1. Introduction
Hugo boss perfume is an adaptable and full of diversity and is considered as one of the most distinctive masculine fragrance of the day (Fragrances.hugoboss.com, 2014).The purpose of this report is to find out how Hugo boss markets their products and conduct a research about the product environment. This report starts with the introduction followed by the product background and a comprehensive research about the products micro and macro analysis. This report also includes the product swot analysis and the product marketing strategy. It is also noted that this report figures out the marketing mix and provide relative recommendations and end with conclusion.
2. Product background
In 1985, Hugo Boss launched their first fragrance …show more content…
A product life cycle has four stages that means different things for business that are trying to handle the life cycle of their particular products (Kotler, Keller & Burton, 2009).
Hugo boss perfume in general is currently on the maturation stage, as there is too much of competition launched the new perfume consistently. The maturation stage is where the product of a company is well established and the priority of the manufacturers is to maintain the market growth that the product has built up. Hugo boss perfumes has a very high brand awareness and establishment, now the company is maintaining the market share and improving Hugo boss perfume to differentiate it from the competitors.
7.2 Place
The place is considered as the medium for manufacturers to sell the products making them available for customers to purchase(Kotler, P., Armstrong, and G. 2011). The place is very important in the process of decision making with regards to the product since this determines the overall success in sales and brand recognition. Hugo boss is directly and indirectly selling their products this means that Hugo boss sells directly from customers via the internet as well as selling their products to wholesalers and then is purchased by retailers. The process of using intermediaries for Hugo boss perfume is the vertical marketing system. Hugo boss uses the corporate vertical marketing …show more content…
Value based pricing means that the marketer cannot design a product and marketing program and then set the price. Hugo boss perfume has a specific value that targets specific customers which is why the perfume is value based.
Monopolistic competition consists a lots of buyer and sellers but the products are differentiated. Sellers can differentiate their price to buyers which is why there is a wide range of offers available. Hugo boss perfume has many buyers and sellers but the products are different from competitors which is why the perfume is considered as monopolistic competition based.
7.3.2 Price adjustment tactics
Price adjustment is where companies adjust their fundamental prices to be responsible for particular customers and changing situations (Gary & Philip, 2013). Normally, price adjustment is used when the firm is facing price war against the competitors. The tactics which Hugo Boss perfumeis using are international pricing and geographical pricing since different city and country do not have the same prices. For such an international company, Hugo Boss has to adjust the prices that are set internationally. For geographical pricing, Hugo Boss according to the standard of location has to set the price.
7.4
Hugo boss perfume is an adaptable and full of diversity and is considered as one of the most distinctive masculine fragrance of the day (Fragrances.hugoboss.com, 2014).The purpose of this report is to find out how Hugo boss markets their products and conduct a research about the product environment. This report starts with the introduction followed by the product background and a comprehensive research about the products micro and macro analysis. This report also includes the product swot analysis and the product marketing strategy. It is also noted that this report figures out the marketing mix and provide relative recommendations and end with conclusion.
2. Product background
In 1985, Hugo Boss launched their first fragrance …show more content…
A product life cycle has four stages that means different things for business that are trying to handle the life cycle of their particular products (Kotler, Keller & Burton, 2009).
Hugo boss perfume in general is currently on the maturation stage, as there is too much of competition launched the new perfume consistently. The maturation stage is where the product of a company is well established and the priority of the manufacturers is to maintain the market growth that the product has built up. Hugo boss perfumes has a very high brand awareness and establishment, now the company is maintaining the market share and improving Hugo boss perfume to differentiate it from the competitors.
7.2 Place
The place is considered as the medium for manufacturers to sell the products making them available for customers to purchase(Kotler, P., Armstrong, and G. 2011). The place is very important in the process of decision making with regards to the product since this determines the overall success in sales and brand recognition. Hugo boss is directly and indirectly selling their products this means that Hugo boss sells directly from customers via the internet as well as selling their products to wholesalers and then is purchased by retailers. The process of using intermediaries for Hugo boss perfume is the vertical marketing system. Hugo boss uses the corporate vertical marketing …show more content…
Value based pricing means that the marketer cannot design a product and marketing program and then set the price. Hugo boss perfume has a specific value that targets specific customers which is why the perfume is value based.
Monopolistic competition consists a lots of buyer and sellers but the products are differentiated. Sellers can differentiate their price to buyers which is why there is a wide range of offers available. Hugo boss perfume has many buyers and sellers but the products are different from competitors which is why the perfume is considered as monopolistic competition based.
7.3.2 Price adjustment tactics
Price adjustment is where companies adjust their fundamental prices to be responsible for particular customers and changing situations (Gary & Philip, 2013). Normally, price adjustment is used when the firm is facing price war against the competitors. The tactics which Hugo Boss perfumeis using are international pricing and geographical pricing since different city and country do not have the same prices. For such an international company, Hugo Boss has to adjust the prices that are set internationally. For geographical pricing, Hugo Boss according to the standard of location has to set the price.
7.4