Marketing management in pratice Article Example | Topics and Well Written Essays - 2500 words

Marketing management in pratice - Article Example Perfumes are a multibillion industry with many big and small players vying for the market space. Fragrance forms the critical component of perfumes. According to Williams and Curtis (2006) researchers have established a variety of roles for marketing people, which includes; As such there are other cosmetic items which have fragrance, but these items are supposed to cater to some other needs as well. Cosmetics have been around for many thousand years now. Use of cosmetics can be traced back to earlier times when people used to paint their body for religious ceremonies, war, and mating rituals (Kumar et al, 2006). Range of items like powders, soap, shampoo, toothpaste etc. also form part of the cosmetics industry, but the first thought that comes to mind on hearing the term 'cosmetics' is makeup and perfumes, especially for women. Though perfume as such doesn't come in the category of items required for living, but over the years it has certainly acquired a status of an item required to make a 'decent living'. It is this aspect that is required to be explored optimally, using marketing communication techniques. Traditional marketing mix concept, first proposed by McCarthy in 1960, consists of Product, Price, Place and Promotion (better known as the 4Ps). Each particular marketing mix adds up to a certain amount of effort the company is making for the purpose of generating sales. Any plan to develop a competitive advantage must be based on a sound analysis of the company's competitors. Communication forms a crucial part of managerial activities. Marketing communication in turn helps a company in building a brand, creating brand loyalties, increase in sales, cutting costs, etc. North American market is a very diverse market in general which caters to customers/ consumers from different walks of life, different cultures, ethnic groups and age groups. There is lot of diversity in the perfume market itself. With so many varieties of perfumes available in the market it'll require a committed and consistent effort on the part of Picasso perfume to attract the customers. One of the biggest markets for perfume is the youth segment and Thomas (2007) finds out that this segment is not very loyal to the brand, what they ask for is the fragrance. Studies (Datamonitor, 2007) have suggested that blended fragrance is the most preferred fragrances followed by musk, sandalwood and others. Therefore, Picasso will have to take note of the customer's preferences to establish itself as a quality product in the market. Thomas (2007) further adds that the celebrity endorsement of some particular brand also helps in attracting the youth segment towards the brand. Perfume companies have been extensively