Principles of Marketing (MGT301) |

Fall, 2023 Assignment No. 1

BC220401893
MUHAMMAD JAWAD

Scenario:
"EcoLux Furnishings," a newly launched company that designs and sells
eco-friendly furniture and home
decor. With the motive of producing eco-friendly furniture, EcoLux
Furnishings makes sure to produce
sustainable furniture that uses materials with least negative impact on
the environment. For instance, the
material they use has minimal chemical components, furniture can easily
be recycled and is less harmful to the environment. Being a newly
introduced firm, the aim of “EcoLux Furnishings” is to target a large
market share thus by maximizing its clientele however, the concept of
the term eco-friendly in terms of furniture is quite new and unfamiliar to
the general public. As, the general public is considerably seen as more
interested in buying cost effective and alluring furniture designs instead
of eco-friendly options. The
marketing team of “EcoLux Furnishings” needs to be very vigilant in
terms of devising creative strategies that can not only increase their sales
but also make the people aware about their unexplored furniture ranges.
Requirement:
1. Based on the given scenario, mention the demand situation that
"EcoLux Furnishings" is currently
facing. (4 Marks).
2. Write down any three possible implications/strategies for EcoLux
furnishings to overcome that demand situation. (2 Marks for each
possible implication/strategy).

Solution
Requirement:
1. Based on the given scenario, mention the demand situation that
"EcoLux Furnishings" is currently facing. (4 Marks).

Demand situation:-
EcoLux Furnishings is facing a demand situation where the public is
interested in cost effective and eye pleasing or products which look more
beautiful and doesn’t care about the protection of ecosystem as many of
people do not think that its their duty to protect their environment. Also
not many people are much aware of term “eco friendly” which is
causing to make some difficult challenges for company to make
significant profit.

2. Write down any three possible implications/strategies for EcoLux

furnishings to overcome that demand situation. (2 Marks for each
possible implication\strategy).

Introduction of affordable eco friendly option:-

Introduce some products with relatively low prizes so people start
getting attracted after knowing its affordable and far better also.

Customer education campaign:-

Introduce a customer education campaign to make people aware of
benefits of eco friendly products. Use media, social media and any other
sources you can afford.
Strategic partnerships
Make strategic partnerships with other business person who have the
similar or related work like home décor e.t.c.