Weaknesses

Lemuria is a new product being introduced to a market that may have brand loyalty to similar products being marketed as essential oils and aromatherapy oils. “Baby boomers are likely to be vigorous consumers in the future, and even though historically, consumers lock in brand preferences by age 40, today’s over-50 crowd is just as likely - and in some cases more likely - as younger generations to try different brands within a product category.” (MKTG, Lamb Hair McDaniel. Pg.36) During the introductory phase we will have a strategic partnership with an outside company that provides the essential oil ingredients, until we have the capacity to produce them in-house. “A strategic partnership, is a cooperative agreement between business firms. Strategic alliances can take the form of licensing or distribution agreements, joint ventures, research and development consortia and partnerships.” (MKTG, Lamb Hair McDaniel. Pg.86) In the event of an unexpected order of large quantity, there would be an added cost for labor and production, and because of unique packaging material, we may have to price somewhat higher than similar products.