A New Generation of Luxury
A luxury perfume for babies. Fragrance company Dolce & Gabbana is now producing a fragrance specifically made for babies. Bearing in mind that many parents may not want to mask the smell of their child, the creators of the perfume apparently used hints of bergamot, honey and musk to accentuate the natural odour of new-borns.
Crazy as it sounds there is most likely a reasonable market for this product, as many parents already use scented products such as talcum powder and baby lotion, so not so far-fetched. Plus this product has the added appeal of being a luxury item.
Are you missing an entire market segment?
This innovative development begs the question, is there an entire market that your product or service is missing and could easily adapt to fit?
In their business strategy book Blue Ocean Strategy, W. Chan Kim and Renée Mauborgne talk about exactly this phenomenon. Rather than struggling to compete in an existing market, why not start a whole new market segment in which you are the market leader?
If you are:
- Looking to expand you product range,
- Struggling to compete in an existing market,
- Or just not sure where to go next...
Come in and talk to Josh. His strategic design expertise, innovative approach and solid research skills will help you create a map for moving forward. Book a meeting now.
Posted: Thu 14 Feb 2013