I'm with your project manager on this one. I would create a Data Flow Task. The first component would be an OLE DB Source, containing just your first SELECT (no WHERE clause).
The next component would be a Lookup, selecting the columns you need to match on from lookup_product. On the Columns tab I would match the columns as you have in your WHERE clause. On the General tab I would set it to Redirect Rows to No Match output.
The final component is an OLE DB Destination, pointing at the lookup_product table. I would connect this to the Lookup using the No Match output.