The Primary Target Market for Rozyroz Perfume

The Primary Target Market for Rozyroz Perfume
Understanding one’s target market is essential for any business professional. It allows him to create the optimal strategy that would help him maximize profits in a very competitive market. In line with this, this marketing strategy focuses on the Rozyroz Perfume. This would include multiple phases, including increasing brand awareness and competitiveness in an already saturated market. All in all, the author believes that having a sound strategic plan is essential for the success of the product.
Primary Target Market
The primary target market for Rozyroz Perfume is female, middle-class Americans from the age of 18-29 years old. This is based on a study by Statista, showing that women between the ages of 18-29 use perfume every day, which is significantly higher than any other target market CITATION Hil20 \l 1033 (Hilary, 2020). The study has also shown that White women, with a median income of $39,000. 0, and having at least a bachelor’s degree, are the highest among perfume consumers.
However, although the study shows a significant disparity between Racial differences, Rozyroz Perfume would focus on females from all races due to its (1) company philosophy and (2) market goals.
On the one hand, the author believes that targeting all American females is in line with the product’s aim of promoting inclusivity, diversity, and sustainability, among others. One differentiating the brand is its diverse work pool and desire to give livelihood to our locally-employed producers.
On the other hand, it is also the author’s belief that targeting the whole market would allow a new product to thrive in the face of larger competitors. In one stone by Jenkin et al. (2021), the authors noted that one of the possible and highly-effective strategies for the post-pandemic period is targetting previously untapped market segments. Thus, given that the post-Covid-19 era would undoubtedly increase travel among individuals, targeting previously untapped markets would be a strategic solution.
Methods to Determine Customer’s Needs and Wants
Given the market position and the circumstances surrounding the development of Rozyroz Perfume, the author believes that customer research should initially be conducted before launching one’s products. Notably, the author would like to utilize the following methods; (1) advertising and promotion research, (2) consumer decision process research, and (3) concept testing.
Initially, the author would utilize consumer decision process research to determine what drives the purchasing decisions of the target market members CITATION Mil211 \l 1033 (Millwood, 2021). This further improves the product’s approach, especially since the perfume sector is highly saturated.
Concept testing and advertising and promotion research will be conducted from the initial test results. On the one hand, concept testing would help the product makers identify which scent, product design, weight, and price, would click with their intended buyers CITATION Oze11 \l 1033 (Ozer, 2011). On the other hand, the advertising and promotion research would be done to ensure that marketing efforts would not be wasted in an ineffectively targeted mar...