Scribd Logo
Upload

Welcome to Scribd!

  • 8 views

    CB Project Hedonic Value

    Uploaded by

    ipsitabal
    Consumer Behavior

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    CB Project Hedonic Value

    Uploaded by

    ipsitabal
    8 views5 pages
    Consumer Behavior

    Original Title

    CB PROJECT HEDONIC VALUE

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Consumer Behavior

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    8 views5 pages

    CB Project Hedonic Value

    Uploaded by

    ipsitabal
    Consumer Behavior

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    CB (Consumer Behaviour)

    Group Assignment

    On

    Identifying a Hedonic Market Opportunity To support 5 IMT-N

    graduates, in 6 years time

    Guided by – Dr Subodh Tagare

    Group – 10 (Sec – “AB”)


    Kaushiki Kirti 2023161
    Indrani Saha 2023025
    Ipsita Bal 2023126
    Riya Mourya 2023074
    Md Minhajul Islam 2023061
    Rajat Acharya 2023171

    1
    Market opportunity: -

    With a CAGR of more than 15%, the perfume industry in India is projected to expand by USD 1.16
    billion between 2020 and 2027. More Indians may now buy luxury goods because to rising disposable
    income brought about by the country's expanding middle class.

    Indian customers are increasingly drawn to luxury goods, such as perfumes, and personal grooming
    products.

    These facts suggest that there is a sizable demand for high-end but reasonably priced
    perfumes in India. Based on the above stated facts, our team is planning to create an premium
    but affordable perfume Brand, “Belle Opulence: Beauty and Luxury.”

    Customer Choice Process: -

     Through fragrance, customers get motivated to make a statement, boost their self-esteem, and
    arouse happy feelings.
     The scent profile (notes, longevity), brand perception, attractive packaging, and price are
    some of the factors that affect decision-making.
     Social gatherings, regular activities, or the need for self-expression could serve as the trigger.
     Researching various scent selections, getting advice from peers or influencers, and assessing
    perceived value for money are all steps in the decision-making process.
     Online reviews, influencers, and peers all have a big impact on how people think about and
    make decisions.

    2
    Examining the Competition: -

     Global brands accessible via internet marketplaces such as Nykaa, as well as well-known
    perfume labels such as Engage and Bella Vita, are alternatives.
     While competitors do provide a variety of scents at different price ranges, there are differences
    in the cost of premium quality and affordability.
     Exclusive brand shops, internet marketplaces, and retail storefronts are examples of delivery
    channels.

    Resources and Capabilities: -

     Product development know-how, production facilities, marketing prowess, and distribution


    networks are among the resources required.
     It is essential to have access to providers of premium scent ingredients and packaging.
     It is possible to make use of current marketing, branding, and consumer interaction resources.

    Target Segment: -

     Urban, fashion-conscious people between the ages of 18 and 45 could be the target market,
    with an emphasis on both men and women.
     Desires for style, value, and sophistication are examples of psychographics.

    Value proposition/ positioning: -

     The brand will provide high-end scents at reasonable costs ranging between Rs 495 to Rs 999,
    while emphasizing value, quality, and an unforgettable scent experience.

     The goods will be created using organic ingredients to create unique perfume compositions
    with special benefits. Here is an example of some of the potential benefits of some of the
    perfume compositions that we have planned:

    1. “Harmony Blend" - Green Tea and Bergamot: A refreshing and uplifting fragrance that can
    help improve mood and reduce stress.

    2. "Golden Sands" - Sandalwood and Vanilla: A warm and comforting scent that can promote
    relaxation and reduce anxiety.

    3. "Serenity Blossom" - Jasmine and Ylang: A sensual and exotic fragrance that can enhance
    romantic moods and promote feelings of love and affection.

    3
    4. "Citrus Breeze" - Citrus and Mint: A revitalizing and energizing scent that can boost focus
    and concentration.

    5. "Lavender Dream" - Lavender and Chamomile: A calming and soothing fragrance that can
    promote relaxation and improve sleep quality.

    6. "Rosewood Elegance" - Rose and Patchouli: A luxurious and sophisticated scent that can
    boost confidence and elevate mood.

    7. “Earth Essence" - Cedarwood and Vetiver: A grounding and earthy fragrance that can promote
    feelings of stability and strength.

     Depending on the needs and tastes of the individual consumer, each of these perfume
    combinations has special advantages. Promoting these unique blends and the advantages they
    offer will help us to set our brand apart and draw clients who are seeking more from a
    fragrance than just a pleasing aroma.
     We use a quick-dry formula with a wide range of options that enables the fragrance to swiftly
    settle on the skin, giving the impression of a strong, long-lasting perfume.

    As a result, the positioning will highlight exclusivity together with flair and luxury.

    4
    Driving consideration and choice: -

     Digital advertising, social media campaigns, influencer collaborations, and sampling


    initiatives are some of the marketing tactics that will be used.
     In order to encourage adoption, prices will be competitive and occasionally include discounts
    and promos.
     Establishing a deep emotional bond with customers can be achieved through captivating
    storytelling and brand experiences.

    Model of Revenue: -

     Online sales, retail partnerships, and direct-to-consumer sales will all provide revenue.

     A sustainable company model will be ensured by balancing affordability and profitability


    through pricing strategies.

    In summary: -

    Through leveraging the increasing market for high-quality yet reasonably priced fragrances in India
    and providing an attractive value proposition, the brand can potentially secure a substantial market
    share and further the professional goals of IMT-N alumni.

    You might also like