management project and need support to help me learn.
everything in file and i put case study for help to answer and the end put all answer on the cover page. thank you
Requirements: everything in file
Department of Business Administration
College of Administrative and Financial Sciences
Assignment 1
Entrepreneurship and small business (MGT 402)
Due Date: 14th January 2023 @ 23:59- The 6th week
For Instructors Use only
Instructions PLEASE READ THEM CAREFULLY
The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
Assignments submitted through email will not be accepted.
Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.
Students must mention question number clearly in their answer.
Late submission will NOT be accepted.
Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
Submissions without this cover page will NOT be accepted
Place of Submission is Blackboard.
Weight 15 Marks
1. Describe the place of small business in history and explore the strengths and weaknesses of small business. (LO 1)
2. Design a solid projected financial plan and conduct a breakeven analysis for a small company. (LO 3)
3. Demonstrate the ability to deliver and communicate marketing massages in coherent and professional manner. (LO 5)
Case Study
Students are supposed to read the attached Case -Panda Sunglasses. Based on your understanding of the case and basic concepts of Entrepreneurship.
Answer the following question:
1. How can social entrepreneurs such as the founders of Panada Sunglasses use their companies social missions to attract customers and promote their business? (3 marks)
2. How should the founders of Panada Sunglasses define a unique selling proposition for their company that resonate with customers? (3 marks)
3. Write a brief memo to the founders of Panda Sunglasses outlining a bootstrap marketing plan for the company? (3 marks)
4. Use the business model canvas to illustrate Panda Sunglasses business model. Can you identify other revenue streams that could support the company? How can the company strengthen its relationships with customers? (3 marks)
5.How should the founders of Panda Sunglasses use social media to market their company and its products? What can they do to increase the traffic to and generate more sales from their company’s?Web site? (3 marks)
Reference should be included.
Answers:
1. Most economists and academics support the notion that entrepreneurship is becoming a crucial factor in
the development and well-being of societies. Whether the entrepreneurial activities are practiced in factordriven,
efficiency-driven, or innovation-driven economies. Whenever society is stuck or has an opportunity to seize a
new opportunity, it needs an entrepreneur to see the opportunity and then to turn that vision into a realistic
idea and then a reality and then, indeed, the new pattern all across society. We need such entrepreneurial
leadership at least as much in education and human rights as we do in communications and hotels. This is the
work of social entrepreneurs.
Panda Glasses :-
Panda was founded by a group of friends who had attended Georgetown University together. Reunited by an idea to revolutionize the ethical and social impact of sunglasses, they combined their backgrounds, experiences and passions into a singular mission. From day one, Pandas goal was to fill a void in conscious capitalism: a trail-blazing fashion accessories company that offers innovative sunglasses, said Vincent Ko, Pandas founder. We wanted to build a business where the products design is just as important as the products ethical, environmental and social impact,? said Vincent Ko, Pandas founder. For every Panda purchase, a person in need is given a free eye exam and eyewear.?
To meet growing demand for its sunglasses, which float on the water and retail for about $120, Panda started developing business relationships with retailers located in beach communities such as Miami Beach, Fort Lauderdale and Palm Beach. Today, more than 100 retailers are selling the Panda sunglasses. In South Florida, these include Shade Boutique at the Intercontinental Hotel Miami, Sole on the Ocean store on Collins Avenue, and Miami Blues in Pompano Beach.
Financing: Panda was jump-started in 2011 by 300 supporters who contributed $20,000 on Kickstarter.com, the world’s largest funding platform for creative projects. The businesss 2013 revenue was $350,000, and revenues have increased by about 20 percent since the brand began to grow its presence in the Southern Florida region.
Recent milestones reached: When Panda took off, the company worked with the TOMA Foundation, a small nonprofit group in Austin, Texas. In April, Panda launched a new partnership with Optometry Giving Sight to help provide on a larger scale the Gift of Vision to people in need from around the world and help train and establish eyecare centers globally. The company is approaching 7,000 Gifts of Vision delivered. Panda participated in COAST, which debuted in Miami and has become one of the largest trade shows in America today, and showcased its sunglasses to 500 retailers .
Biggest startup challenge: Within the first six months of being in business, Pandas sunglasses started selling in Nordstrom and Urban Outfitters Anthropology. they tried to grow way too fast and were unable to meet the production delivery schedule to meet their demand. firm learned a big lesson from that experience. Sometimes you have to evaluate whether you are ready to take on a big opportunity. If we would have been fully prepared at that time, we could have established a long-lasting business partnership with the two retailers,? said Ko.
2. Panda glasses has innovated the sunglasses design by providing polarized lens topped off with bamboo frames that are stylish and sturdy. Their sunglasses frames are unique made form eco-friendly and fast growing bamboos.
Unique selling proposition (USP) refers to the unique benefit provided by company, product, or service that differentiates from the competitors and this features are most appealing to the customers. Being differentiated from competitor, Panda glasses offered a unique benefit by exchanging its glasses for an eye exam, in which most may need it. Thus, in exchange of eye exam giving Panda glasses in USP of the Panda foundation.
3. Panda Sunglasses sells unique ecofriendly sunglasses with frames made from bamboo with polarized lenses. They use the Buy-one-Give-One model. They offer free eye testing to a needy person for every pair of sunglasses that they sell. This model creates both viability as well as commercial and social value. This is likely to increase as a model of social entrepreneurship.
Customers
Target Audience: Students, teenagers and young adult are the main audience target.
Goals: Grow user base by at least 30%
Strategies:
Focus on target customer, rather than any potential customer. There is competition already existing in the sunglasses market. With many companies already in the Buy-one-Give-One model, the unique selling proposition of ecofrienfdly frames must be leveraged upon. Have stalls set up in colleges and offices where people try out the frames during their breaks.
Build partnerships collaborate with corporates. Corporates have incentive and rewards schemes for their employees. One can tie up with companies for offering a sunglass as a reward as one of their rewards for employees.
Build community outreach Build the brand- spread the social responsibility that the company has taken up. Sponsor events and competitions. Create samples for people to use and review. Leverage the social media.
Post teaser contests. Reach out to people on social sites. Distribute vouchers for participants/winners to redeem.
4. Below is the Business Model canvas of Panda Sunglass Business.
1.Customer Segments: Young savvy customers, Adult customers alike. Looking for a Stylish yet eco friendly sun glasses.
2.Value Propositions: Customer buy because of eco friendly ness, a differentiate product made out of bamboo and to indirectly contribute to society via social responsible act by panda sunglass.
3.Channels: Product promoted via retail channels as an unique initiate to save the eco system from plastic and fibre using eco friendly Bamboo. As well as prom0te the concept of social contribution via sponsoring eye heck on every product sold. It works because people , by just doing the act of buying, are able to contribute to ecosystem as well as to poor sections of the society.
4.Customer Relationships: The customers would be interacted via the retail channel and via the promotional activities on social responsibility platforms.
5.Revenue Streams: The revenue stream would be transaction based revenue stream. The value proposition is get a eco friendly product and as well contribute to society indirectly.
6.Key Activities: One is the eco friendly product and the other is the social contribution in form of free eye test for every product sold.
7.Key Resources: Should have strategic tieups with retail partners and strategic marketing to promote their concepts and compete with other sun glass brands
8.Key Partnerships: Not venture into regular sun glass and focus on this eco friendly product and focus on strategic partnership with retail partners?
9.Cost Structure: Cost of finding manufacturing partner and unique idea of social contribution. Promotion to have transaction based revenue model.
The revenue stream based transaction based, where every time a product purchased the revenues flows in and so the revenue is based on transactions.
Promotion of this unique concept via Marketing and concept promotion along with expos and retail channel partnerships would help to establish a connect with the customers.
5. Social media now a days plays an important role in company’s success. This becomes a go-to strategy for every company to market their product. Company can use various methods to increase the traffic and sales for their company. There are various techniques with which you can increase the sales through social media:
Facebook: They can make facebook pages which can showcase their product line and they can also sponsor the ads for their selective products.
Twitter: Twitter has a provision of sharing the images and the videos and maximum likes & shares to promote their product lines.
LinkedIn: LinkedIn is a platform to do the targeted marketing through the social media. You can target a particular segment of people depending upon your product.
Instagram: It is a photo sharing platform where you can share pictures of your products and accordingly can do the marketing of your products.
Apart from these social media, company can do SEO, SEM, Google Adwords, Google Display Networks etc to increase the traffic to their website.
690Case 1Panda SunglassesHow Should a Start-Up Business witha Social Mission Market Its Sunglasses with Bamboo Frames?Vincent Ko showed his entrepreneurial potential in high school in Rockville, Maryland, when, as a young hockey player, he invented a drying rack for hockey pads that he sold to his teammates, then on eBay, and finally on a Web site for the company he created. A few years later, while attending George Washington University in Washington, D.C., Ko and two friends, Luke Lagera and Mike Mills, were inspired by the growing social entrepreneurship movement and the suc-cess of companies such as TOMS shoes, a company founded by Blake Mycoskie that donates a pair of shoes to some-one in need for every pair it sells. One day while walking through the Georgetown shopping district, the friends no-ticed a display of sunglasses and decided to create a businessthat would market cool sunglasses and provide eye examina-tions to someone in need for every pair sold. In keeping with the idea of a socially responsible company, Ko suggestedthat they make their sunglasses frames from eco-friendly bamboo, a lightweight, sturdy wood that grows extremely fast. Having grown up in China, Ko was familiar with the properties of the renewable wood and knew that it was theperfect material from which to make sunglasses frames.They created a company, Panda Sunglasses, and set out to find companies that could make the product they envi-sioned. Ko knew bamboo was the most commonly used woodin China, so the team began looking for a company in China to manufacture the frames to their specifications. Not only did they find a Chinese wood shop that would make their sunglasses frames, but they also located a Chinese eye wear manufacturer to produce the polarized lenses. Pairing the two companies gave them their unique, stylish sunglasses, whichfloat. They created a Web site and began selling them at $120 a pair. Through a connection that Lagera had, the youngentrepreneurs found an ideal partner in the Tribal OutreachMedical Association (TOMA), a nonprofit organization that provides eye examinations and other health services for tribal communities. They quickly reached a deal: For every pair of Panda Sunglasses sold, the company would pay for one eye exam through TOMA.The entrepreneurs next challenge was to market their unique sunglasses and their potential to help people in need. They knew that without sales, their effort at conscious capi-talism? would be for naught. None of the three cofoundershad any experience in the retail industry, but they learned quickly on the job. The young men had just graduated and took regular? jobs to pay their bills, but they remained dedicated to making Panda Sunglasses a success. After test-ing sales of their sunglasses online, the trio began applying for spots in various trade shows geared toward accessories. One of the shows they applied to was the prestigious ENK Inter-national trade show, which attracts more than 250,000 buyers and press members from across the globe. Companies that are accepted to the juried show find sales leads that generate total sales of more than $1 billion. Mills sent Ko an e-mail in which he joked that they would be willing to set up in a broom closet at ENK if their application were accepted. Ko forwarded that e-mail to executives at ENK, who responded with, Well find you a booth instead.? At the ENK show, Ko says he and hiscofounders, fresh out of college, created a booth that featureda giant bamboo backdrop that attracted a great deal of atten-tion. At one point, they struck up a conversation with three women, who they learned were buyers from the retail chainNordstrom. The trade show opened many doors for the youngcompany, and less than two years after starting, Panda Sun-glasses was generating annual sales of $350,000.Questions1.How can social entrepreneurs such as the founders of Panda Sunglasses use their companies social missionsto attract customers and promote their businesses?2.How should the founders of Panda Sunglasses define a unique selling proposition for their company that resonates with customers?3.Write a brief memo to the founders of Panda Sunglasses outlining a bootstrap marketing planfor the company.4.Use the business model canvas to illustrate Panda Sun-glassess business model. Can you identify other revenuestreams that could support the company? How can thecompany strengthen its relationships with customers?5.How should the founders of Panda Sunglasses usesocial media to market their company and its products? What can they do to increase the traffic to and generatemore sales from their companys Web site?Sources: Based on Nancy Dahlberg, Start-up Spotlight: Panda,?Miami Herald, June 29, 2014, http://www.miamiherald.com/2014/06/29/v-print/4207736/startup-spotlight-panda.html; Olga Khazan, Panda Glasses Are TOMS Shoes for Your Face,?Washington Post, May 24, 2012, http://www.washingtonpost.com/blogs/on-small-business/post/panda-glasses-are-toms-shoes-for-your-face/2012/05/23/gJQAsOPhlU_blog.html; Alicia Ciccone, Vincent Ko, Panda Sunglasses: Sustainable Bamboo Eyewear That Gives Back,?Huffington Post, May 25, 2012, http://www.huffingtonpost.com/2012/05/25/vincent-ko-panda-sunglasses_n_1544043.html; Panda Sunglasses Are More Than Meets the Eye,? Asian Fortune, April 25, 2014, http://www.asianfortunenews.com/2014/04/panda-sunglasses-are-more-than-meets-the-eye/; Zach Gordon, Alums Business Aims to Help the Needy,?The Hoya, May 17, 2012, http://www.thehoya.com/alums-business-aims-to-help-the-needy/.