A Marketing Team At A Leading Perfume Company Is Trying To ✓ Solved
A marketing team at a leading perfume company is trying to
A marketing team at a leading perfume company is trying to test the market for its newly introduced perfume. In particular, the team is trying to investigate the gender and continental differences in the preference for this perfume. They took a random sample of 2400 people internationally and each person in the sample is asked to try the new perfume and indicate his/her preference. The following table summarizes their responses. Preference Gender America Europe Asia Like it Men Women Don’t like it Men Women.
a. What is the probability that a randomly selected man likes the perfume?
Paper For Above Instructions
The marketing team at the perfume company has conducted a comprehensive study to assess the preferences related to their newly introduced perfume across different demographics. The focus is primarily on understanding how gender and geographic location (America, Europe, Asia) play a role in consumer preferences. This assessment will not only contribute to effective marketing strategies but will also provide insights into product adaptation based on diverse consumer bases.
Market Research Background
Market research is an essential component of any business strategy, particularly in the highly competitive fragrance industry. The perfume market has seen significant growth in recent years, necessitating brands to understand consumer preferences intricately (Statista, 2023). The involvement of a diverse sample allows for a more holistic view, ensuring that the results are representative of the global market.
Study Overview and Methodology
The study, as mentioned, surveyed 2400 individuals from different continents, ensuring a mix of genders. By surveying a large enough sample size, the company could confidently analyze the correlations between gender and regional preference. Each participant was asked to try the new fragrance and share their opinion, categorizing their preferences into “Like it” or “Don’t like it.” The data gathered was then compiled into a comprehensive table for analysis.
Data Summary
To determine the probability that a randomly selected man likes the perfume, we first need to analyze the provided data. Unfortunately, the complete table with specific values for each gender and region has not been provided. However, assuming we could extract hypothetical numbers for the purpose of this example, let’s proceed with an analysis.
Suppose the preference summary table for men and women looks something like the following:
| Region | Like it (Men) | Like it (Women) | Don’t like it (Men) | Don’t like it (Women) |
|---|---|---|---|---|
| America | 300 | 400 | 100 | 150 |
| Europe | 250 | 350 | 150 | 200 |
| Asia | 200 | 300 | 100 | 150 |
The total number of men surveyed is calculated by summing the "Like it" and "Don’t like it" responses across all regions:
Total Men = (300 + 100) + (250 + 150) + (200 + 100) = 1200
Total Men Who Like It = 300 + 250 + 200 = 750
Calculating Probability
Now, the probability that a randomly selected man likes the perfume is calculated as follows:
Probability (Man Likes Perfume) = (Total Men Who Like It) / (Total Men) = 750/1200 = 0.625
This calculation implies that there is a 62.5% probability that a randomly chosen man from the surveyed population would like the new perfume.
Conclusion
Through this research, the marketing team at the perfume company can glean vital insights into gender preferences, which can help in targeting advertising campaigns more effectively. If indeed a high percentage of men prefer the fragrance, strategies can be formulated to market it predominantly in male-focused channels. Alternatively, the opposite can also be true which would require adjustments in both product packaging and marketing approaches.
This study highlights the importance of understanding market dynamics. For businesses to thrive, companies must continually engage with their target audience and adapt based on collected data (Kotler & Keller, 2022).
References
- Statista. (2023). Global perfume market statistics. Retrieved from [URL]
- Kotler, P., & Keller, K. L. (2022). Marketing Management (16th ed.). Pearson.
- Mintel. (2022). Global Fragrance Market Trends. Retrieved from [URL]
- Nielsen. (2023). Consumer Insights in the Fragrance Category. Retrieved from [URL]
- MarketResearch.com. (2023). Perfume Industry Analysis. Retrieved from [URL]
- Grand View Research. (2023). The global perfume market size. Retrieved from [URL]
- Research and Markets. (2023). Global perfume market growth forecast. Retrieved from [URL]
- Euromonitor International. (2022). Fragrance market insights. Retrieved from [URL]
- IBISWorld. (2023). Global Perfume Manufacturing Industry Report. Retrieved from [URL]
- McKinsey & Company. (2023). How to build a fragrance brand in today's market. Retrieved from [URL]