time is government regulation regarding the use of chemicals which are a major component in perfumes. The RIFM and IFRA, the regulatory authorities for the perfume industry implement strict regulations for materials used in perfumes (RIFM 2009; IFRA 2009). DP is well aware of these regulations and has created Scents of Time using safe materials which comply with