SWOT Analysis

Strengths:

Our consumer product [a consumer product is a product that is bought to satisfy an individual's wants. (MKTG; Lamb, Hair, McDaniels;131)] offers a sense of uniqueness by those who choose to wear it. It will be produced in limited quantities that are sold only at select retail stores, our Haute flagship stores and through the strategic alliance [strategic alliance...is a cooperative agreement between business firms-these may take the form of licensing, distribution agreements...and partnerships. (MKTG; Lamb, Hair, McDaniels;86)] that we have set up with select Bloomindales stores throughout the country. Our product also offers this uniqueness by being created with all natural ingredients, naturally harvested scents procured by hand by our fragrance specialists. Our scents will also seamlessly fit into our consumers current lifestyles, so much so that they may feel they need it with them always. Lifestyle is a mode of living, as identified by a persons activities, interests, and opinions. (MKTG; Lamb, Hair, McDaniels;76)

Weaknesses:

The weakness of our new product may be the fact that it is in fact a new product. In the economy that we are in consumers are less willing to spend frivolously on new products that they have not tried.

Opportunities:

We also have an opportunity in the fact that our product is new. We can begin a new marketing approach with this product, we will produce small .5 mmL bottles of sample fragrance that will allow the consumer to use our product for only a few days and begin to wonder how they could not continue to use it, leading to them coming back and purchasing a full priced bottle. Sampling can increase sales by as much as 40%, so its no surprise that sampling has increased more than 20% annually in recent years. (MKTG; Lamb, Hair, McDaniels;249) Also, if the fragrance is successful in the US market we may considering taking it overseas to the European market. When a company decides to enter the global market, exporting is usually the least complicated and least risky alternative. (MKTG; Lamb, Hair, McDaniels;55)

Threats:

Our biggest threats come from two main competitors, Tom Ford fragrances and Jo Malone. Tom Ford offers similar boutique fragrances like Cimeta Argent that are created using all natural fragrances and create an exclusive feel. Jo Malone is a competitor because they hand mix a personal fragrance for their consumer. This extra additive of exclusivity may hurt our exclusive image since we only produce certain scents and do not offer a ‘mix your own’ option.