MT 450 Unit 1 Journal

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Unit-1 Journal Purdue Global University MT450-01 Marketing Management 12/12/2023

2 A company that makes and sells wax melts is something I would like to launch. My name for it would be "Waxy Wonders." When it comes to candle industries, wax melts are a popular product among buyers. Because of its low price and easy availability, paraffin wax is a popular choice among buyers. Paraffin wax's compatibility with various wax melt warmers and strong capacity to keep aroma make it an indispensable ingredient in candle making. I would apply Porter’s Five Forces by: 1. Investigating the industry's rivals. 2. Get a feel for the possibilities presented by newcomers in the market. 3. Determine any potential suppliers to cut costs. 4. Determine the preferences of your intended consumers with respect for things like scent, pricing, packaging, and more. 5. Be aware of potential risks posed by competing products. (Kotler et al., 2021). The four additional forces proposed by Isabelle et al. (2020) consist of the "competitor's level of innovativeness, exposure to globalization, the threat of digitalization, and industry exposure to de/regulation activities" (Isabelle et al., 2020). To initiate the process, I would commence by conducting extensive research on the competition. Determine the frequency at which they release new products. Several companies offer worldwide shipping services. Most of the market for wax melts are concentrated in North America. The candle business is expected to benefit from the growing awareness of environmental and health risks associated with aerosol spray cans, leading to an increased demand for wax melts (Wax Melts Market Research Report by DBMR, n.d.). The process of digitalization would not present any challenges. Wax melts are a tangible product intended for physical usage. Unlike movies or music, it is not possible to digitally duplicate and

3 sell it. Finally, the candle sector is subject to rules that must be adhered to. Recognizing that the restrictions are susceptible to modification at any given moment. The five C's are customers, collaborators, competitors, company, and context (Kolter et al., 2021). In business-to-consumer markets, consumers often consist of the individuals that will utilize the goods (Kolter et al., 2021). My merchandise would be to strategically position near the locations my target customers are live. I would begin with a little endeavor, such as engaging in sales on Etsy, and as my business expands, I would begin transitioning to other selling platforms. Collaborators engage in cooperative efforts with the business to generate value for the organization (Kolter et al., 2021). I would collaborate with my colleagues to develop a product that is cost-effective yet of superior quality. Aware that the competitors are also endeavoring to satisfy the identical client want. Recognizing that the primary competitors have established a strong presence in the business over a significant period and have achieved a high level of refinement in their products. The company, which I own, will begin as a small scale in its initial stages. The inflow of revenue is expected to be gradual, while expenses are anticipated to be minimal. Unlike my large corporate rivals, I will not have the burden of stressing about having to managing payroll. The context refers to the specific conditions and circumstances in which my business will operate. Acquiring knowledge about the population characteristics of the region will enhance the likelihood of achieving success in my business endeavors.

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4 Reference Isabelle, D. Horak, K., McKinnon, S., & Palumbo, C. (2020). Is Porter’s five forces framework still relevant? A study of the capital/labour intensity continuum via mining and I.T. industries. Technology Innovation Management Review, 10 (6), 28–41. https://www.timreview.ca/sites/default/files/article_PDF/TIMReview_2020_June%20-%203.pdf Kotler, P., Keller, K. L., & Chernev, A. (2021). Marketing Management (16th ed.). Pearson Education (US). https://purdueuniversityglobal.vitalsource.com/books/9780135886830 Wax Melts Market Research Report by DBMR. (n.d.). Www.databridgemarketresearch.com. Retrieved August 25, 2023, from https://www.databridgemarketresearch.com/reports/global- wax-melts-market

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