Situation Analysis on Taylor Swift’s Wonderstruck Fragrance Essay

Best Essays
Situation Analysis on Taylor Swift’s Wonderstruck Fragrance

Table of Contents

1.0 Situation Analysis/Current Marketing Mix 1.1 Current Product 3 1.2 Current Pricing 4 1.3 Current Distribution 5 1.4 Current Promotion 6

2.0 Brand Positioning Theory 2.1 Brand Positioning 6 2.2 Perceptual Map 7 2.3 Perceptual Map Elaboration 8

3.0 Target Market Identification 3.1 Geographic Segmentation 9 3.2 Demographic Segmentation 9 3.3 Psychographic Segmentation 10 3.4 Behavioural
…show more content…
Moreover, since a huge bulk of Wonderstruck consumers is in their tweens (or even teens), the purchase is indirectly made -- through the young consumer’s parents. Thus, price perceptions and decisions are filtered by parents in lieu of such product purchase. However, most adult folks also find Taylor Swift as the modern ‘prim and proper’ and the ideal role model. In such cases, parents automatically ‘yield’ to their tween’s purchase request. Evidently, for any businesses to be considered profitable business costs are highly relevant -- it determines the value of the product, the marketing capacity, and the desired returns. In Wonderstruck’s case, business costs are, evidently, poured on marketing -- video commercials, websites, informative articles, product reviews, as well as in-store appearances. Comparing co-celebrity fragrances of size 3.4 ounce, like Katy Perry’s $65 Purr, or Justin Bieber’s $55 Someday, against Wonderstruck’s price of $59.50, it can be observed that Taylor Swift’s fragrance is currently priced in-between (Chaturved 2011; Elizabeth Arden 2012). Apart from price, it is hard to pursue more comparisons on such celebrity fragrances since these products hugely carry the artist’s image -- i.e., Katy Perry’s Purr carried the cat and artist’s playfulness, Justin Bieber’s Someday anchored on the artist’s dreams. Taylor Swift’s image, on the other hand,
    Get Access