Market Research

(A)Customer Profile

I will sell my product to a wide variety of people. And that's the good thing about
my product because it allows me to make more profit because my goal is to be
able to sell my product to everyone. Since I will only sell one scent, I will make
sure that the scent is neither too masculine nor too feminine. So, I can sell my
product to anyone and can make more profit with it.
Where my customers come from or where they live don’t matter to me. It may of
course be that there are some religions or beliefs where wearing a smell is an
offence, but I won't count on that, and I do not think many of the people on the
market will have that attitude.

When buying my product, age should not matter. Nevertheless, I do not expect
many customers who are under 12, because at this age something like that is not
relevant, and I also do not expect customers who are over 80, because at that age
you might have less interest in my product. Since I make my perfume unisex, the
gender of the customers doesn't matter. Things like the income and education of
the customers won't have much impact on the success of my business. So, you can
say that I can interest a lot of visitors to the market with my product.

As the name of my business suggests(Unity Perfumes), the meaning behind my

product can be smelled in everyday life anytime and anywhere. This property is
positive and should motivate the visitors to the market to buy my product.
Some of the customers may want to support me with my very new business and
therefore buy my product to help me further. This trait can make customers buy
my product out of kindness. I have already seen in the surveys that some people
have stated out of kindness that they would buy my product although they are not
really interested and that can lead to them buying my perfume on the market.
 (B) Study of Competition

The fragrance industry in Canada is competitive, with a lot of established brands.

In this context, my fragrance business that sells a scent fitting both men and
women would face competition from a variety of sources.

Firstly, the business would have to compete with well-known fragrance brands
that fits to both genders. These include names such as Chanel, Calvin Klein, and
Gucci, which have a loyal customer base and a strong presence in the Canadian
market. These brands have a reputation for creating fragrances that are appealing
to both men and women, making it difficult for my business to capture market
share.

Secondly, there are several Canadian fragrance brands that fits to both genders.
These include brands such as The 7 Virtues, which creates perfumes that are free
of harmful chemicals and made with ethically sourced ingredients. Other
Canadian brands such as Zoologist Perfumes and DS & Durga offer unique
fragrances that are unisex in nature. These brands have a loyal following and a
distinct identity, making them a competitor for my new fragrance business.
SWOT Analysis

Strengths

-Unique Product, offering a fragrance that is unisex

-Big Target Market

-Branding, the business can focus on creating a brand that is inclusive and appeals
to a diverse audience.

Weaknesses

-Perception, because some customers may still view unisex fragrances as

unconventional

-Competition, market for unisex fragrances has well established brands

Opportunities

-Market growth

-Online presence, the business can focus on building a strong online presence

Threads

-Competition, Established brands and new entrants may provide competition,

making it more challenging for my business to stand out
 (C) Market Size

Approximately 65,000 people live in Fredericton in 2023 and 90% of them are
between the ages of 10-80

This would be 58,000 people and from those approximately 20% would be
interested in buying my scent.

That would be 11,600 people in Fredericton that would be interested in my

product

The product will cost 19,99$ so 19,99*11,600= 230,000 of potential earnings in

Fredericton area
 (D)Marketing Mix

I will start off with physical locations, such as at the mall or at the market. If my
business is doing well I will expand it to the online space and create a website for
my brand. As a promotion, I will create a poster containing the name of the
business, a description of the product and the price. After the design of the
poster, they are then hung up around the mall. For this purpose, places are
selected where many potential customers walk past. By creating fragrances that
are not marketed as either masculine or feminine, a business can appeal to a
wider range of customers, including those who do not identify with traditional
gender norms. This approach promotes the diversity, which could be a compelling
selling point for customers who value these principles. And that’s a good reason
why I think I will come over my competition.
(f) Market Survey

Answer the following questions:

1.How much money would you spend on a scent?
___ 0-5$ ___ 5-10$ ___10-20$ ___More than that
2.Do you use a kind of smell, perfume or deodorant regularly?
___Yes___No
3.Are you interested in buying a bottle with a scent and water?
___Yes___No
4.Would you pay 4$ for this scent? (40ml/1oz)
___Yes___No
5.What kind of perfume do you like? (Sweet, Fresh, woody, oriental…) ________

11 people answered this survey and these are the outstanding results:

1: 70% of the people would spend more than 20$ on a scent

2:40% of the people use perfume regularly

3:80% of the people are interested in a bottle containing water and scent

4: 90% would pay 4$

6: 30% sweet, 25% fresh, 10% woody, 35% N.A.