- 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)
- How should the founders of Panada Sunglasses define a unique selling proposition for their company that resonate with customers? (2 marks)
- Write a brief memo to the founders of Panda Sunglasses outlining a bootstrap marketing plan for the company? (2 marks)
- 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)
Full Answer Section
. Defining a Unique Selling Proposition (USP) (2 marks):
- Focus on the "Why": Don't just sell sunglasses, sell the impact. Highlight the unique benefits of Panada sunglasses:
- Socially Responsible: Made by skilled artisans, supporting local communities.
- Sustainable: Eco-friendly materials or production processes.
- High Quality: Handcrafted or ethically-sourced materials for a premium product.
3. Bootstrap Marketing Memo (2 marks):
To: Panada Sunglasses Founders From: Marketing Team Subject: Bootstrap Marketing Plan
This memo outlines a low-cost marketing plan:
- Social Media Marketing: Utilize free platforms like Instagram and Facebook to showcase products and mission. Run targeted ad campaigns with a limited budget.
- Content Marketing: Create engaging blog posts or videos showcasing the product's design process, artisan stories, or environmental initiatives.
- Public Relations: Pitch stories to relevant media outlets highlighting Panada's unique selling proposition and social impact.
- Collaborations: Partner with eco-conscious brands or bloggers for cross-promotion.
4. Business Model Canvas and Revenue Streams (2 marks):
Canvas Components:
- Customer Segments: Eco-conscious consumers, socially responsible buyers.
- Value Propositions: High-quality sunglasses with a positive social and environmental impact.
- Channels: Online store, partnerships with sustainable fashion retailers.
- Customer Relationships: Engaging social media presence, transparent communication about impact.
- Key Resources: Skilled artisans, sustainable materials, e-commerce platform.
- Key Activities: Product design, ethical sourcing, production, online marketing.
- Key Partnerships: Artisan workshops, eco-conscious retailers.
- Cost Structure: Material sourcing, production costs, marketing expenses.
Revenue Streams:
- Direct Sales: Selling sunglasses through their online store and retail partners.
- Subscription Model: Offer a subscription box with curated sunglasses and impact stories.
- Corporate Gifting: Partner with companies seeking socially responsible gifts for employees or clients.
Strengthening Customer Relationships (2 marks)
- Loyalty Programs: Reward repeat customers with discounts or exclusive offerings.
- Customer Reviews and Testimonials: Feature positive feedback prominently on the website and social media.
- Personalized Communication: Engage with customers through social media comments, email campaigns, or personalized birthday offers.
5. Social Media Marketing and Web Traffic (2 marks):
- Visually Appealing Content: Eye-catching product photos, behind-the-scenes glimpses at production, inspiring content showcasing the social mission.
- Target Engagement: Run contests, ask questions, encourage user-generated content with branded hashtags.
- Influencer Marketing: Partner with relevant micro-influencers for product reviews and promotions.
- Website Optimization: Optimize website for search engines (SEO) and mobile viewing.
- Targeted Ads: Use limited budget for social media and search engine ads to reach specific customer segments.
- Retargeting Campaigns: Target website visitors with personalized ads to drive conversions (sales).
By implementing these strategies, Panada Sunglasses can leverage their social mission, build a strong brand identity, and attract customers who value both style and positive impact.