Managing Innovation and Executing Strategy for Growth Answer Key 5

Mandy Tillman was a high school student who lived in a rural area of Oklahoma. Mandy was .1 only fourteen years old but wanted to make some extra money for her family’s trip to the Grand Canyon the following summer. While shopping with her parents, she noticed there was only one place in town to buy flats with flowers and vegetables for spring planting, and there was not much of a selection. Mandy made a note of the various types of plants and flowers the store sold and how .much they sold for When Mandy got home from shopping with her parents, she went online to see how much the seeds and equipment would cost. Her parents liked the idea of Mandy earning some money of her own to .spend on vacation and made a large area in the basement available for her to start her plants ?What else should Mandy know about this business before getting started .a answer: she also required to know the present market value and transportation cost before she .get started here business ?What else do you think Mandy needs to start this business .b Answer: She needs a good market planning and a website which can reach at least a minimum .amount of customers ?Do you see any potential problems with this business idea .c Answer: I can see preserving problem is there for seeds and vegetables as well as less demand .will be there as it is a rural area ?What are some ways Mandy can sell her plants .d Answer: Mandy can sell her plants via website and Facebook page or social media. Also by creating an effective video for environment friendly product can get her business boosted. In .video she has to explain how we can plant our seeds for future ?Is this a business idea or an entrepreneurial opportunity .e Answer:For me, this is a business idea since the “idea” happens during the time when she wants to earn money for her family’s vacation. It stated in the story that she noticed only one place in town to buy flats with flowersand vegetables for spring planting, HOWEVER, this is not an opportunity because they live in a rural area ofOklahoma where I think some of the residents (have flats with flowers and vegetables (urban place has moreopportunity for this business .Research the eyeglass company Warby Parker .2 ?What is Warby Parker’s business model .a Answer: Warby Parker's business model starts by offering customers a onestop solution for vision, which offers prescriptions that the company .defines as “high-quality” and “good-looking” and that comes at a low price ?What is the value proposition offered by Warby Parker .b Answer: Warby Parker is able to offer lower prices than other brands by designing its glasses itself, avoiding licensing fees, cutting out the middleman and removing any unnecessary mark ups by selling directly to .consumers Describe Warby Parker’s target market? What resources did you use to .c ?identify their target market Answer: Warby Parker is also known for having best-in-class customer service. It especially takes customer service via social media seriously. The company responds to all tweets from customers. Then if a question posed by a customer is too complicated to be answered within a tweet, Warby Parker creates a short video with an answer to the question and sends a tweet with the link to the video on YouTube. Warby Parker has published thousands of these videos. According to Warby Parker co-founder: “customers were so blown away that we are going to these lengths to meet their needs that they tweet about it and tell dozens of other people.” Another example of how effective Warby Parker’s customer service via social media is can be found in a story told by Blumenthal: “our social media team flagged a tweet [saying] that this customer was in love with one of our customer experience associates because she had helped him so much. She then recorded a short video on YouTube and sent him the link through Twitter. We thought it was .just going to be this quick, special thing, but it kept getting retweeted If Warby Parker did not exist and you decided that you wanted to open a .d direct to consumer eyeglass company, what would be the top five factors you would research to determine if your idea was truly an entrepreneurial ?opportunity Answer: If I were to open a direct eyeglass company, I would research these 5 factors to determine if my idea istruly an entrepreneurial opportunity: Market demand. Market structure and size. Significant margins and resources. Competitive analysis. Technological advancement .3 a. If you were launching a company to help back packers trek through the wilderness, what products ?would you provide and what would be their unique selling propositions Answer:If I were to launch a company to help backpackers trek through wilderness, I would provide essential products for Navigation – map, compass, GPS device, altimeter, and satellite messenger or personal locator .1 beacon .PLB), tactical flashlight) First aid/ protection – Hiking shoes, eye protection, gauze, medical tape, bandages, sprint gear, .2 .medicine etc .Shelter – sleeping bag, tarp-tent, mat, sleeping pad, hammock, backpackers bag ,etc.3 Other supplies – hot-wet weather clothing, portable stove, butane, bottled water, knife, canned .4 goods.These products could help backpackers carry essential gears/items and pack light, to carefully enjoy and survive in the wilderness.The selling propositions would be “affordable, safe and portable .”gears; backpackers buddies for years b. What benefit would you build into your website that would attract backpackers to your website? .Consider how you would distinguish your website from competitor websites :Answer A 24-7 publicly accessible website that is mobile and computer compatibility, well- formatted content that is easy to scan, browser consistency which offers not only high quality and affordable .products but also offers services such as online booking and packing service c.Using PEST around your knowledge of backpacking and interest in starting a business related to backpacking, identify one fact for each of the PEST categories that could be useful in identifying .new information or patterns to support this business Answer: One of the categories that could be useful in identifying new information to support the business is the SOCIETAL: health, lifestyle, aging, population. It entails researching demographics .as well as target clients. These criteria aid in estimating the market potential size ?d.How would you change your business model based on your answers to the previous question Answer:The most noticeable changes in the way companies’ sell to their customers and the way people purchase is Digitalization. ‘though the brick-and-mortar stores or traditional ways of selling are still effective, I would adapt innovation wherein Advertising-based and digital marketing are the .new marketing trends