MT450-M2-VEnglish

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Feb 20, 2024

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1 Consumer and Business Opportunities Marketing Plan MT450 Victoria English December 20, 2023

2 The cultural perception of gifting flowers significantly influences the buying behavior of consumers. Culturally, flowers symbolize adoration, celebration, and sympathy, all of which influence sales. Customers will be more inclined to buy Sybil’s Artificial Flowers as gifts rather than for themselves because of this. Understanding and catering to these preferences is a leading marketing strategy. Trends and societal norms demonstrate the social factors in consumer preferences. Sybil relayed that she expanded her market reach and gained popularity after receiving media coverage, which is a direct effect of social factors and influence. The on-going trend of sustainable living practices aligns with the brand image of using natural products to engineer the flowers, preserving the environment. Personal factors include individual preferences which align with lifestyle and values that drive their choices. Sybil observed customers enjoying artificial flowers for home décor. These preferences in values and aesthetic choices help to guide future marketing techniques. Consumer motivation for purchasing Sybil’s Artificial Flowers is driven by many factors. Motivation may stem from the desire to gift non-perishable aesthetically pleasing flowers for occasions where traditional flowers are more perishable. Understanding these consumer motivations allows for tailored marketing and highlighting aspects of the product that consumers love such as durability and aesthetics. Perception is fueled by the decisions of consumers. Sybil’s products benefit from the perception of lifelike flowers with lasting scents. Due to this perception, marketing efforts can be geared toward highlighting realism and inter-changeable scents making for a desirable alternative to real flowers. Marketing can then be geared toward overcoming the previous reputation of artificial flowers by emphasizing this sensory experience. Emotional responses drive sales and highly influence purchasing decisions for consumers. Sybil’s Artificial Flowers evoke emotion that is associated with the cultural effects of traditional

3 flowers. An example of this is that they are long-lasting, when they are gifted to loved ones the emotion behind the gift will stay with them. Long-term memory is highly influential in the behavior of consumer purchasing. This can be a challenge that is overcome with the correct marketing strategies. Ensuring Sybil’s products stay in the memory of current and potential customers will influence future sales. Effective branding and marketing techniques and campaigns will create a lasting impression on these consumers. A first contrasting variable for different business interactions is the nature of the customer. Sybil’s B2C (Business-to-customer) interactions are with customers who purchase her products directly from her. In a B2B (Business-to-business) scenario, Sybil would deal with retailers or businesses that would wholesale her artificial flowers for resale. Another contrasting variable is a customer’s purchasing frequency and volume. For Sybil, B2C interactions regarding the number of products sold and the frequency of items sold to an individual would generally be

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4 for smaller individual purchases or the occasional large event. Sybil’s B2B interactions regarding this would generally be larger purchases for resale. Businesses will order in bulk based on their inventory needs. Sybil’s decision making will also be different based on whether she’s dealing with customers or other businesses. Decision-making regarding customers will be swayed by preferences, individual needs, and emotions. When it comes to other businesses, decision- making becomes more complex. This will often require input from stakeholders as well as considering budget and company alignment. The marketing approach used for businesses versus customers will also be drastically different in techniques. When it comes to marketing to customers, an ethos forward approach will be most effective. Aligning with customer aesthetics, preferences, and emotions. Also, the marketing channels used would be social media forward. When marketing to businesses, relationships as well as emphasizing product features and uniqueness would be the best approach. Focusing on networking and targeted sales shows would play a large role as marketing channels. Lastly, relationships will be treated differently based on whether it’s a customer or business. Individual customers will generally be more transactional with the brand. Businesses will build long-term relationships where trust and reliability are focused for consistent supply demands. The current research problem for Sybil’s Artificial Flowers is understanding and optimizing market opportunities to present her unique and innovative product to the consumer market. This involves researching consumer preferences, trends in the market, and potential B2B opportunities to expand consumer reach. Using secondary data, we can gather existing information and trends within the artificial flower industry. Variables such as market size, growth rates, consumer and business opportunities, and societal trends can be discovered by using industry reports and marketing analysis. Reviewing and incorporating this data will help

5 gain insights into the dynamics of the market, customer behavior, and potential areas for expansion. Using primary data collection, we can supplement and validate the secondary data by interacting and engaging with the target market. Utilizing qualitative data Sybil can engage in focused group discussions with similar consumers to explore expectations, perceptions, and preferences regarding artificial flowers. These meetings will provide valuable insights into the aspects that influence the buying behavior of consumers. Using quantitative data by conducting surveys of a sample of consumers and businesses will aid in the ability to identify trends. This will present a statistical measure to support decision making when referencing trends, preferences, and the market demand. After extensive market research, secondary data suggests that there is a growing market for artificial flowers as people are looking for a long-lasting alternative to the elegance of floral décor. The industry shows steady growth particularly in the event industry and gifting. Due to significant consumer and business interest, there are immense opportunities for growth. B2B marketing presents opportunities for supplying artificial flowers for events and corporate gifting needs. Societal trends are shifting toward sustainability which aligns with Sybil’s business goals and image. This data presents a favorable landscape for Sybil’s Artificial Flowers that caters to consumer interest and business opportunities. The primary data refines these insights and provide a foundation for future decision-making. Asking specific and targeted questions will help Sybil to better understand her customers. Here is a list of potential questions to consider. What is the inspiration behind your decision to purchase artificial flowers?

6 On a scale of 1 to 10, how important is it for artificial flowers to have realistic appearances, in your purchasing decision? Are there specific events or occasions where you would prefer artificial over natural flowers? What feature of Sybil’s Artificial Flowers is most appealing to you: (select one) realistic appearance, long-lasting scent, or eco-friendly materials? How do you think artificial flowers will elevate your home décor and gifting needs? Would you be willing to invest more in life-like and long-lasting flowers opposed to the delicate nature of traditional florals (Yes/No)? Can you describe any challenges you have faced with using traditional flowers that artificial flowers could potentially be favorable? What aspects makes Sybil’s Artificial Flowers stand out from other artificial florals? How likely are you to recommend Sybil’s Artificial Flowers to friends and family? Expanding on market reach, creating a sampling plan, we will look at consumers. Utilizing surveys will aid in expanding market reach. Randomly selecting participants from different demographics will help to ensure a random sample for accurate surveys. Furthermore, compiling a list of targeted businesses in the realms of event planning, home décor, and gifting retailers. Collecting consumer and business data via online channels such as emails, websites, and social media will increase reputation and awareness. Utilizing data mining by using statistical software such as excel will help to extract key insights for preferences and trends.

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7 By employing a specific combination of marketing strategies such as online surveys, outreach, and data mining, Sybil can fully understand her reach and impact on the consumer market. This business strategy will capitalize on consumer and business opportunities to succeed in the industry. Monitoring customer satisfaction is essential in generating opportunities and growth within Sybil’s Artificial Flowers. Customer feedback improves various aspects of business offerings, quality, and overall experience with the company. Evaluating reviews, comments, and consumer interaction analytics is the best way to engage and understand consumers.

8 References Fortune Business Insights. (2023). Artificial Flowers Market Size, share & covid-19 impact analysis, by material (polyester, plastic, paper, silk, nylon, and others), application (residential and commercial), by distribution channel (online and offline), and Regional Forecast, 2023- 2030 . Artificial Flowers Market Size, Growth | Trends Analysis [2030]. https://www.fortunebusinessinsights.com/artificial-flowers-market-104459 Kotler, P., Keller, K. L., & Chernev, A. (2022). Marketing management (16th ed.). Pearson.

MT450-M2-VEnglish

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