Entrepreneurship and small business
1. How can social entrepreneurs such as the founders of Panada Sunglasses use their companies social missions to attract customers and promote their business? (2 marks)
2. How should the founders of Panada Sunglasses define a unique selling proposition for their company that resonate with customers? (2 marks)
3. Write a brief memo to the founders of Panda Sunglasses outlining a bootstrap marketing plan for the company? (2 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? (2marks)
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? (2 marks)
Sample Solution
Panada Sunglasses: Building a Brand with Social Impact
1. Attracting Customers Through Social Mission (2 marks):
- Highlight the Impact: The founders can showcase the positive social or environmental change Panada supports through compelling storytelling.
- Targeted Marketing: Use social media and partnerships with relevant organizations to reach customers who share their values.
2. Defining a Unique Selling Proposition (USP) (2 marks):
- Combine Purpose and Product: Focus on how Panada sunglasses address a need (e.g., sun protection) while contributing to a cause (e.g., ocean conservation).
- Emphasize Quality: Don't compromise on product quality. Sustainable materials and durability can further strengthen the USP.
Full Answer Section
- Bootstrap Marketing Plan (2 marks):
- Social Media Engagement: Build a strong presence on platforms like Instagram showcasing product benefits and social impact.
- Content Marketing: Create blog posts or videos highlighting your mission and product features.
- Partnerships: Collaborate with influencers or eco-conscious brands for cross-promotion.
- Business Model Canvas and Revenue Streams (2 marks):
- Customer Segments: Identify your target audience (e.g., environmentally conscious young adults).
- Value Propositions: Sustainable sunglasses, social impact through your mission.
- Channels: Direct online sales, partnerships with eco-friendly retailers.
- Customer Relationships: Build loyalty programs, offer excellent customer service.
- Revenue Streams: Sunglasses sales, potentially offer limited edition collections.
- Subscription Model: Offer a subscription for replacement lenses or cleaning kits.
- Accessories: Sell eco-friendly sunglass cases or cleaning cloths.
- Loyalty Programs: Reward repeat customers with discounts or exclusive offers.
- Community Building: Host online contests or events related to your social mission.
- Social Media Marketing and Website Traffic (2 marks):
- Targeted Ads: Utilize social media advertising platforms to reach a specific audience.
- Engaging Content: Post high-quality photos and videos showcasing sunglasses and the social impact.
- Influencer Marketing: Partner with relevant influencers to promote Panada on their platforms.
- Website Optimization: Ensure your website is user-friendly and optimized for search engines (SEO).
- Call to Action: Clearly encourage website visitors to make a purchase (e.g., special offers).