Choose one of the scenarios for this assignment as seen on the tabs above.

Published by Jeannie R. Ferrell

Dec 8, 2022

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The Product’s Value Proposition–Part 1
According to Kotler et al. (2022), well-differentiated products can create a significant competitive advantage. Therefore, creating a distinctive aura for a product helps distance it from competitors. Moreover, marketers must have strong pricing strategies to remain profitable and competitive.
Assignment
Your complete Unit 8 Assignment should be a 900- to 1,150-word essay (with additional title and references pages) consisting of parts 1 and 2 using correct grammar, spelling, and the current APA format and citation style.
In the following assignment, you are presented with two scenarios. Choose one of the scenarios for this assignment as seen on the tabs above. In each case, the company is struggling to develop a product and pricing strategy. Read the scenario and address the checklist items in line with the goals of a hired marketing consultant by the company owner.
Generic Goals:
• Sell several hundred thousand units.
• Create awareness of new product line to new, prospective clients.
• Incorporate digital marketing.
• Hire more employees.
• Target B2B clients.
• Identify the best distribution model for selling to customers.
Scenario
Lee’s Artificial Flowers* – The Gift That Keeps on Giving
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. Her current pricing strategy is cost-based.
Generic Goals:
• Sell several hundred thousand units.
• Create awareness of new product line to new, prospective clients.
• Incorporate digital marketing.
• Hire more employees.
• Target B2B clients.
• Identify the best distribution model for selling to customers.
*Disclaimer: The organization and any characters and brands depicted in this exercise are fictional. Any resemblance to real organizations, individuals, or brands is purely coincidental. This exercise may include actual companies and brand names solely for instructional purposes; this exercise is not associated with any such existing company or brand name. All trademarks remain the property of their respective owners.
Checklist:
Part 1–Unit 7
• 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 8.1 in your text.
Part 2–(Parts 1 and 2 are due in Unit 8)
• 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.
• Recommend a pricing method.
Preview the Unit 8 Assignment grading rubric.
Directions for submitting this assignment in Unit 8: Combine Parts 1 and 2 into a 900- to 1,150-word paper with additional title and reference pages. Use the current APA format and citation style for any short quotes or paraphrases with accompanying references (see Unit 1 reading area for assistance with APA formatting and citation.)

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