- 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
Unique Selling Proposition (USP) (2 marks):
- Focus on the combination of high-quality sunglasses, social impact, and affordability.
- Highlight the specific social impact (e.g., "Sustainable materials, empowering local communities").
- Craft a tagline that captures the essence: "Look good, Do good, Feel good."
3. Bootstrap Marketing Memo (2 marks)
To: Panada Sunglasses Founders From: Marketing Team Subject: Bootstrap Marketing Plan
Here are some cost-effective marketing strategies:
- Social Media Marketing: Utilize platforms like Instagram and Facebook for targeted ads and organic content with user-generated photos and impact stories.
- Influencer Marketing: Partner with micro-influencers passionate about sustainability or your target audience.
- Public Relations: Pitch stories to relevant publications and blogs about your company's mission and products.
- Content Marketing: Create informative blog posts about sunglasses, sustainability, and social impact.
- Email Marketing: Build an email list and send engaging newsletters with promotions and impact updates.
4. Business Model Canvas & Revenue Streams (2 marks):
Customer Segments: Eco-conscious consumers seeking quality sunglasses
Value Proposition: Stylish, sustainable sunglasses with a positive social impact.
Channels: Direct online sales, social media platforms, pop-up shops (optional).
Revenue Streams:
- Product Sales: Primary source - sunglasses sales with a healthy profit margin.
- Partnerships: Collaborations with NGOs or eco-friendly brands (co-branded products).
- Subscriptions: Offer subscription boxes with curated sunglasses and impact updates.
Customer Relationships:
- Responsive customer service.
- Loyalty programs for repeat customers.
- Exclusive content and early access to new products for email subscribers.
5. Social Media & Website Traffic (2 marks):
- Social Media Strategy:
- High-quality product photos with lifestyle shots.
- Run contests and giveaways to encourage engagement.
- Utilize relevant hashtags related to sustainability and fashion.
- Respond promptly to comments and messages.
- Website Optimization:
- Clear, informative website with high-quality product descriptions.
- Easy navigation and checkout process.
- SEO optimization for relevant keywords.
- Utilize website analytics to track traffic sources and conversions.
- Paid Advertising:
- Consider targeted social media ads to reach a wider audience within budget.
By implementing these strategies, Panada Sunglasses can build a loyal customer base and achieve sustainable growth while staying true to its social mission.