Marketing Promotion of New Product-Gucci New Fragrance Essay Example
Marketing (Level 2)
2010 / 2011
Marketing a new product
1. Overview of company, market and existing portfolio of products.
This report proposes the market strategy for the launch of a new fragrance by the Multinational Corporation of GUCCI. The House of Gucci is one of the most established premium fashion brands in the world. Its success has depended largely on its effective marketing strategies. The specific company was chosen because in the middle of an international financial crisis, it is a challenge to attempt to introduce a high end product, even if it is addressed to an elite clientele that most probably has not been substantially affected by the crisis.
The Gucci Group belongs to the PPR, a multinational holding company initially called “Pinault-Printemps-Redoute”. PPR’s Income in € million for the past two years is shown below:
(source: PPR’s web site, Finance figures)
Gucci Group’s contribution to this revenue is 19.6% for 2008 and 20.5% for 2009. In the same year, it ranked 41th according to Business Week’s Top 100 Brands.
It now has 609 stores worldwide, a number of franchisees and high-end department stores that carry its brands. GUCCI, being one of the premium brands, has to contend with a number of factors both internal and external in order to maintain its current status.
2. Explanation of/rationale for new product
Fragrances is one of the prevailing GUCCI’s products. GUCCI has been distinguished for the excellent quality that offers in all its products, with the fragrances holding a very good position in its volume of sales. In the fragrances department there is room for a new perfume and this perfume will come to fill a gap within the existing GUCCI’s portfolio. The name of the new perfume presented in this report is “Sense of Rhodes”.
The scent of “Sense of Rhodes” is very unique and special, awakening the inner desires of the sophisticated woman for fashion and adventure. Referring to the idea of a Brand Identity, which are
2010 / 2011
Marketing a new product
1. Overview of company, market and existing portfolio of products.
This report proposes the market strategy for the launch of a new fragrance by the Multinational Corporation of GUCCI. The House of Gucci is one of the most established premium fashion brands in the world. Its success has depended largely on its effective marketing strategies. The specific company was chosen because in the middle of an international financial crisis, it is a challenge to attempt to introduce a high end product, even if it is addressed to an elite clientele that most probably has not been substantially affected by the crisis.
The Gucci Group belongs to the PPR, a multinational holding company initially called “Pinault-Printemps-Redoute”. PPR’s Income in € million for the past two years is shown below:
(source: PPR’s web site, Finance figures)
Gucci Group’s contribution to this revenue is 19.6% for 2008 and 20.5% for 2009. In the same year, it ranked 41th according to Business Week’s Top 100 Brands.
It now has 609 stores worldwide, a number of franchisees and high-end department stores that carry its brands. GUCCI, being one of the premium brands, has to contend with a number of factors both internal and external in order to maintain its current status.
2. Explanation of/rationale for new product
Fragrances is one of the prevailing GUCCI’s products. GUCCI has been distinguished for the excellent quality that offers in all its products, with the fragrances holding a very good position in its volume of sales. In the fragrances department there is room for a new perfume and this perfume will come to fill a gap within the existing GUCCI’s portfolio. The name of the new perfume presented in this report is “Sense of Rhodes”.
The scent of “Sense of Rhodes” is very unique and special, awakening the inner desires of the sophisticated woman for fashion and adventure. Referring to the idea of a Brand Identity, which are