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Assignment 2 MGT402 (3 rd Term 2022-2023) Deadline: 03/06/2023 @ 23:59 Course Name: Entrepreneurship and small business Student’s Name: Course Code: MGT402 Student’s ID Number: Semester: 3 rd CRN: 30640 Academic Year: 1444 H (2022-2023)3 rd Term For Instructor’s Use only Instructor’s Name: Dr. Swapnali Baruah Students’ Grade: /15 Level of Marks: High/Middle/Low Instructions – PLEASE READ THEM CAREFULLY  This assignment is an individual assignment.  Due date for Assignment 2 is 03/06/2023  The Assignment must be submitted only in WORD format 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 . Entrepreneurship and small business

2 ASSIGNMENT -2 Submission Date by students: Before the end of Week- 11 th Place of Submission: Students Grade Centre Weight: 15 Marks Learning Outcome : 1. Outline the solid understanding of the potential of entrepreneurs in today's competitive business world. 2. Describe the place of small business in history and explore the strengths and weaknesses of small business. 3. Demonstrate the ability to deliver and communicate marketing messages in a coherent and professional manner. Assignment Workload: This assignment is an individual assignment. Critical Thinking 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) Answer:

3 1. Social entrepreneurs like the founders of Panda Sunglasses can effectively use their companies' social missions to attract customers and promote their business through various strategies. Firstly, they can emphasize the positive impact their business has on society and the environment (Dolega, Rowe, & Branagan, 2021). By clearly communicating their social mission, such as providing sustainable and ethically produced sunglasses, they can appeal to socially conscious consumers who want to support businesses that align with their values. Additionally, the founders can leverage storytelling to connect with customers on an emotional level. They can share stories about the artisans who craft the sunglasses, the communities they support, and the positive changes their business brings. This storytelling approach helps customers feel a personal connection to the brand and creates a sense of purpose behind their purchases. Furthermore, social entrepreneurs can collaborate with influencers and organizations that share similar values (Dolega, Rowe, & Branagan, 2021). By partnering with individuals or groups that have a strong online presence and influence, they can reach a wider audience and gain credibility. For example, Panda Sunglasses could collaborate with environmental activists, fashion influencers, or sustainable lifestyle bloggers to raise awareness about their brand and products. Storytelling and Authenticity: Social entrepreneurs can effectively use storytelling to communicate their company's social mission and create an emotional connection with customers. By sharing the inspiration behind their business, the impact they aim to create, and the positive changes they are making in society, they can engage customers on a deeper level. Authenticity is

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4 key in this approach, as customers are increasingly drawn to businesses that are genuinely committed to making a difference. Transparent Impact Reporting: Demonstrating the tangible impact of their social mission is crucial for social entrepreneurs. By providing transparent impact reports, they can showcase the measurable outcomes and positive changes resulting from their efforts. This helps build trust with customers, who are more likely to support companies that can substantiate their claims and show how their purchases contribute to the greater good. Collaborations and Partnerships: With nonprofits, community organizations, and groups that have similar beliefs and objectives, social entrepreneurs can collaborate and form partnerships. These alliances not only increase the social mission's impact but also broaden their customer base and draw in new clients who share their beliefs. Collaborations that benefit both the social entrepreneur and their partners, such as joint projects or cause-related marketing efforts, can result in a win-win situation. 2. To define a unique selling proposition (USP) that resonates with customers, the founders of Panda Sunglasses should consider several factors. Firstly, they need to understand their target audience and their specific needs and preferences. By conducting market research and analyzing customer feedback, they can identify the key features or benefits that set their sunglasses apart from competitors.

5 The USP should focus on the social and environmental aspects of the business, highlighting the sustainable materials used, the fair-trade practices, and the positive impact on communities. By emphasizing these unique qualities, Panda Sunglasses can differentiate themselves in a crowded market and attract customers who prioritize social responsibility. Additionally, the founders should consider the value proposition offered by their products. This includes factors such as design, quality, price, and customer service. By ensuring that their sunglasses meet high standards in these areas, they can strengthen their USP and provide a compelling reason for customers to choose their brand over others. Identify a Niche Market: The founders should research the market and identify a specific niche or target audience that they can cater to with their sunglasses ( Ilfeld, & Winer, 2002 ). By understanding the unique needs, preferences, and aspirations of this niche market, they can tailor their USP accordingly. For example, they might focus on eco-friendly materials for environmentally conscious customers or specialize in sunglasses for outdoor sports enthusiasts. Emphasize Unique Features and Benefits: The founders should analyze their sunglasses' distinctive features, such as innovative designs, superior quality, or specialized lens technology. These unique aspects can form the basis of their USP. By highlighting the benefits that customers can derive from these features, such as enhanced UV protection, superior comfort, or fashion- forward styles, Panada Sunglasses can differentiate itself and create a compelling value proposition. Connect with Brand Values: To resonate with customers, the founders should align their USP with the brand's core values. This involves understanding the values and beliefs of their target market and developing a USP that reflects those values. For instance, if the target market

6 prioritizes sustainability, Panada Sunglasses can emphasize their commitment to using recycled materials or supporting environmental initiatives, which would resonate with environmentally conscious customers. 3. Memo Subject: Bootstrap Marketing Plan for Panda Sunglasses Dear Founders, I am writing to outline a bootstrap marketing plan for Panda Sunglasses. As a social enterprise, it is crucial to maximize your impact while operating on a limited budget. Here are some strategies to consider: 1. Social Media Presence: Establish a strong presence on social media platforms such as Instagram, Facebook, and Twitter. Share engaging content, including product images, behind-the-scenes stories, and customer testimonials. Actively engage with your followers and collaborate with influencers and like-minded organizations to expand your reach. 2. Content Marketing: Create valuable and informative content related to sustainable fashion, environmental awareness, and social responsibility ( Ilfeld, & Winer, 2002) . This can be in the form of blog articles, videos, or podcasts. By positioning yourselves as thought leaders in the industry, you can attract a loyal following and increase brand visibility.

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7 3. Partnerships and Collaborations: Seek partnerships with eco-conscious retailers, boutiques, and online platforms that align with your values. By leveraging their existing customer base and distribution channels, you can expand your reach and generate sales. 4. Local Events and Pop-up Shops: Participate in local events, trade shows, and fairs to showcase your products directly to customers ( Ilfeld, & Winer, 2002) . Additionally, organize pop-up shops in strategic locations to create a unique shopping experience and build brand awareness. 5. Referral Program: Implement a referral program that rewards customers who refer friends and family to purchase Panda Sunglasses. Offer incentives such as discounts or exclusive offers to encourage word-of-mouth marketing. Remember, consistency and authenticity are key to building a strong brand. Stay true to your social mission, engage with your customers, and continuously evaluate and adjust your marketing strategies based on customer feedback and market trends. Best regards! 4. Key Partners: Local artisans, sustainable suppliers, environmental organizations, influencers, retailers. Key Activities: Designing sunglasses, sourcing sustainable materials, collaborating with artisans, marketing and branding, managing supply chain and production.

8 Key Resources: Skilled designers, sustainable materials, production facilities, distribution channels, online platforms, social media presence. Value Proposition: Ethically produced and sustainable sunglasses, positive social and environmental impact, unique designs, high-quality products, brand storytelling. Customer Segments: Socially conscious consumers, environmentally aware individuals, fashion- forward individuals seeking sustainable options. Customer Relationships: Building personal connections through storytelling, providing excellent customer service, engaging on social media, fostering a sense of community and purpose. Channels: E-commerce website, social media platforms, collaborations with retailers and influencers, pop-up shops, local events. Revenue Streams: Sales of sunglasses, online and offline, direct-to-consumer and through retail partnerships. Potential additional revenue streams could include accessories (e.g., sunglasses cases), collaborations with other sustainable fashion brands, and licensing of designs. Cost Structure: Cost of materials, production costs, labor costs, marketing and advertising expenses, operational costs, distribution costs, social impact initiatives. Key Metrics: Number of units sold, customer satisfaction ratings, website traffic, social media engagement, customer acquisition and retention rates, impact metrics (e.g., trees planted, communities supported). To strengthen relationships with customers, Panda Sunglasses can implement strategies such as personalized email marketing, loyalty programs, and engaging customers through social media

9 interactions. They can also collect feedback and reviews to continuously improve their products and services, ensuring that they meet and exceed customer expectations. 5. To market their company and products effectively on social media, the founders of Panda Sunglasses can follow these strategies: Content Creation: Create visually appealing and informative content that highlights the unique features of their sunglasses, their social mission, and their impact on the environment and communities ( Ilfeld, & Winer, 2002) . This can include lifestyle photos, videos, customer testimonials, and educational posts about sustainable fashion. Influencer Partnerships: Collaborate with influencers who have a strong following and align with the brand's values. These influencers can promote Panda Sunglasses through sponsored posts, reviews, or giveaways, reaching a larger audience and driving traffic to the company's website. Hashtag Campaigns: Create branded hashtags that encourage customers to share their Panda Sunglasses photos and experiences on social media. This user-generated content can help generate buzz, increase brand visibility, and attract new customers. Social Media Advertising: Utilize targeted advertising on platforms such as Facebook and Instagram to reach specific demographics and expand the brand's reach. Set up campaigns with clear objectives, such as driving website traffic or increasing sales, and track the performance of these ads to optimize results.

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10 To increase traffic to the company's website and generate more sales, Panda Sunglasses can implement the following strategies: Search Engine Optimization (SEO): Optimize the website content with relevant keywords and meta tags to improve its ranking in search engine results ( Quinton, S., & Khan, M. A. (2009) . This can help increase organic traffic and attract customers who are actively searching for sustainable sunglasses. Content Marketing: Publish valuable content on the company's blog or resource section, such as fashion tips, sustainability guides, or industry insights. This can attract organic traffic, establish the brand as an authority in the field, and encourage visitors to explore and make purchases on the website. Email Marketing: Build an email list and regularly send out newsletters or promotional emails to subscribers. Offer exclusive discounts, new product announcements, or educational content to encourage recipients to visit the website and make purchases. Referral Program: Implement a referral program where existing customers are incentivized to refer friends and family.

11 References Dolega, L., Rowe, F., & Branagan, E. (2021). Going digital? The impact of social media marketing on retail website traffic, orders and sales. Journal of Retailing and Consumer Services , 60 , 102501. Ilfeld, J. S., & Winer, R. S. (2002). Generating website traffic. Journal of Advertising Research , 42 (5), 49-61. Quinton, S., & Khan, M. A. (2009). Generating web site traffic: a new model for SMEs. Direct Marketing: An International Journal , 3 (2), 109-123.

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