Market Research & Marketing Management

For a group project at university, I was involved in conducting comprehensive market research on the candle industry to guide the development of our fictional candle company, Ambient Rose. In addition to this, we worked on the marketing management strategy for the brand. Below is a summary of our work, with further details and visuals provided in the accompanying images.

Objectives: We established one primary objective and five secondary objectives, which are outlined below.
Market Analysis: I conducted an in-depth analysis of the market size and growth trends using credible sources.
External Factors: I researched various external influences that could impact the candle market, including economic, technological, and environmental factors.
Regulatory and Legal Considerations: Our team examined relevant regulatory standards and legal factors affecting the industry.
Sustainability: Sustainability was a key focus in our research, as we explored ways to create a fully sustainable brand.
Market Segmentation: Based on our findings, we made informed decisions on market segmentation.
Competitor Analysis: We developed a detailed competitor analysis, comparing our brand with key competitors such as Yankee Candle, WoodWick, and Wild Atlantic Wicks.
Strategic Segment Comparison: A segment comparison was conducted to determine which market segments would offer the highest potential for success.
Positioning: The images below illustrate the positioning maps we created, which helped identify our brand's unique selling proposition.
Value Proposition & Positioning Statement: We crafted a value proposition and positioning statement, emphasising our brand's key differentiators: a wide selection of products, sustainability, and affordability.
Buyer Personas: We developed buyer personas for two key market segments: Home Decor and Gifting.
Primary Data Collection: A comprehensive primary data collection plan was formulated. We selected an exploratory research design, focusing on qualitative methods. A focus group was chosen as the primary research tool to gather insights.
Qualitative Research: Given our goal of understanding consumers’ personal feelings, motivations, and opinions toward candles, qualitative data was prioritised.

Detailed visuals of the primary data collection plan and other project components are provided below.