Picasso Perfume Marketing Management in Practice
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 a 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 using the well-known celebrity figures like Jennifer Lopez, Britney Spears, Paris Hilton, etc. on their scent formulations to attract the customers in general and the youth segment in particular. Therefore Picasso will have to make efforts towards creating an identity with some well-known celebrity, depending upon his/ her mass appeal, acceptance in the society, etc. Jade Goody, a well-known film and television face in the UK used to be a celebrity promoter for The Perfume Shop. But the company had to withdraw sales of the perfume range Jade Goody’s Shh.