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.
