BC220415502

Assignment No: 01
Principle of Marketing (MGT301)
01)
Based on the given scenario, mention the demand situation that "EcoLux
Furnishings" is currently facing.
"EcoLux Furnishings" currently faces a latent demand situation Latent demand
is characterized by consumers having a need or desire that they are not yet aware
of or do not fully understand. In this case, many potential consumers are not aware
of the advantages of eco-friendly furniture, nor do they comprehend the
environmental impact of their furniture choices.

02)
. Write down any three possible implications/strategies for EcoLux
furnishings to overcome that demand situation.
Implications/Strategies:
Educational Marketing Campaign:
EcoLux Furnishings should consider launching an educational marketing campaign
to stimulate latent demand. This campaign would aim to inform and educate the
general public about the benefits of eco-friendly furniture. By creating awareness
and providing information about the advantages of their sustainable furniture, the
marketing team can tap into the latent demand that exists among consumers who
may be interested but are not currently aware of eco-friendly options.

Building a Sustainable Brand Identity:

EcoLux Furnishings can establish a strong brand identity that places sustainability
at the forefront. They should invest in eco-friendly packaging, develop a user-
friendly website that highlights their sustainability initiatives, and actively
participate in sustainability events or causes. Partnering with influencers who
advocate for a sustainable lifestyle can boost their brand's credibility and resonance

with environmentally-conscious consumers.

Collaborations with Interior Designers aud Influencers:

Collaborating with interior designers and social media influencers who have a
strong following in the home decor and design industry can be considered as a
creative marketing approach. These influencers can create visually appealing
content showcasing EcoLux Furnishings’ products in attractive settings, making
eco-friendly furniture more alluring and appealing to the general public. This
approach helps in bridging the gap between aesthetics and sustainability.