I need help to answer these 4 questions about the case study

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I need help to answer these questions about the case study

please find attached the requirement and the information about the case also the 3 chapters may help you also pleas answer each question separately.

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Copyright © 2016 Pearson Education, Inc. 1 8-2 Section 3: Launching the Business 8 Building a Powerful Bootstrap Marketing Plan Copyright © 2016 Pearson Education, Inc. 8-2 ❖Describe the principles of building a bootstrap marketing plan, and explain the benefits of preparing one. ❖Explain how small businesses can pinpoint their target markets. ❖Discuss the role of market research in building a bootstrap marketing plan and outline the market research process. ❖Describe how a small business can build a competitive edge in the marketplace using bootstrap marketing strategies. 8- 3 Copyright © 2016 Pearson Education, Inc. ❖Marketing: ❖The process of creating and delivering desired goods and services to customers. ❖Involves all of the activities associated with winning and retaining loyal customers. ❖A solid business plan needs to contain both a financial plan and a marketing plan. 8- 4 Copyright © 2016 Pearson Education, Inc. (continued) ❖Bootstrap marketing strategies: ❖Are unconventional, low-cost, and creative marketing techniques that allow a small company to realize a greater return from its marketing investment than do larger rivals. ❖Do not require large amounts of money to be effective – just creativity. 8- 5 Copyright © 2016 Pearson Education, Inc. 1. Pinpoint the specific target markets the company will serve. 2. Determine customer needs and wants through market research. 3. Analyze a firm’s competitive advantages and create a marketing strategy to communicate its value proposition to the target market. 8- 6 Copyright © 2016 Pearson Education, Inc. ❖Target market: the specific group of customers at whom the company aims its products or services. ❖Marketing strategy must be built on a clear definition of a company’s target customers. ❖Example: BlackRapid 8- 7 Copyright © 2016 Pearson Education, Inc. (continued) ❖Target customer must permeate the entire business – merchandise sold, background music, layout, décor, and other features. ❖Without a clear image of its target market, a small company tries to reach almost everyone and ends up appealing to few. 8- 8 Copyright © 2016 Pearson Education, Inc. Copyright © 2016 Pearson Education, Inc. 8- 9 ❖Determining customer needs: ❖Demographics: the study of important population characteristics, such as age, income, race, and education. ❖Market research: the vehicle for gathering the information that serves as the foundation for the marketing plan. ❖Never assume that a market exists for your company’s product or service; prove it! ❖Market research does not have to be time consuming, complex, or expensive to be useful. ❖Online surveys, social media, etc. Copyright © 2016 Pearson Education, Inc. 8- 10 ❖Read many diverse current publications ❖Watch the top 10 TV shows ❖See the top 10 movies ❖Talk to at least 150 customers a year ❖Talk with the 10 smartest people you know ❖Listen to your children and their friends Copyright © 2016 Pearson Education, Inc. 8- 11 1. Define the objective. 2. Collect the data. ❖Individualized (one-to-one) marketing ❖Primary research ❖Secondary research ❖ Data mining 3. Analyze and interpret the data. 4. Draw conclusions and act. Copyright © 2016 Pearson Education, Inc. 8- 12 ❖Bootstrap marketing principles: ❖Find a niche and fill it. ❖Use the power of publicity. ❖Don’t just sell; entertain! ❖Strive to be unique. ❖Build a community with customers. ❖Connect with customers on an emotional level. ❖Build trust. ❖Define a unique selling proposition (USP). Copyright © 2016 Pearson Education, Inc. 8- 13 ❖A key customer benefit of a product or service that sets it apart from its competition. ❖Answers key customer question: “What’s in it for me?” ❖Consider intangible or psychological benefits as well as tangible ones. ❖Communicate your USP to your customers often. Copyright © 2016 Pearson Education, Inc. 8- 14 (continued from 8-13) ❖Create an identity for your business through branding. ❖Branding: communicating a USP to the target market in a consistent and integrated manner. Copyright © 2016 Pearson Education, Inc. 8- 15 Copyright © 2016 Pearson Education, Inc. 8- 16 (continued from 8-15) ❖Create an identity for your business through branding. ❖Branding ❖Embrace social marketing. Copyright © 2016 Pearson Education, Inc. 8- 17 ❖Social networks sites, such as Facebook, LinkedIn, and Twitter, allow entrepreneurs to connect with potential and existing customers at little or no cost. ❖90% of entrepreneurs use social media to connect with existing and potential customers. Copyright © 2016 Pearson Education, Inc. 8- 18 Copyright © 2016 Pearson Education, Inc. 8- 19 Copyright © 2016 Pearson Education, Inc. 8- 20 (continued from 8-17) ❖Create an identity for your business through branding. ❖Branding ❖Embrace social marketing. ❖Start a blog. Copyright © 2016 Pearson Education, Inc. 8- 21 ❖62% of companies use blogs as part of their marketing strategies. ❖Economical and effective online communication. ❖Blog Guidelines: ❖Be honest, balanced, and interesting. ❖Post blog entries consistently so that readers have a reason to return. ❖Ask customers for feedback. Copyright © 2016 Pearson Education, Inc. 8- 22 (continued) ❖Strive to cultivate the image of an expert or a trusted friend on a topic that is important. ❖Use services such as Google Alerts that scan the Web for a company’s name and send e-mail alerts when they find posts. ❖Be cautious! ❖Promote the blog via social media and e-mail. Copyright © 2016 Pearson Education, Inc. 8- 23 (continued from 8-21) ❖Create an identity for your business through branding. ❖Branding ❖Embrace social marketing. ❖Start a blog. ❖Create online videos. ❖Host a special event. Copyright © 2016 Pearson Education, Inc. 8- 24 (continued) ❖Create an identity for your business through branding. ❖Branding ❖Embrace social marketing. ❖Be dedicated to service and customer satisfaction. Copyright © 2016 Pearson Education, Inc. 8- 25 ❖ 79% of unhappy customers tell others about their experiences. ❖48% of shoppers say they won’t patronize stores where they know others have had negative experiences. ❖For every complaint a company receives, 17 other complaints go unspoken. ❖Disgruntled customers often post their experiences online. ❖ Address comments and complaints! Copyright © 2016 Pearson Education, Inc. 8- 26 ❖ Consistently track all social media. ❖ Respond and take responsibility. ❖ The customer is always right. ❖ Never be defensive. ❖ Keep a database of all complaints and suggestions. Copyright © 2016 Pearson Education, Inc. 8- 27 ❖Examine your company’s service cycle. ❖Set standards and measure performance. ❖See customer complaints as a mechanism for improving customer service. ❖Listen to customers. ❖Define superior service. Copyright © 2016 Pearson Education, Inc. 8- 28 (continued) ❖When you create a negative customer experience, apologize and fix it – fast. ❖Empower employees to offer superior service. ❖Train employees to deliver superior service. ❖Hire the right employees. ❖Get top managers’ support. Copyright © 2016 Pearson Education, Inc. 8- 29 (continued) ❖ Treat employees with respect and show them how valuable they are. ❖ Use technology to provide improved experience. ❖ View customer service as an investment, not an expense. ❖ Reward superior service. ❖ Give customers an unexpected surprise. Copyright © 2016 Pearson Education, Inc. 8- 30 (continued from 8-25) ❖Create an identity for your business through branding. ❖Branding ❖Embrace social marketing. ❖Be dedicated to service and customer satisfaction. ❖Retain existing customers. ❖Customer experience management Copyright © 2016 Pearson Education, Inc. 8- 31 ❖ A company must land 12 to 20 new customers to offset the impact of one lost loyal customer! ❖ Research shows that repeat customers spend 67% more than new customers. ❖ Attracting new customers costs the typical business seven to nine times as much as keeping existing customers. Copyright © 2016 Pearson Education, Inc. 8- 32 (continued) ❖Companies that are successful at retaining their customers constantly ask themselves: 1. What are we doing right? 2. How can we do that even better? 3. What have we done wrong? 4. What can we do in the future? Copyright © 2016 Pearson Education, Inc. 8- 33 (continued from 8-31) ❖Create an identity for your business through branding. ❖Branding ❖Embrace social marketing. ❖Be dedicated to service and customer satisfaction. ❖Retain existing customers. ❖Customer experience management ❖Be devoted to quality. ❖Total quality management (TQM) Copyright © 2016 Pearson Education, Inc. 8- 34 ❖World-class companies treat quality as a strategic objective, an integral part of company culture. ❖Total Quality Management (TQM): ❖Quality in the product or service itself. ❖Quality in every aspect of the business and its relationship with the customer. ❖Continuous improvement in quality. ❖Get it right the first time! Copyright © 2016 Pearson Education, Inc. 8- 35 (continued from 8-34) ❖Create an identity for your business through branding. ❖Embrace social marketing. ❖Be dedicated to service and customer satisfaction. ❖Retain existing customers. ❖Be devoted to quality. ❖Attend to convenience. ❖Make it easy to do business with you. Copyright © 2016 Pearson Education, Inc. 8- 36 ❖ Questions to ask: ❖ Is your business conveniently located near customers? ❖ Are your business hours suitable to your customers? ❖ Would customers appreciate pickup and delivery services? ❖ Do you make it easy for customers to buy on credit or with credit cards? ❖ Do your employees treat customers with courtesy? Copyright © 2016 Pearson Education, Inc. 8- 37 (continued) ❖ Are your employees trained to handle business transactions quickly, efficiently, and politely? ❖ Does your company offer “extras” that would make customers’ lives easier? ❖ Can you bundle existing products to make it easier for customers to use them? ❖ Can you adapt existing products to make them more convenient for customers? ❖ Does your company handle telephone calls quickly and efficiently? Copyright © 2016 Pearson Education, Inc. 8- 38 (continued from 8-36) ❖Create an identity for your business through branding. ❖Embrace social marketing. ❖Be dedicated to service and customer satisfaction. ❖Retain existing customers. ❖Be devoted to quality. ❖Attend to convenience. ❖Concentrate on innovation. ❖Emphasize speed. Copyright © 2016 Pearson Education, Inc. 8- 39 ❖Use principles of time compression management (TCM): 1. Speed new products to market. 2. Shorten customer response time in manufacturing and delivery. 3. Reduce the administrative time required to fill an order. Copyright © 2016 Pearson Education, Inc. 8- 40 (continued) ❖Re-engineer the process rather than try to do the same thing - only faster. ❖Create cross-functional teams of workers and empower them to attack and solve problems. ❖Set aggressive goals for production and stick to the schedule. Copyright © 2016 Pearson Education, Inc. 8- 41 (continued) ❖Rethink the supply chain. ❖Instill speed in the company culture. ❖Use technology to find shortcuts wherever possible. ❖Put the Internet to work for you. Copyright © 2016 Pearson Education, Inc. 8- 42 ❖ You don’t need a large marketing budget to successfully reach your customers! ❖ Use clever, innovative bootstrap marketing strategies to put your company in the spotlight and make a special connection with your customers. Copyright © 2016 Pearson Education, Inc. 8- 43 8 - 44 Copyright © 2016 Pearson Education, Inc. Copyright © 2016 Pearson Education, Inc. 51- 1 Section 2: The Entrepreneurial Journey Begins 5 Crafting a Business Plan and Building a Solid Strategic Plan Copyright © 2016 Pearson Education, Inc. 5-2 1. Explain the benefits of an effective business plan. 2. Describe the elements of a solid business plan. 3. Explain the “five Cs of credit” and why they are important to potential lenders and investors reviewing business plans. 4. Understand the keys to making an effective business plan presentation. Copyright © 2016 Pearson Education, Inc. 5-3 (continued) 5. Understand the importance of strategic management to a small business. 6. Explain why and how a small business must create a competitive advantage in the market. 7. Develop a strategic plan for a business using the nine steps in the strategic management process. Copyright © 2016 Pearson Education, Inc. 5-4 ❖Business plan: ❖A written summary of: ❖An entrepreneur’s proposed business venture ❖The operational and financial details ❖The marketing opportunities and strategy ❖The managers’ skills and abilities ❖A business plan is the best insurance against launching a business destined to fail or mismanaging a potentially successful company. Copyright © 2016 Pearson Education, Inc. 5-5 1. Guiding the company by charting its future course and defining its strategy for following it. 2. Attracting lenders and investors who will provide needed capital. Copyright © 2016 Pearson Education, Inc. 5-6 1. The Reality Test: proving that: ❖A market really does exist for your product or service. ❖You can actually build or provide it for the cost estimates in the plan. 2. The Competitive Test: evaluates: ❖A company’s position relative to its competitors. ❖Management’s ability to create a company that will gain an edge over its rivals. 3. The Value Test: proving that: ❖A venture offers investors or lenders an attractive rate of return or a high probability of repayment. Copyright © 2016 Pearson Education, Inc. 5-7 ❖Although building a plan does not guarantee success, it does increase your chances of succeeding in business. ❖A plan is like a road map that serves as a guide on a journey through unfamiliar, harsh, and dangerous territory. Don’t attempt the trip without a map! Copyright © 2016 Pearson Education, Inc. 5-8 ❖Title Page and Table of Contents ❖Executive Summary Copyright © 2016 Pearson Education, Inc. 5-9 ❖The executive summary is a written version of “the elevator pitch” ❖A good elevator pitch provides: ❖Context ❖Benefit ❖Target customers ❖Point of differentiation ❖Clincher Copyright © 2016 Pearson Education, Inc. 5 - 10 (continued from 5-9) ❖Title Page and Table of Contents ❖Executive Summary ❖Mission and Vision Statement ❖Description of a Firm’s Product or Service Copyright © 2016 Pearson Education, Inc. 5 - 11 ❖Describe the benefits customers get from the product or service ❖A feature is a descriptive fact about a product or service. ❖A benefit is what the customer gains from the product or service feature. Copyright © 2016 Pearson Education, Inc. 5 - 12 (continued from 5-11) ❖Title Page and Table of Contents ❖Executive Summary ❖Mission and Vision Statement ❖Description of a Firm’s Product or Service ❖Business and Industry Profile ❖Competitor Analysis Copyright © 2016 Pearson Education, Inc. 5 - 13 ❖Who are the company’s key competitors? ❖What are there strengths and weaknesses? ❖What are their strategies? ❖How successful are they? ❖What distinguishes the entrepreneur’s product or service from others already in the market, and how will these differences produce a competitive edge? Copyright © 2016 Pearson Education, Inc. 5 - 14 (continued from 5-13) ❖Title Page and Table of Contents ❖Executive Summary ❖Mission and Vision Statement ❖Description of a Firm’s Product or Service ❖Business and Industry Profile ❖Competitor Analysis ❖Market Entry Strategy ❖Marketing Strategy Copyright © 2016 Pearson Education, Inc. 5 - 15 ❖Show customer interest ❖Prove that target customers actually need or want the product or service. ❖Document market claims ❖Support market size and growth rates with facts. Copyright © 2016 Pearson Education, Inc. 5 - 16 (continued) ❖Address: ❖Target market ❖Advertising and promotion ❖Market size and trends ❖Location ❖Pricing ❖Distribution Copyright © 2016 Pearson Education, Inc. 5 - 17 (continued from 5-15) ❖ Title Page and Table of Contents ❖ Executive Summary ❖ Mission and Vision Statement ❖ Description of a Firm’s Product or Service ❖ Business and Industry Profile ❖ Competitor Analysis ❖ Marketing Strategy ❖ Entrepreneurs’ and Managers’ Resumes ❖ Plan of Operation ❖ Pro Forma (Projected) Financial Statements ❖ The Loan or Investment Proposal Copyright © 2016 Pearson Education, Inc. 5 - 18 Copyright © 2016 Pearson Education, Inc. 5 - 19 ❖First impressions count! Use an attractive cover. ❖Checks for errors. ❖Make it visually appealing. ❖Include a table of contents with page numbers. ❖Make it interesting! ❖Show that it will make money. ❖Use spreadsheets for realistic financial forecasts. ❖Include cash flow projections. ❖Keep the plan “crisp.” ❖Tell the truth. Copyright © 2016 Pearson Education, Inc. 5 - 20 ❖ The “5 Cs” of Credit 1. Capital 2. Capacity 3. Collateral 4. Character 5. Conditions Copyright © 2016 Pearson Education, Inc. 5 - 21 ❖ The time allotted for presenting is usually less than 20 minutes, so it’s important to rehearse and be prepared. ❖ A basic presentation should cover: ❖ Your company and its products and services. ❖ The problem to be solved. ❖ A description of your solution to the problem. ❖ Your company’s business model. ❖ Your company’s competitive edge. Copyright © 2016 Pearson Education, Inc. 5 - 22 ❖ Prepare ❖ Practice your delivery and then practice some more. ❖ Demonstrate enthusiasm about the business but don’t be overly emotional. ❖ Focus on communicating the dynamic opportunity your idea offers and how you plan to capitalize on it. ❖ Hook investors quickly with an up-front explanation of the new venture, its opportunities, and the anticipated benefits to them. Copyright © 2016 Pearson Education, Inc. 5 - 23 (continued) ❖ Use visual aids. ❖ Follow the 10/20/30 rule for PowerPoint presentations. ❖ Explain how your company’s products or services solve some problems and emphasize the factors that make your company unique. ❖ Offer proof. ❖ Hit the highlights. ❖ Keep the presentation “crisp.” Copyright © 2016 Pearson Education, Inc. 5 - 24 (continued) ❖ Avoid the use of technical terms that will be above most of the audience. ❖ Remember to tell lenders and investors how they will benefit. ❖ Be prepared for questions. ❖ Anticipate questions and prepare for them in advance. ❖ Focus your answers on what’s important to lenders and investors. ❖ Follow up with every lender and investor to whom you make a presentation. Copyright © 2016 Pearson Education, Inc. 5 - 25 ❖ Entrepreneurs must be able to adapt to changes in the marketplace. ❖ Strategic planning is a tool that can help: it involves developing a game plan to guide the company as it works to accomplish its vision, mission, goals, and objectives and to keep it from straying off course. ❖It’s crucial to building a successful business. Copyright © 2016 Pearson Education, Inc. 5 - 26 ❖ The biggest change facing entrepreneurs today is the shift from financial capital to intellectual capital ❖Human ❖Structural ❖Customer Copyright © 2016 Pearson Education, Inc. 5 - 27 ❖Developing a strategic plan is crucial to creating a sustainable competitive advantage: ...
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chemtai
School: University of Virginia

please find the attached file. i look forward to working with you again. good bye

ENTR 297 Summer I Case Study 2 (80pts)

United Apparel Liquidators
Name
Institution
Course
Date

1

ENTR 297 Summer I Case Study 2 (80pts)
United Apparel Liquidators (https://shopual.com/)
Rather than remain the best-kept secret in fashion, how should a discount retailer of highend clothing promote its unique inventory and incredibly low prices?
Bill and Melody Cohen met in 1968, when Melody was in high school and Bill was coowner of a clothing boutique where Melody liked to shop. Several years later, the two married
and opened a discount retail clothing store in Houma, Louisiana. Melody excelled at sales and
customer service, and Bill was an expert at finding the right merchandise at bargain prices. Their
store prospered until large chain retailers noticed the growth in the discount market and began
selling inexpensive, mass-produced clothing. The Cohens failed to see the tidal wave of stronger
competition until it washed over them. By 1979, their company was drowning in debt, and its
sales were plummeting. They sold everything and moved in with Melody’s mother in
Mississippi.
The entrepreneurial couple was not willing to give up, however. The next year, they
decided to open United Apparel Liquidators (U.A.L.), purchasing excess inventory of upscale
fashions from other retailers and distributors. Melody operated the store in Hattiesburg,
Mississippi, and Bill traveled to New York City’s fashion district, where he built a network of
contacts with retailers and designers, offering to buy any of their leftover merchandise.
The Cohens expanded U.A.L. into other small southern cities, such as Nashville,
Tennessee, and New Orleans, all the while being careful not to take on debt. With fluorescent
lights hanging from chains and concrete floors, their stores more closely resembled Goodwill
stores than the luxurious department stores in the big cities that originally sold their merchandise.
The first U.A.L. store was in a building that no other businesses would rent because it sat only 10

2

ENTR 297 Summer I Case Study 2 (80pts)
feet from a railroad track. Their newest store, their sixth, which is located in Brentwood,
Tennessee, is in a strip mall in a building that formerly housed a car rental agency and includes a
large deep freezer that no longer works, which the staff uses to store shoes. Although many have
questioned their choices of locations, the Cohens’ location decisions were intentional. Choosing
small but growing southern cities minimized t...

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