Reference no: EM133485814

The company is struggling to develop a product and pricing strategy.

In 2021, Lee Jones put the final touches on a product she had worked on for years in her garage. Lee graduated with a degree in chemistry from a well-known school in Indiana. However, she has always had an entrepreneurial spirit. Initially called Lee's Artificial Flowers, the product broke new ground by creating patented, artificial flowers that look real and smell like a flower. In other words, roses smell like roses, and tulips smell like tulips. However, Lee's flowers will never expire. The scent typically lasts three months and can be replaced with new scented cartridges. As a lover of flowers and the environment, Lee has always felt flowers should remain on the earth.

She launched a website and opened a small store in a strip mall at the beginning of 2022. With modest sales, Lee hired several employees to assist with manufacturing, sales, and administrative duties. In the summer of 2022, a popular morning show interviewed Lee about her new product. This interview led to lots of other popular coverage on television, and in magazines, blogs, and podcasts. Because this product was starting to break on a national scale, she could secure a business loan for $500,000. Lee's biggest concern was her lack of business knowledge, mainly in marketing.

Lee has just hired you as a marketing manager/consultant to assist her in taking the business to the next level. In your initial consultation with Lee, she suggested that many sales were purchased as gifts. Another segment of customers applied to the home furnishings category. The raw materials required for artificial flowers are paper, cotton, parchment, latex, rubber, sateen (for large, bold-colored flowers and arrangements), and dried materials, including flowers and plant parts and berries, feathers, and fruits. For more upscale silk flowers, silk, rayon, and cotton are the fibers of choice. The cartridges that provide the scents are produced in Lee's manufacturing facility. Lee believes her company needs a better product and pricing strategy. Lee is currently using a cost-based pricing strategy.

Part 1

Provide a brief introduction to your selected scenario and define the problem.

Describe attributes of how marketers can differentiate their products from their competitors.

Explain several attributes to your chosen scenario to differentiate your product.

Explain the packaging and labeling for your product.

Design a proposed product portfolio design, including width, length, depth, and consistency similar to Figure

Part 2
Integrate a service with your product using the five determinants of service quality. Provide specific examples for each determinant.

Describe the concept of branding.

Create a brand mantra for your product.

Design secondary sources of the brand referencing similar to Figure 10-1, using specific examples for your product.

Recommend three incentives to market your product to your customers.

Explain the pricing goals using the four common pricing objectives.