Entrepreneurship and small business

Full Answer Section

     

3. Bootstrap Marketing Plan (2 marks):

Memo: To: Panada Sunglasses Founders From: Marketing Team Subject: Bootstrap Marketing Plan Here are some low-cost marketing ideas:

• 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.

4. Business Model Canvas and Revenue Streams (2 marks):

Business Model Canvas:

• 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.

Additional Revenue Streams:

• Subscription Model: Offer a subscription for replacement lenses or cleaning kits.
• Accessories: Sell eco-friendly sunglass cases or cleaning cloths.

Strengthening Customer Relationships:

• Loyalty Programs: Reward repeat customers with discounts or exclusive offers.
• Community Building: Host online contests or events related to your social mission.

5. 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).

By implementing these strategies, Panada Sunglasses can leverage their social mission to attract customers, build brand loyalty, and achieve sustainable growth.  

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.