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Posted: February 9th, 2023
Assignment 1
Entrepreneurship and small business (MGT 402)
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 messages 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. Ace my homework - Write a brief memo to the founders of Panda Sunglasses outlining a bootstrap marketing plan for the company? (3 marks)
4. The business model canvas is a tool used to help organizations design, analyze, and communicate their business model. It is a visual representation of the key elements of a business, including the value proposition, customer segments, channels, customer relationships, revenue streams, key resources, key partners, key activities, and key expenses.
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The business model canvas can be used in a variety of contexts, including startups, small businesses, and large organizations. It is a flexible tool that can be used to explore different aspects of a business model and to identify potential opportunities and challenges.
To use the business model canvas, organizations start by identifying their value proposition, or the unique value that they offer to their customers. This may include the benefits that customers receive from the organization's products or services, or the unique features or attributes that differentiate the organization from its competitors.
Next, organizations identify their target customer segments, or the specific groups of customers that they are targeting. This may involve segmenting customers based on factors such as age, income, location, or interests.
The channels section of the business model canvas represents the ways in which the organization will reach and interact with its customers. This may include online channels, such as websites and social media, as well as offline channels, such as physical stores or sales reps.
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The customer relationships section of the business model canvas represents the types of relationships that the organization will have with its customers. This may include one-time transactions, ongoing relationships, or a combination of both.
The revenue streams section of the business model canvas represents the sources of revenue for the organization. This may include sales of products or services, subscriptions, licensing fees, or other sources of income.
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The key resources section of the business model canvas represents the resources that the organization will need in order to deliver its value proposition to customers. These may include physical assets, such as factories or stores, as well as intangible assets, such as intellectual property or brand equity.
The key partners section of the business model canvas represents the organizations that the business will need to work with in order to deliver its value proposition to customers. These may include suppliers, distributors, or other organizations that provide key resources or services to the business.
The key activities section of the business model canvas represents the activities that the organization will need to undertake in order to deliver its value proposition to customers. These may include production, marketing, sales, or other activities.
The key expenses section of the business model canvas represents the costs that the organization will incur in order to deliver its value proposition to customers. These may include direct costs, such as raw materials or labor, as well as indirect costs, such as overhead or marketing expenses.
The business model canvas is a useful tool for organizations looking to design, analyze, and communicate their business model. It can help organizations to identify key elements of their business and to explore different options and scenarios to optimize their business model.
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.
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