Reflective writing of my Final Major project.

I have found the last unit very challenging, but highly rewarding. I enjoyed being able to utilise all the skills and knowledge I had gained over the last 2 years of my foundation degree at the London College of fashion, and feeling able as an individual to undergo such a task.

Looking back over my final major project there are definitely some aspects I would change. Having never before undergone such an extensive report individually I struggled with time management, which is an aspect I have struggled on before. However I am proud of the work I have produced and feel it shows the skills and standard that I feel I am capable of.

The business plan I took on was to launch a fragrance for luxury brand Louis Vuitton. One of the most difficult aspects was to justify why Louis Vuitton has not yet released a fragrance being 157 years old, yet most of their competitors in the luxury market had already. Through research I was unable to find any reputable sources as to why they had not released a fragrance, but there was a large amount of discussion. So I then changed my research direction into me myself giving reasoning to why I think they should release a fragrance and backing this idea up with research I had collected on the fragrance market and competitors.

My next focus was to create an appropriate marketing plan in order to promote the product effectively. Using experience I had gained from previous marketing projects and even experience I gained from my work placement at a PR company I constructed a plan that I feel is appropriate for a limited edition fragrance for a luxury brand. I was lucky to find competitor financial information on both sales revenue and marketing spend which helped greatly when constructing both my sales forecast and budgeting my marketing plan. I do however feel if I was to budget again I would make the budget slightly smaller, as currently it would take a larger percentage of revenue than I wanted.

I am pleased with my overall report and the outcome of my business plan and advertisements. I would like to thank my tutors for their support throughout the term and guiding me to the ultimate outcome of my business plan.

Story Board for advertising campaign

Mood Board for Marketing Campaign

Press Release

To promote the Louis Vuitton perfume I have written a press release to be part of the press pack given out at the press event. I used the experience I gained during my work placement of dealing with press releases when writing my press release to promote the fragrance to fashion journalists.

Numbers

This week i have been focusing on budgets and sales forecast. I struggled with some aspects of the budget as it was difficult finding reputable sources that released their rate cards. I also constructed my Gant chart.

My finished Magazine advertisement

over this weekend i concentrated on finishing my filmed advert and my editorial advert for magazines, here is my finished version.

Market Segment

As Louis Vuitton is a luxury brand i decided it was appropriate to release the fragrance into the high quality and High cost segment of the market competing with the other luxury brands such as Dior, YSL, Gucci and Chloe.
I also constructed my market positioning map shown below, in order to view in comparison to other perfumes in the UK women's fragrance market by price and quality.