A. In a two to three page paper address the following questions from the case: 1

Question

A. In a two to three page paper address the following questions from the case:

1. How can social entrepreneurs such as the founders of Panda Sunglasses use their companies’ social missions to attract customers and promote their businesses?

2. How should the founders of Panda Sunglasses define a unique selling proposition for their company that resonates with customers?

3. Write a brief memo (one paragraph) to the founders of Panda Sunglasses outlining a bootstrap marketing plan for the company. Use the heading: “Bootstrap Marketing Plan.”

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?

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 and generate more sales from their company’s Web site?

Panda Sunglasses dow Shouid a Start-Up Business with a Social Mission Market Its Sunglasses rith aamboo Frames? dedicated to making Panda Sunglasses a success. After test- ing sales of their sunglasses online, the trio began applying for spots in various trade shows geared toward accessories. One of the shows they applied to was the prestigious ENK Inte national trade show, which attracts more than 250,000 buyers incci: Ke showed his entrepreneurial potential in high and press members from across the globe. Companies that are i Eookville, Maryland, when, as a young hockey accepted to the juried show find sales leads that generate total sales of more than $1 billion. Mills sent Ko an e-mail in which he joked that they would be willing to set up in a broom closet la he invnes & daying rack for he sold o is teastes, thea on eBay, and finally on a for the cosapany he create 1. A few years later, while attending at ENK if their application were accepted Gcorge Washington University in Washington, D.C., Ko and c-mail to executives at two friends, Luke Lagera and Mike Mills, were inspired by the growing social entrepreneurship movement and the suc cofounders, fresh out of college, created a cess of companies such as TOMS shoes, a company founded by Blake Mycoskie that donates a pair of sh key pads that he sold eb site for ENK, who responded with, "We'll find you a booth instead." At the ENK show, Ko says he and his booth that featured a giant bamboo backdrop that attracted a great deal of atten tion. At one point, they struck up a conversation with three oes to some- Ikin through the Georgetown shopping district, the friends no- Nordstrom. The trade show opened many doors for the young ticed a display of sunglasses and decided to create a business company, and less than two years after starting, Panda Sun glases was generating annual sales of $350,000 that would market cool sunglasses and provide eye exa tions to someone in need for every pair sold. In keeping with the idea of a socially responsible company, Ko suggested Questions that they make their sunglasses frames from eco-friendly 1. How can social entrepreneurs such as the founders of bamboo, a lightweight, sturdy wood that grows extremely Panda Sunglasses use their companies' social mission fast. Having grown up in China, Ko was familiar with the properties of the renewable wood and knew that it was the to attract customers and promote their businesscs? 2. How should the founders of Panda Sunglasses define perfect material from which to make sunglasses frames. a unique selling proposition for their company that They created a company, Panda Sunglasses, and set out to find companies that could make the product they envi- 3. Write a brief memo to the founders of Panda resonates with customers? sioned. Ko knew bamboo was the most commonly used wood in China, so the team began looking for a company in China Sunglasses outlining a bootstrap marketing plan to manufacture the frames to their specifications. Not only did they find a Chinese wood shop that would make their for the company 4. Use the business model canvas to illustrate Panda Sun glasses's business model. Can you identify other revenue sunglasses frames, but they also located a Chinese eye wear manufacturer to produce the polarized lenses. Pairing the two companies gave them their unique, stylish sunglasses, which 5. How should the founders of Panda Sunglasses use streams that could support the company? How cant ompany strengthen its relationships with customers float. They created a Web site and began selling them at $120 social media to market their company and its products a pair. Through a connection that Lagera had, the young entrepreneurs found an ideal partner in the Tribal Outreach Medical Association (TOMA), a nonprofit organization that provides eye examinations and other health services for tribal communities. They quickly reached a deal: For every pair of What can they do to increase the traffic to and generate more sales from their company's Web site? Sourres: Based on Nancy Dahlberg, "Start-up Spotlight: Panda," Miar Are TOMS Shoes for Your Face," Washington Post, May 24, Herald, June 29, 2014, http:/www.miamiherald.com/2014/06/29/v-prind Panda Sunglasses sold, the company would pay for one eye 4d/startup-spotlighl-panda html; Olga Khazan, "Panda Glasses unique sunglasses and their potential to help people in need. Alicia Ciecone, "Vincent Ko, Panda Sunglasses: Sustainable Bamboo auickly on the job. The young men had just graduated and Business Aims to Help the Needy." The Hoya, May 17, 2012i ug www.washingtonpost.com/blogs/on-small-business/post/panda-glasses Eyewear That Gives Back," Hul?ngton Pos. May 25, 2012, hip://w April 25, 2014, http://www.asiant The entrepreneurs' next challenge was to market their are-toms-shoes-f ms-shoes-fo23/gJQAsOPhlU blog.html or-your-face/2012/05/ that without sales, their effort at conscious capi hufingtonpost.com/2012/05/25/vincent-ko-panda-sunglasses n talism" would be for naught. None of the three co had any experience in the retail industry, but they learned founders html: "Panda Sunglasses Are More Than Meets the Eye." Axian p/fwww.asianfortunenews.com/2014/04/panda- sunglasses-are-more-than-meets-the-eyel; Zach Gordon, "Alunis lar" jobs to pay their bills, but they remained thehoya.com/alums-business-aims-to-help-the needy

Explanation / Answer

Answering the first question :

1. To attract new customers, the founders of Panda glasses need to do a thorough market research. The research should be about where the demand of the product can be maximum. The demand can be based upon the demography of the people in a certain area. For example, teenagers would be more attracted to buy sunglasses compared to people who are probably older than 40 years of age. So age group plays a big role to find out the demand. Also, the research should be about the average income earned in that location. If the founders of Panda glasses find out that the average income is very less than expected in that particular region where they are expecting to promote the sunglasses, then that region would not be the ideal one for them to promote their business. On the other hand, if they see that the income level is enough, they should try to advertise in that region about their product.

Another way is to use the social media for attracting the customers and promote the business. The founders can open a Facebook page about their product with all the pictures and details and invite their friends to share and like the page. Their friends would in turn invite more number of people to share and like the page. This would help them to reach out to a greater number of people.

The founders can also try to tie up with an existing sunglass store in the area where they are targeting to promote their business. They can have their own products in that store for the people to buy. In this way, the founders can reach out to new customers.

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.