it was designed for one nozzle printers to print in two colors. in the slicer you use set up a pausing point so that you can change filliment right befor the white sections start.
use a .4 mm nozzle
if you print the stand you may need to use supports depending on how good you 3d printer is.
use string or rope that is less than 11 mm to hang the ornament.
if the text or logo is coming out squished then increase the scale in you slicer to give it more room.
video on how to print in 2 colors with a single nozzel.