Conceptual and Methodological Behaviors †Free Samples to Students

Question: Discuss about the Conceptual and Methodological Behaviors. Answer: Introduction: In any business the microenvironment and microenvironment element determines the sustainability and profit of the business. Similarly, in the chosen case study the microenvironment elements are: For the perfume company Elizabeth Arden, the consumers are chief microenvironment element. It is the consumers who can decide the future sustainability of the company as they are capable of making both profit and loss for the company (Vecchiato 2012). Market is the another microenvironment element for Elizabeth Arden as current and the existing trends in the perfume market and supply of the company accordingly sets the future of the company. The economical factor is one of the prime microenvironment element that refers to the purchasing power of the consumers, and accordingly can affect the companys business. Another microenvironment element is the socio cultural forces that can affect the company (Vecchiato 2012). This factor indicates curtain beliefs of the individual and group which can prevent them from buying perfumes as the raw material of the same may be inconsiderable to them. The three different category of perfumes by Elizabeth Arden refer to the different targeted customers. The company can segment their market for the different category from the thorough research on the market based on the demand and choice of the consumers, gender and age (Wedel and Kamakura 2012). The company targets its consumers according to the market segmentation. The targeted consumers for the business are the young follower of the celebrity for the Celebrity category, upper class people for Lifestyle and Designer category and the general people for the Elizabeth Arden category. For the Celebrity category the positioning of the company refers to creation of the product image to the customers who are followers and fan of the celebrities who have customized their perfume. For the upper class people, the brand image is the prime factor for positioning. Lastly, for the general people the varieties of the fragrance are the most important factor for the positing plan. The marketing mix refers to the four basic components of the business that the is prime factor in determining the profit of the company. Among the four elements in the marketing mix the company has finely and effectively managed the promotion of the company by the celebrity endorsement. The company has been able to provide a fine example to the other companies in the same industry that customizing the perfume for the celebrity is one of the best way for promotion (Huang and Sarigll 2014). However, the company should focus on the management of the product in order to achieve more profit in the business. Undoubtedly the celebrity endorsement in the promotion is one of the better ways in the marketing mix, but focusing on the product can might be able to deliver customer value in better way. Adding more varieties to the product for the general people, improving the quality and the packaging of the products are some of the management that can help the company to add value to the business (Armstrong et al. 2015). Reference: Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015.Marketing: an introduction. Pearson Education. Huang, R. and Sarigll, E., 2014. How brand awareness relates to market management outcome, brand equity, and the marketing mix. InFashion Branding and Consumer Behaviors(pp. 113-132). Springer New York. Vecchiato, R., 2012. Environmental uncertainty, foresight and strategic decision making: An integrated study.Technological Forecasting and Social Change,79(3), pp.436-447. Wedel, M. and Kamakura, W.A., 2012.Market segmentation: Conceptual and methodological foundations(Vol. 8). Springer Science Business Media.