Principles of Marketing (MGT301) | Fall, 2023 Assignment No.

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 “Eco-Lux 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 “Eco-Lux 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 "Eco-Lux Furnishings" is
currently facing. (4 Marks).

Solution
Demand situation Eco Lux furnishing is currently facing latent demand situation. Latent demand
makes renewable need and sources for consumer use and consumer they are not yet aware of or do
not fully understand.

2. Write down any three possible implications/strategies for Eco-Lux furnishings to overcome that
demand situation. (2 Marks for each possible implication/strategy)

Solution

1. Eco Lux-friendly makes affordable

Eco-Lux friendly make good low cost and afford able price for Eco Lux-furnishings.
Eco Lux-friendly can used recycled material and optimizing manufacturing process and give
discount rates to customer.

2. Awareness marking Campaigns

 Eco Lux-furnishings should caret Awareness marking Campaigns for the public. This
campaign for the general public is not very familiar with the concept of eco-friendly furniture.
That’s why creating awareness marking campaigns.

3. Collaborate and partnership

Eco-Lux furnishings should be collaborate, with the designer home decorated and
export for the eco – conscious for helped the organization and promote the product over
organization.