Dreams and Lilies Company

Dreams and Lilies Company

What is the mission/vision statement for your company? What are two financial and two non-financial high-level goals for your company?

 Dreams and Lilies’s mission and vision statement is to revolutionize beauty and self-care by providing customer-driven and customer-oriented products that reflect the specific needs voiced by our Dreams and Lilies community. With Peter (2018) so heavily focused on maintaining customer loyalty through engagement, the Dreams and Lilies Community will be used to test products, develop prototypes, and be available to all our customers. Regarding high-level financial goals, the first and most important goal is for Dreams and Lilies to achieve net profitability by its third year of operations. A second high-end financial goal is to achieve a market share of at least 20% of the body butter market within five years of beginning operations. Regarding non-financial high-level goals, Dreams and Lilies first strive to maintain an organizational and marketing culture of openness and transparency in which clients shape the direction of the firm’s product line through the Community discussed above. Another is to increase the firm’s perceived market value through corporate social responsibility-related acts such as remaining “cruelty-free” and purchasing carbon offsets to limit our production impacts concerning climate change.

Describe the product (approved by your instructor) you plan to introduce to your target market in detail.

 The product we are introducing to our target market of twenty-five- to forty-five-year-old women with incomes between $35,000 and $90,000 per year is a new and revolutionary body butter containing sunscreen. Cruelty-free and usable both on the face and the body, the differentiation of the product is tied to the fact that it has sunscreen. In this respect, it is a beauty product that will simultaneously moisturize and prevent premature ageing, wrinkles, and sunburns while protecting users from the harmful effects of UV radiation. It is intended for daily use and will be a higher-end cruelty-free body lotion marketed to this segment.

Where is your product in the product life cycle (PLC)? What is the point of differentiation of your product (vs the major competitor)? How does it bring more value to your target market(s) (vs the major competitor)?

 The product that I plan to bring to the market is currently developing. Here the manufacturers will ensure that the product is primarily tailored to meet the client’s needs and tastes. At this stage of development, the manufacturers can tailor it to all the customer’s needs since the product is still in its early stages. Some of the company’s major competitors are Crystalline Beauty Corporation, which mainly specializes in manufacturing beauty products, particularly for the female gender (Lambertini and Mantovani, 2010). However, Crystalline Beauty Corporation is a massive competitor for Dreams and Lilies, and the latter still manages to beat it in the market because of a difference in their products. Crystalline Beauty Corporation has not majored in production time as it generally produces cosmetics and other beauty products. However, Dream and Lilies majors in making female skincare products that help smooth their bodies. Also, the company’s products protect its users against UV rays. Dream and Lilies products bring more value to their customers since they keep their skin fair and prevent UV rays from damaging it.

How will you position your product to your target market?

 For a company to position itself in the market well, it must bear the following in mind. The company’s target audience, key benefits of their products, establishing brand credibility, consideration of the market segmentation, and a demonstration of its expertise. The firm now needs to identify its target audience, enabling them to know their needs and thus work towards achieving them. Again, the company should also advertise the key benefits of their products to customers, thus proving vital in attracting them to the fold (Kohne, 2019). Again, establishing brand credibility would also prove critical in helping the company position itself well in the market as it would now attract more customers. Lastly, to position itself well in the market, the firm must identify the right segment to sell its products.

Reference

 Kohne, A. (2019). Target Market. In Business Development (pp. 75-84). Springer Vieweg, Wiesbaden.

Lambertini, L., & Mantovani, A. (2010). Process and product innovation: A differential game approach to the product life cycle. International Journal of Economic Theory, 6(2), 227-252.

Peter, J. P. (2018). A Preface to Marketing Management (15th Edition). McGraw-Hill Higher Education (US).

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What is the mission/vision statement for your company? What are two financial and two non-financial high-level goals for your company?

Dreams and Lilies Company

1. Describe in detail the product (approved by your instructor) you plan to introduce to your target market.
2. Where is your product in the product life cycle (PLC)? What is the point of differentiation of your product (vs. the major competitor)? How does it bring more value to your target market(s) (vs. the major competitor)?
3. How will you position your product to your target market?
4. What is your branding strategy (which method will you use)? Why do you believe this strategy will ensure success?
5. Using the tenets of the new product development process (NPDP), when will you develop a prototype of your product? When and where will it be tested? How many levels of testing do you plan to do?
6. Show a timeline to accomplish all of the above (assuming your product concept began at the beginning of this course and needs to be ready for the market eight months from now). Explain the high-level tasks that need to be accomplished (e.g., Product concept approval, beginning prototype design, start testing, etc.) from product concept to the point of being ready to implement in the marketplace.
7. Cite and list any sources using APA format.