Frankincense and Myrrh Essential Oil | Marketing Mix

RUNNING HEAD: MARKETING MIX

1MARKRTING MIX
Essential oils are generally the concentrated versions of the natural oils that are mostly found in
the trees and shrub like plants. Frankincense and myrrh are the most prized and reputed essential
oils and hydrosol that are used in a variety of purpose all over the United Kingdom as well as in
international markets (Tisserand, R. and Young, R., 2013.). The following report will analyze
then marketing mix of these two products for the better understanding of the market.
Frankincense and Myrrh Essential Oil:
1. Product: Frankincense essential oil is derived from the sap of Boswellia trees, which have its
origin in India or Northeast Africa. The oil from the sap is extracted by the method of
steamed distillation. Depending on the variety of the Boswelliab trees, the essential oils are
also classified into different types and also for meeting various purposes. The main USP for
the frankincense oil is its rich aroma. Analyzing the growing trend towards aroma therapy
and the rising concern of the people in the developed countries regarding their skin care,
various companies have been using the aroma and the beneficial effects of the essential oil in
aroma therapy and beauty or personal care products. Apart from being sold just in the oil
formula, the product is also used in various soaps, body oil or moisturizer (Chen, Y., Zhou,
C., Ge, Z., Liu, 2013).
Myrrh, almost similar to the Frankincense oil, is the aromatic resin derived from
thorny Commiphora myrrha tree. The essential oils derived from the distillation of the
sap is however, mainly used for offering relieves to cough and colds, phlegm, bronchitis
or other problems. The sedative scent that the oil has is effective in the various treatments
including mood swings and spiritual awakening. Apart from this psychological aroma

2MARKRTING MIX
therapy, the oil is also used as personal care products like the skin problems, hair fall
problems and others.
2. Price: the pricing of any products determine the sales of the same. The huge difference in
perceived value and the objective costing of the product leads to the loss of market
(Constantinides, E., 2006.). The Frankincense oil has more or less a stable market
internationally that has led the retailers of the product to gain sufficient knowledge about the
demand and the target market of this oil. The Pricing strategy of the various companies thus
analyses these points thoroughly. With the growing concerns about the natural product all
over the world, and the companies’ attempt of going green, the retailers of these essential oils
will have to circulate the idea that these products are ideally natural and hence beneficial for
skin and health. The incorporation of a hundred percent natural ingredients will definitely be
costly. Fixing a lower price for these products will then obviously hamper the perceived
value of the product. Again, the market penetration for new companies selling these essential
oils will not be easy if the prices are made high enough since there already exists a
competitive market. The ideal strategy for the market penetration will be then, to offer
discounts in the products and making the target market acquainted with the brand. Again,
driving an online or website based business will be an effective idea since this would expose
the customers to the variety of products just at their finger tip. Since the business pattern of
retailing these items follows the business to business and the business to customer’s style, the
pricing of the products are done for catering both the ways. Where the consumers chose their
products not based solely on the price but also the popularity, the B2B buyers make decisions
solely on the profit potentials. The growth share matrix form of this B2B and B2C needs to