Assignment Question
1. Describe the place of small business in history and explore the strengths and weaknesses of small business. 2. Design a solid projected financial plan and conduct a breakeven analysis for a small company.
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? (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) The Answer must follow the outline points below: • Each answer should be within the range of 300 to 350-word counts. • Reference
Assignment Answer
The Historical Significance of Small Businesses
Small businesses have historically played vital roles in economic and social structures, often acting as the backbone of local communities. The guilds of the Middle Ages, such as those of the European cities, laid the foundation for trade, craftsmanship, and economic interactions (Jenkins et al., 2018). These guilds not only regulated trade practices but also served as centers for skill development and community solidarity.
During the industrial revolution, small businesses contributed significantly to the innovation and growth of industries, fostering economic progress and cultural diversity. The era witnessed the rise of numerous small enterprises across various sectors, contributing to the overall economic expansion (Schaper et al., 2014). Small businesses were often more flexible in adapting to changing market needs, unlike larger corporations, due to their lean organizational structure and the ability to respond swiftly to market demands (Dees et al., 2019).
The adaptive nature of small businesses has been a consistent theme throughout history. Their agility allows them to capitalize on emerging opportunities and respond promptly to market shifts. However, they often face limitations in resource allocation, particularly in terms of accessing capital for expansion and innovation (Osterwalder et al., 2017). This balance of strengths and weaknesses defines the historical narrative of small businesses.
Crafting a Financial Blueprint for Small Enterprises
Developing a comprehensive financial plan is a critical aspect of small business management. Such a plan encompasses an in-depth analysis of revenue streams, cost structures, and financial projections. For Panda Sunglasses, understanding the intricacies of manufacturing costs, marketing expenditures, and sales forecasts is fundamental for financial stability (Adner & Kapoor, 2018).
The breakeven analysis serves as a pivotal tool in determining the minimum sales volume required to cover costs and commence profit generation (Adner & Kapoor, 2018). Identifying fixed and variable costs aids in comprehending the business’s cost structure and helps in making informed decisions to enhance profitability.
Leveraging Social Missions for Business Promotion
In the contemporary business landscape, the integration of social missions within a business model has become increasingly important. Businesses that champion social causes often attract a dedicated customer base who align with their values (Dees et al., 2019). The founders of Panda Sunglasses can effectively utilize their social mission as a tool for business promotion by weaving their cause into their brand narrative. Storytelling, authentic communication, and purpose-driven marketing campaigns can amplify the impact of their social initiatives, fostering stronger connections with customers and communities (Dees et al., 2019).
Moreover, integrating sustainability practices within the business model can resonate profoundly with environmentally conscious consumers. Highlighting the eco-friendly manufacturing process, ethical sourcing of materials, and the charitable aspects of the business can significantly differentiate Panda Sunglasses in the market (Osterwalder et al., 2017). Such initiatives reinforce the brand’s commitment to social responsibility, driving customer loyalty and engagement.
Establishing a Unique Selling Proposition and Formulating a Marketing Plan
Defining a Unique Selling Proposition (USP) that encapsulates the essence of Panda Sunglasses is crucial for brand differentiation (Osterwalder et al., 2017). The USP could revolve around the brand’s commitment to sustainability, the social impact of each purchase, or the exceptional design and quality of the products. Aligning the USP with the core values and aspirations of the target audience is vital for resonance.
A comprehensive marketing plan should integrate the identified USP consistently across all communication channels. Crafting a memo to the founders emphasizing the need for a distinct and compelling brand message can guide them in aligning their marketing strategies with the identified USP (Dees et al., 2019).
Bootstrap Marketing and Business Model Canvas
A bootstrap marketing plan for Panda Sunglasses requires a strategic approach that optimizes limited resources to achieve maximum impact. Leveraging cost-effective marketing channels like social media, community engagement initiatives, and partnerships with micro-influencers can significantly expand the brand’s reach without excessive financial investments (Jenkins et al., 2018).
The Business Model Canvas serves as a tool to identify potential revenue streams for Panda Sunglasses. Introducing complementary product lines, limited-edition collaborations, or exploring subscription-based models could serve as additional revenue streams (Osterwalder et al., 2017). Strengthening customer relationships through loyalty programs, personalized communications, and community engagement initiatives is essential for long-term brand loyalty (Schaper et al., 2014).
Social Media Strategies and Website Optimization
Social media platforms offer extensive opportunities for businesses to engage with their audience, showcase their brand story, and promote their products. The founders of Panda Sunglasses can leverage these platforms to narrate their brand’s journey, share visually compelling content, and engage with their audience on the shared values and social causes (Jenkins et al., 2018). Collaborations with influencers, user-generated content, and interactive campaigns can substantially enhance brand visibility and audience engagement.
Driving traffic to the website requires a robust online presence and optimization strategies. Implementing effective SEO techniques, sharing captivating narratives, and ensuring a seamless user experience are critical in enhancing website traffic and conversions (Adner & Kapoor, 2018). Offering exclusive online discounts and creating a hassle-free shopping experience can significantly contribute to increased website traffic and sales.
References
Adner, R., & Kapoor, R. (2018). Innovation ecosystems and the pace of substitution: Re‐examining technology S‐curves. Strategic Management Journal, 39(7), 2045-2078.
Dees, J. G., Emerson, J., & Economy, P. (2019). Enterprising nonprofits: A toolkit for social entrepreneurs. John Wiley & Sons.
Jenkins, H., Ito, M., & boyd, d. (2018). Participatory culture in a networked era: A conversation on youth, learning, commerce, and politics. John Wiley & Sons.
Osterwalder, A., Pigneur, Y., & Tucci, C. L. (2017). Clarifying business models: Origins, present, and future of the concept. Communications of the Association for Information Systems, 41(1), 181-233.
Schaper, M. T., Volery, T., Weber, P. C., & Gibson, B. (2014). Entrepreneurship and small business. John Wiley & Sons.
Frequently Asked Questions
Why have small businesses historically played a crucial role in local economies?
Small businesses have historically been integral in local economies due to their roles in trade, craftsmanship, and community solidarity. They often act as the backbone of communities, fostering economic growth and cultural diversity.
How does financial planning benefit small enterprises like Panda Sunglasses?
A comprehensive financial plan aids small businesses in understanding revenue streams, cost structures, and projecting profits. For Panda Sunglasses, this plan ensures sound management of manufacturing costs and revenue forecasts.
Why is integrating social missions essential for businesses like Panda Sunglasses?
Integrating social missions aligns the business with customer values, fostering brand loyalty and attracting a dedicated customer base. For Panda Sunglasses, it enhances the brand’s image and promotes a positive social impact.
What role does a Unique Selling Proposition (USP) play in business development?
A USP defines what sets a brand apart from competitors. For Panda Sunglasses, a distinct USP highlighting their eco-friendly approach or social impact can attract customers and differentiate them in the market.
How can social media platforms and website optimization benefit businesses like Panda Sunglasses?
Leveraging social media platforms allows businesses to engage with a broader audience and narrate their brand story. Website optimization, through SEO and user-friendly interfaces, drives traffic and enhances the user experience, leading to increased sales.
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