LumenTech is introducing a Vitamin D Lamp called Glow into the Scandinavian countries of Sweden, Norway, and Finland. LumenTech believes in creating sustainable and innovative products that are more efficient than current market products. The problem is that current options for Vitamin D therapy are either difficult to use, have negative side effects, or are not sustainably made. Fortunately, we have made a product that solves all of those problems. Our lamps made from 100% recyclable materials have no negative health-related side effects, and work exactly like a standard lamp, with the flick of a switch. Not only is it easy to use, it has a very calming and aesthetic dim light that makes any room feel and look more charming. LumenTech has set many lofty goals and milestones for the first year of selling Glow. Our ambitious goal of generating $15 million in sales and 20% market penetration in our first year comes from our revolutionary technology in Glow that has not yet been seen before. Goals are set regarding Brand Awareness and Positioning, Educational Campaign Effectiveness, Sustainability Impact, Customer Satisfaction and Retention, Distribution Network Expansion. There are additional problems we have taken into account that can affect our market share goals. One of these problems of course is the existence of competitors in the market. Vitamin D therapy is a well known supplement and already comes in many forms, including supplements, light therapy, prescription, and food fortification. Having multiple different competitor industries makes it a challenge for our product to enter the market. Another problem we face is the fact that vitamin D insufficiency is usually a seasonal problem in Sweden, Norway, and Finland. During summer months we might face a significant drop in demand, which could lead to increasing unsold inventory and struggles to make ends meet as a business until the winter. Although these problems can negatively affect LumenTech, we believe that our product Glows’ innovation vastly outperforms the problems it faces. There are many opportunities LumenTech has for Glow to succeed. First, all of the regions we are entering (Scandinavia) experience very short days in the winter, leading to widespread vitamin D insufficiency. Second, we created a product that does not have any direct competitors as vitamin D lamps. We are the first company to create a Vitamin D lamp that can be turned on all day with no risk of too much Vitamin D, while creating a nice aesthetically pleasing lighting in the rooms. Another opportunity is that LumenTech is a sustainable company, and Glow is a sustainably made product. This is an opportunity because the Sweden, Norway, and Finland population all value the environment and would rather purchase a sustainable brand. WRITE A SHORT CONCLUSION OF IF WE EXPECT SUCCESS AND WHY

Answer rating: 100% (QA)

Overall we expect success for LumenTech and Glow in t... View the full answer