Party World Consulting Report

PARTY WORLD
CONSULTING
REPORT
MANAGEMENT 498 – FALL 2012
CONSULTANTS: RAZA HAMID, MATT ALSTAD, & KATIE HALPIN

1 Consulting Report | Party World
TABLE OF CONTENTS
EXECUTIVE SUMMARY..................................................................................................................................2
Project Scope ............................................................................................................................................3
Business Description.................................................................................................................................4
INDUSTRY ANALYSIS......................................................................................................................................7
Industry Overview.....................................................................................................................................8
The Economy and the Retail Industry...................................................................................................8
Current Trends........................................................................................................................................10
MARKETING PLAN.......................................................................................................................................12
Marketing Analysis..................................................................................................................................12
SWOT Analysis.....................................................................................................................................12
Porter’s Five Forces Analysis...............................................................................................................18
The Marketing Mix..............................................................................................................................23
Marketing Warfare..............................................................................................................................26
Product Diffusion Curve......................................................................................................................28
Search Engine Optimization....................................................................................................................30
Website Recommendations....................................................................................................................31
Summary of Web Recommendations.................................................................................................35
Social Media............................................................................................................................................36
SUCCESSION PLAN ......................................................................................................................................44
Keeping the Business in the Family.........................................................................................................45
Selling the Business.................................................................................................................................47
BIBLIOGRAPHY ............................................................................................................................................50

EXECUTIVE SUMMARY
Party World is a small-business that provides retail party supplies and rentals including but not
limited to: wedding supplies, tables, chairs, podiums, sound equipment, decorations, tents,
costumes, games, flatware, dinner ware, dunk tanks, grills, etc.
This following report covers three outcomes that were determined after an initial discussion
with the owner of Party World. These outcomes include, an in-depth industry analysis of the
retail industry, a comprehensive marketing analysis with emphasis on increasing the social
media presence of the business, and finally information pertaining to the future of the business
upon the exit of the existing owners.
The consulting team conducted research on the party industry and the retail industry in
connection with Party World. The team also looked into current trends within the industry to
assist Party World in providing strategies to attract additional customers. Party World is a small
business with only one location and their main competitor, with in the immediate vicinity, is
Party Time. Additional competitors that have franchise locations include Party City, Costco and
Wal-Mart. The comprehensive marketing plan includes numerous tools Party World can
implement to figure out what the business is doing well and what they may want to improve
on. These tools analyze issues through: SWOT analysis, Porter’s Five Forces, Marketing Mix,
Marketing Warfare, and the Product Diffusion Curve. Finally, the marketing plan includes
recommendations on improving Party World’s website and social media presence. Having a

good marketing plan may be one of the most important things a business needs and can set a
business apart from its competitors. The succession plan looks into the option of the family
continuing the business and information that would assist in valuing and selling the business as
an alternative option.
Project Scope
The following three outcomes make up the bulk of the report and represent the scope of the
project after discussion with Party World and the consulting team.
1. Industry Analysis
2. Marketing Plan
3. Family Succession Plan
The industry analysis recognizes the industry that Party World operates in, analyzes current
trends and concerns that may follow, and provides insight for future economic growth in the
industry.
The marketing plan provides tools to help Party World assess itself as a business, provides
strategies that may be used to help Party World, and gives recommendations for Party World to
update its website and gain a better social media presence.
The succession plan provides two options for Party World and teaches them how to use each
option. The first option includes Party World deciding to keep its business in the family and
transitioning the business to the next generation. The second option examines selling the
business.

Business Description
Party World is a ‘party retail and service rental’ store focusing on wedding rentals and specialty
balloon setups. The business is an ‘S-Corp’ and is located in Baxter, Minnesota. The business
was established in 1998 by the owner’s parents. Kelli Mankowski and her husband eventually
acquired the business, from her parents, and took over the operations in 2004. It was
previously located on: 15808 Edgewood
Drive Baxter, Minnesota 56425, on Highway-
371, but due to a recent change in the
highway infrastructure, the business lost its
direct access of traffic and decided to
relocate. Party World relocated to its current
location in 15867 Edgewood Drive Baxter,
Minnesota 56425 in 2006. An advantage of
the new location is that Party World attained
more land which increased the value of its current asset holdings. The adverse effect of this
relocation is diminished visibility that contributes to lower random customer traffic. The facility
is a 12,000+ square feet warehouse setting with 15,000 square feet of total space available to
their disposal.
Inventory is comprised of: wedding supplies, tables, chairs, podiums, sound equipment,
decorations, tents, costumes, games, flatware, dinner ware, dunk tanks, grills, etc.

Accessibility to the business is reasonable and ample parking is available for customers. Party
World is open seven days a week with limited hours on the weekends. Average traffic flow for
the business is five to ten people per day. Phone inquiries during the winter season are two per
hour. While, during the busy season (Spring/Summer) the business receives about twenty
phone inquiries per hour.
Key employees are Kelli and her husband Mike. Their younger son, Adam, further supports the
operation, on a part-time basis. Party world hires 8-11 employees on a seasonal part-time basis
and their responsibilities include Tent and Décor installation and dismantling. These employees
are vital to the business since Party-World’s business peaks during the summer. Importantly,
the labor demands of peak-season, weddings and events, can only be met with these
employees being brought on to support the business. Kelli’s previous management experience
entails serving as a Manager at Superior Shores for over ten years and an Office Manager for
Crowing County Services for two years. She currently serves as a Business Manager for Lakes
Area Yoga, and she is a diving instructor at Minnesota School of Diving.
The business focuses a bulk of its efforts through its rental services in the summer. January
through February, the focus shifts to soon-to-be brides and their mothers looking at planning
weddings. April/May, the business focuses on graduation parties and the wedding season. In
the fall, target market is high school and college students looking to spend their disposable
income on Halloween and party supplies. Also, the business services the local October-fest.
Current advertising strategies comprise of a vehicle wrap on the business owner’s personal car,
signage on a trailer outside of Baxter on the main Highway-371, a business card with every

balloon, word-of-mouth, an active Facebook page and a smart phone application. Party World
has not been able to monitor which medium has been successful to date. The business owner is
a member of Chamber of Commerce in Brainerd, MN, Minnesota Rental Association and
Qualtex Balloon Association. Goals of Party World include: “don’t go broke,” increasing business
during Halloween, making more money, and increasing awareness of the location. Some new
directions Party World would like to take are having more business during the Fall/Halloween
season and differentiating themselves from their main competitor Party Time. Unique
Features/Services include the Certified Balloon Artist (only one of its kind in the Brainerd area).
Primary competitors include Party Time in Brainerd and Party City in St. Cloud. Party Time
operates an identical business operation and prices itself marginally lower than Party World.
Party City in St. Cloud is a well-known franchise business and generates potential customers
through its nationally recognized name. Walmart and Target are one-stop, department-store-
style businesses that offer the convenience of shopping for everything possible to their
customers. These businesses do not specialize on any particular supplies and often offer
cheaper quality products. Further, they do not service any rental options. A future Costco may
prove to be potential competition to the business.

INDUSTRY ANALYSIS
Foreword
This industry analysis will take a bottom up approach by understanding the macro economic
factors that affect sales and success in this industry. The consulting team will further explore
our efforts into understanding the factors that affect businesses in this industry, and finally
channeling its efforts on explaining growing trends and evolution of this industry sector.
The competition and attractiveness of new entrants in this industry will be analyzed through
identification of key players of this industry, nationally and locally, as well as the fundamental
operational methodology adopted by successful businesses in this sub-sector.
From there the consulting team will focus on defining the core business practices of the subject
company, by explaining the core products/services that drive revenue, the client’s skill-set and
finally how the business currently markets itself to potential clients.

Industry Overview
Party supplies and rentals, the business of the subject company, is categorized under a broader
umbrella of the retail industry. The business operates in the ‘Miscellaneous Store Retailers’
category of the retail industry as per the North American Industry Classification System (NAICS).
More specifically, the business concentrates in the rental and sales of merchandise related to
the Party Supplies arena; specializing in renting tents, chairs, tables as well as complementary
party decorations for weddings and themed parties. The business operates from a physical
location and currently does not have an online store. It does, however, have an operational
website as well as an active social media presence in the form of a Facebook page. The business
is owner operated, holds deep levels of inventory - which is centrally warehoused, and prices its
products and services in the medium to high range.
The Economy and the Retail Industry
A bulk of the U.S economic growth heavily relies on consumer spending habits. Demand in this
industry is a strong indicator of a healthy financial system. The success of this sector depends
greatly on sales generated from discretionary income of households. The economic slowdown
in the recent years, decline in wages and unemployment has greatly influenced people’s
everyday spending habits. As a general rule of thumb, luxury purchases are the first to be put
off in times of financial turmoil.
With the U.S. slowly clawing its way out one of the worst recessions since the Great Depression,
the recent months have seen steady growth in the labor markets and increased spending in the

retail sector. The housing and auto sales often show patterns of income available for
consumption beyond basic needs. Unemployment rate has declined to 7.9% while Americans
have increased spending by 1.3% in the recent month showing signs of a steady recovery.
Source: (CBS Money Watch)
Bulk business depends on seasonal events in the party supplies sector with retailers focusing
strongly on sales and rentals through the wedding, Graduation and Halloween seasons.
Birthdays and miscellaneous events account for general everyday sales and are usually of
varying magnitude depending on customers’ intent on how significant the celebration is and
availability of disposable income.

Current Trends
Market indicators of 2011 and early 2012 reflect a positive trend for continued growth in the
near future for the retail industry. The statistics from the Special Events group show that 52% of
top party rental operators expect to handle more events in 2013, while last year only 37%
expected more events. This shows an optimistic upsurge in how confident people in the party
industry are. The indicator predicts that within the next five years the service industry will
continue to flourish and the party rental industry, specifically, has been highlighted as a
potential industry leader. The economy continues to increase and people are looking for better
ways to host parties for various occasions. This industry is closely related with the income that
the average person makes. The more income people have to spend, the more money they will
put into rentals for a party. When people have weddings, they want them to be extravagant but
also need the capital to host such a type of wedding. Since the economy is showing positive
signs of growth and unemployment rates are predicted to drop within the next two years, the
forecast for growth in the party industry throughout that time is expected to be encouraging.
Finally, specific trends that are stirring in the industry within the past 2-3 years are important to
look at.
Paper Decorations
Inexpensive and very original are two significant reasons that make this trend extremely
popular. Some of the decorations that are made with the paper actually turn out very pleasant
and can be designed with color to add some specialization to them.

Customized Linens
Examples here include: Faux burlap (which goes great with country-western themed events),
Croc (which is crocodile-skin fabric that goes well with sexy parties) and Damask (which goes
along with classic parties).
Decoration Education
A trending term currently evolving in the industry is ‘educore’ which translates to educational
décor. This is an easy and affordable way to use branding and messaging about the business.
Party World can utilize this coined term by putting the business’ brand name or brand image on
a piece of decoration.
Price Bargaining
The recent recession has caused people to pinch pennies and save money any way possible.
Businesses that decide to raise prices dramatically, to make higher profits each year, could be
facing trouble. Prices cannot be raised because customers are moving toward saving money
and are resorting to demanding discounted prices. As part of the party industry, the business
will want to slowly increase prices in the coming years in line with growing inflation. This will
help manage revenues and profits for the business reliably.

MARKETING PLAN
Foreword
When deciding how to approach the marketing plan, the consulting team employed industry-
grade marketing tools that are used as a benchmark. Further, the consulting team incorporated
the knowledge learned through formal education in order to assist in the promotion of Party
World. This approach analyzes and breaks down a comprehensive marketing plan that would be
valuable to the business. The following section will include five vital tools utilized by marketing
professionals, the SWOT analysis, Porter’s Five Forces Model, Marketing Mix, Marketing
Warfare, and Product Diffusion Curve. All of these tools help the business analyze its operations
and can help determine what parts the business is succeeding in and highlight areas of
improvement.
Marketing Analysis
SWOT Analysis
The SWOT analysis is a strategic planning tool that is used to evaluate the strengths,
weaknesses, opportunities, and threats that are involved when looking at a business venture. It
involves specifying a goal and identifying internal and external factors that are favorable or
unfavorable to achieving that final goal. After the SWOT analysis has been evaluated, a
business’s goals can be set, products and services can be further analyzed, strategies will be
reviewed, key weaknesses and opportunities will be discovered, what the business is doing well
can be defined, and can ultimately analyze and prepare the business for a better future and

learn what may need to be worked on or capitalized to better help the business thrive in the
future. With all of these factors in mind, the SWOT analysis provides a basic framework for
businesses to discover factors not known about beforehand.
SWOT Explanations
Strengths
Party World’s main strength that they should be taking, the most, advantage of is the fact that
Kelli is a CBA (Certified Balloon Artist). Having only 2300 CBA artists worldwide makes this a
great advantage to Party World and having the business owner (Kelli) advertising this fact by
presenting people with her great balloon-creations can prove to assist the business
tremendously. Considering, Party World has a specialty of renting items for parties such as
weddings, graduations, homecoming, etc. This helps them make money and provide great
results to customers, keeping them happy. Party World has great customer loyalty. Customers
using Party World’s services will usually refer friends or family through word of mouth. The
business owner proudly indicates customers being highly satisfied with the service the business
offers. Another great strength is the fact that helium is still available to Party World. The
business owner was able to well-prepare her business to tackle the helium shortage faced by
the balloon industry by keeping herself well informed in advance. This inclined the business to
stock up on helium beforehand making it one of the few businesses that were able to access
the limited availability of this gas. If advertised efficiently, Party World’s access to helium can
continue to increase customers, thus increasing revenues. The business owner (Kelli) recently
completed a profit mastery class which aided her ability to further understand the financials of

her business and provided advice that could increase profits and help the business develop in
the future. The business is extremely innovative in its strategy and continues to evolve, adapt
and change to thrive in its industry. With future promise for growth in the industry, this attitude
will prove to be an asset for the business, considering profit margins and market share will
steadily increase every year.
Weaknesses
Party World has many great strengths but every business cannot be complete without having
some weaknesses as well. The awareness of where Party World is located is perceived by the
consulting team as a deterrent and could be improved if they focus on letting more people
know of their location through advertising or other marketing routes. Better signage on and off
the highway would help customers become better informed of Party World’s presence in
Brainerd and aid in the increase of direct customer traffic to the store. Although the retail side
of Party World performed well this year, during Halloween, the consulting team still believes it
could use more attention as far as attracting customers in the store and marketing to the right
target clientele. A lack of successor identification could prove to be a weakness because when
the business owner (Kelli) is ready to retire she may not be very confident in the abilities of an
untrained family member. The succession plan at the bottom of this report recommends a
framework to develop the thought process when considering transfer of ownership within the
family. If Party Worlds’ website was updated with minor tweaks it could prove to bring more
customers to the website thus increasing store awareness and possible customer base.
Although Party World does have an existing Facebook presence, the business expressed its

desire to enhance its social media presence and support on future routes that can be pursued
to increase visibility. Since a few of Party World’s competitors charge lower prices, customers
may tend to frequent them instead for this reason alone. The consulting team will cover the use
of market warfare to regain competitive advantage and keep competitors on their toes. The last
weakness affects customers’ ability to see the physical location of the store due to trees and
other businesses covering that area. Strong signage would aid customers in spotting the store
easily thereby increasing footfall.
Opportunities
Looking at future opportunities that Party World may have the business owner’s balloon
specialty will prove to be a great advantage. This will help bring in customers that no other
store in the area is capable of servicing. Future economic growth will be a big opportunity since
people will have more disposable income and will be willing to spend more of their savings on
rentals and/or retail items. Halloween sales improving every year is an opportunity Party World
must capitalize on since this will account for a vast improvement of future profits. This would
further be in line with the businesses strategic vision to shift from a rental specialty business to
a seasonal retail sales model. In the close future, Party World can implement marketing
techniques found in this report to further assist in gaining a competitive advantage over Party
Time, its main competitor and others alike. If Party World gains a dominant social media
presence within its local group of businesses, then this may prove to be a major competitive
advantage for the business.

Another opportunity that may prove to be a major competitive advantage is improving the
website currently in use. An overhaul of the interface of the webpage will enable ease of use to
the average browser and address customer friendliness – both of which should support an
increase to the online business. Again, implementing marketing warfare strategies described
later in this marketing plan will contribute to the businesses need to stay on top.
Threats
After discussing future opportunities the consulting team must address future threats in
response to these opportunities. Local competition, Party Time, remains a direct threat to the
business and its client base in Brainerd. Others include the successful franchise of Party City in
St. Cloud. Although these persist as an imminent risk, implementing sound marketing strategies
listed in this report will help Party World mitigate the danger posed by these firms. However, it
is important to note the fact that one of its direct competitors, being a big retail franchise
chain, i.e. Party City, means they will not be going away anytime soon.
Finally, the fact that future competition cannot be predicted and how the competition may
react prove to be a threat. While still an opportunity, the economy, due to its unpredictable
nature, may continue to pose as a threat to businesses small or big. The possibility of not having
a successor to Party World is a weakness as well as a threat.

SWOT Summary
Strengths
•Certified Balloon Artist (CBA): Only 2300 worldwide
•Rental specialist
•Customer loyalty
•Still has helium to use in balloons
•Profit Mastery class
•Innovation and growth
•Future promise for growth
Weaknesses
•Awareness of Party Worlds’ location
•Retail side of the business needs more attention
•Kids are not so interested in the business
•Website could use some updating
•Social media presence
•Competitors charging lower prices
•Trees in front of the highway blocks location of the
store
Opportunities
•Balloon specialty can prove to be an advantage
•Future economic growth
•Halloween is growing every year
•Gaining competitive advantage over Party Time
•Dominant social media presence
•Improved website will increase
Threats
•Local competitor Party Time
•Party City – A national party store with big
awareness
•Unpredicatable economy
•Possibility of no successor to the business

Porter’s Five Forces Analysis
Porter’s Five Forces Model is a very important tool that helps comprehend the level of
competitiveness in operations and also the attractiveness of a firm or company. The analysis
manages to dissect a company’s worth into five different categories.
These forces help determine an industry’s profit potential and benefit in determining the
strength of the competition. When focusing on the five forces the business needs to remember
to focus its efforts on customers’ needs rather than looking at specific industry boundaries only.
The business needs to recognize that their suppliers as well as their buyers may pose as
competitors to a firm.
Industry
Rivalry
Bargaining
Power of
Buyers
Threat of
New
Substitutes
Bargaining
Power of
Suppliers
Threat of
New
Competition

Threat of New Competition
When businesses are trying to identify new competition, they threaten the market share of
existing competitors. New competition poses a threat because it brings additional production
capacity. Unless the demand for a good or service is increasing, additional capacity will hold
consumers’ costs down, meaning that there will be less revenue and lower returns for
competing firms. New competition is usually very concerned with gaining a large market share
and as a result it may force existing firms to be more efficient and learn how to compete on
new dimensions. The likelihood of new competition is determined by two factors, barriers to
entry and retaliation. Barriers to entry, primarily, determine whether a firm will prosper as a
new competitor or not. These include, but are not limited to: economies of scale, product
differentiation, and switching costs. Retaliation arises when the existing firms in the market
fight back to drive down the advantage a new competition may have gained, thus making it
harder for the new entrant to remain in business. Additionally, the need for a fair amount of
capital and knowledge can prove to be a barrier to entry for new competitors looking to enter
the party/retail industry. Switching costs are low because a customer may easily decide to go to
another store if Party World’s prices are too high. This being said the barriers to entry create a
high threat of new entrants and yet, simultaneously, allows for higher profit potential due to
limited competition.
Bargaining Power of Suppliers
Increasing prices and reducing the quality of their products are things suppliers can do to exert
their power over firms that are competing within an industry. This means that suppliers can

control the profits a firm may make by increasing their prices and making the firm unable to
recover costs. Suppliers remain in power when they are dominated by a few large companies
and are very concentrated within an industry. When a supplier has more power it makes it
harder for the firm to prosper and survive. There is a strong, direct, bond between the power of
suppliers and the power of buyers. These two forces go hand in hand and help determine how
successful or ineffective a firm may be. Party World has an abundance of suppliers it can go
through and has built a great relationship with some of its suppliers already. This makes the
bargaining power of suppliers weak. Hence, the operations become more attractive which in
turn should continue to increase profits for Party World.
Bargaining Power of Buyers
Usually a buyer will want to purchase a product at the lowest possible price when they are
looking at all competitors. To reduce costs; buyers will bargain for higher quality, greater levels
of service, but at a lower price. The buyer wants a product to be affordable with good quality
while receiving good service. This is achieved when firms are encouraged to have competitive
battles within their industry. Buyer groups are powerful when they purchase a large portion of
an industry’s total output. The sales of the product being purchased account for a significant
portion of the seller’s annual revenues when they can switch to another product at little, if any,
cost. This may be, something as easy as buying a generic brand because it is cheaper and works
just as well, or as complicated as having bad service and paying a little more for better service.
Consumers hold a lot of power and keeping them content is a key determinant in making sure
they do not switch to another product or firm. Buyer power within the party industry can be

particularly potent. If a customer came into Party World and did not like the prices, they could
easily look for another party store with lower prices. Since, Party World has good standing with
its suppliers, it needs to utilize this to its advantage to control prices and ensure that their
customers continue to stay loyal to them.
Threat of Substitute Products
Substitute products are goods or services from outside a given industry that perform similar or
the same functions as a product that the industry produces. Product substitutes present a
strong threat to a firm when customers face few switching costs and when the substitute
product’s lower price is lower or its quality and performance capabilities are equal to or greater
than those of the competing product. Differentiating a product along dimensions that
customers value reduces a substitute’s attractiveness. Since there are many substitute products
available the threat of substitute products is strong. The fact that Party Time offers substitute
products for a cheaper price than Party World shows this relationship very well.
Intensity of Rivalry among Competitors
Traditionally, rivalry among competitors can be a good thing, as it provides for efficiency in the
market place and choices to the general public. In many industries, firms actively compete
against one another. Competitive rivalry can intensify when a firm is challenged by a
competitor’s actions or when a company recognizes an opportunity to improve its market
position. Firms within an industry, rarely, operate on the exact same basis. They may differ in
resources and capabilities and seek to differentiate themselves from competitors. Most times

firms seek to differentiate their products from competitors’ offerings in ways that customers
value them and, further, in which the firms have a competitive advantage. Common dimensions
on which rivalry is based are: price, service after-the-sale, and innovation. Since there are two
party stores located in the Baxter area (Party World and Party Time), and they both offer similar
services (rentals, retail party supplies) - the intensity of rivalry among competitors is strong.
This can be a good thing since both companies competing may prove to bring each other’s
profits up. When rivalry is high, businesses manage to figure out their core abilities quite
efficiently and develop strategies they can utilize to benefit them down the road.
Overall Attractiveness
When looking at attractiveness for the party industry, it is important to examine the factors
that influence profitability. Since bargaining power of suppliers is weak, this will prove to help
drive up profits because having power over suppliers helps get better prices. Threat of new
competition has also proven to be weak because the barriers to entry cause trouble for new
competition to enter. In summary, lesser competition results in higher profit margins. Intensity
of rivalry is strong and proves to bring up profitability. When looking at bargaining power of
buyers it can be seen that it is strong and this proves to bring down overall profitability. Since
there are many substitute products available profitability will not be as high. Three of these five
factors help bring up profitability thus helping us conclude that this industry is definitely
attractive.

The Marketing Mix
The marketing mix is a tool that provides managers with information that can help them reach
their target market. It has four basic categories that are covered and in the end will help the
business further reach its target market. These four categories are: product, price, place, and
promotion. Each one has its own niche and once understood, can help managers satisfy their
customers within the target market.
When a business can blend these four variables together it can generate a positive response in
regards to reaching the target market and keeping the customer happy.

The first variable of this mix is known as the product. The product is the physical product or
service that the business offers to the customer. For Party World, this will include the retail
products carried in the store and all of the rental services that they provide. When making
product decisions businesses want to keep in mind things like function, appearance, packaging,
service, warranty, etc. This will help the business better decide which products to keep and
which products it may not want to invest in. Party World has numerous product lines, and
keeping in mind all of these factors when deciding on whether or not to carry a product, can
further help the business operate efficiently.
The second variable of mention is the price. When making pricing decisions businesses must
take into account their profit margins and the pricing response of competitors (e.g. Party Time).
Pricing includes not just the list price, but also discounts, financing, and other options such as
leasing. When Party World examines its pricing strategy they may want to look at Party Time’s
strategy of charging fifteen cents cheaper for everything and respond with a possible
competitive price that will undermine them. The price reductions in direct products can be
softened by an increase in other products or services that are unique to the business.
Place (or placement) decisions are those connected with channels of distribution that serve as
the way for getting the product to the target customers. Some of these decisions include:
market coverage, channel member selection, logistics, and levels of service. Party World could
think about implementing more market coverage to its target customers and look into how

they channel their member selection. Trying different placement approaches may prove to be
resourceful and advantageous.
Promotion dictates how a business will communicate and sell to potential customers. Simply
understood, it relates to advertising expenses and costs, and analyzes their effectiveness in
reaching the target market. Since these costs can be significant, and are connected to the price,
Party World may want to consider conducting a break-even analysis when making promotion
decisions. It is useful to recognize the value of the customer when determining whether the
impact on the top-line is worth the cost of advertising. Many forms of advertising could be used
to promote Party World, and will be covered in more detail throughout the marketing plan.
Product
• Appearance
• Brand
• Functionality
• Packaging
• Quality
• Service/Support
• Warranty
Price
• Allowances
• Discounts
• Financing
• Leasing Options
• List Price
Place
• Channel
members
• Channel
motivation
• Locations
• Logistics
• Market
Coverage
• Service Levels
Promotion
• Advertising
• Budget
• Media
• Message
• Personal selling
• Public relations

Marketing Warfare
Marketing warfare is a tool that may be used when businesses do not get results with just using
a customer-oriented philosophy of marketing. Businesses may want to also look into becoming
competitor-oriented when marketing is involved. When using this tool businesses will need to
understand that performing the best market research will not put them on top. For instance,
marketers can learn a tremendous amount when looking at some military strategies that have
been used. Learning lessons from famous battles in history helps illustrate this term. It
implements the basic concepts of planning, maneuvering, and overpowering the opposition. To
understand the principle of force, marketers often seek inspiration from a famous military
personality, Karl von Clausewitz. He is noted to have said that ‘it is easier to get to the top than
stay there”. However, with marketing warfare once a business is at the top, it can use this
power of position to stay there.
When dealing with a big competitor with lots of resources (Party City), a smaller company
(Party World) must realize that they cannot win the battle with brute force but by means of a
superior strategy. Once consumers deem a product as number one in their heads, it is hard to
take over that number one spot no matter what. When looking to win the battle of marketing,
the business must look at executing a superior strategy alongside having better employees or
better products. An entrenched defense that is expecting an attack will have an advantage that
can only be overcome by an overwhelming larger attack. For example, a defense that is in a
trench will be shielded from the attackers, and the attackers will suffer more casualties than
the defenders. For this reason, these attackers will need a much larger force to overcome

defensive positions. The same holds true for marketing warfare. Companies cannot simply
attack a leader when they have insufficient resources because this will prove to be
unsuccessful. Having the element of surprise this will help achieve the retaliation wanted.
Launching product lines that take care of more than one customer segment can prove to be a
very great strategy.
There are four strategies that can be used in marketing warfare. These strategies include:
defense, offense, flanking, and guerrilla. When determining which strategy to use businesses
must look at their market share compared to the competition. The firm that is dominating the
market will want to implement the defensive strategy since if the firm gets too big the
government may attack them with antitrust laws. The next biggest firm will want to use an
offensive attack on the dominating market to help close the big gap between the two
companies. The third biggest firm (Party World vs. Party Time) is too small to sustain an
offensive attack on a larger firm. The best strategy for them is to launch a flanking attack,
avoiding direct competition, for example, by releasing a product that is positioned differently
than that of larger firms. To help differentiate them and gain a competitive edge over Party
Time, Party World should implement the flanking technique. This involves coming up with some
variation of a product that will help differentiate them from Party Time and thus help gain a
competitive edge. Whether it is adopting a new type of rental service, or carrying something
that Party Time is not able to carry, it is an important part of marketing warfare and becoming
the top competitor.

Product Diffusion Curve
When consumers start buying a new product they can be put into certain groups. On one side
of an extreme, consumers adopt the product as soon as it becomes available. On the other side,
some customers will be the last to purchase a new product. As a whole, the new product
adoption process can be modeled in the form of a bell-shaped diffusion curve, which is shown
in the following chart:
When looking at these groups, it can be seen what part of the percentage is in which category
and how they fit into the product life cycle. Each category of customers can be defined:

Innovators
Innovators are well-informed risk-takers who are willing to try an unproven product. They
represent the first 2.5% who adopt the product.
Early adopters
Based on the positive response of the innovators, early adopters will begin to purchase the
product. They tend to be educated opinion leaders and represent about 13.5% of the consumer
base.
Early majority
These are the careful consumers who will tend to avoid risk, and they adopt the product once it
has been proven by the early adopters. They rely on recommendations from others who have
experience with the product. The early majority represents 34% of consumers which is a big
chunk of the market.
Late majority
They are somewhat skeptical about the product and like to acquire a product only after it has
become common. The late majority also represents 34% of consumers.
Laggards
The laggards tend to avoid change and may not adopt a new product until traditional
alternatives are no longer available. They represent 16% of consumers.

Using this table and the information provided about the type of adopters (innovators, early
adopters, etc.) Party World can better prepare themselves for the type of customers they have
and become informed on how to market certain products and services to their customers based
on the type of adopter they are. This tool can be very important, because it divides the
consumer into groups, and shows who buys new products the most, and how they think when
deciding to buy the product.
Search Engine Optimization
Search engine optimization (SEO) gives the opportunity to improve sections of a website that
helps users and search engines locate the website through non-paid searches. By using certain
techniques, a website can position them to make it at the top of the search results. This is an
extremely important technique to have for Party World because most consumers are on the
Internet, and when they are searching for products, most consumers only look at the first page
of the search results. Proven keywords are the best way to get Party World’s business to the
top of the search results, example of such keywords that are relevant to the business are rental,
party, supplies, etc. If there is a hard time thinking of keywords, just go to SEOBook.com
Keyword Suggestion Tool for Google daily estimates. SEO is very important to implement into
the Party World website because it gets awareness out for the business and puts it at the top
for people to select first.

Website Recommendations
When searching for Party World’s website through google.com, two websites appear;
partyworldbrainderd.com and partyworldbaxter.com. Party World would want just to focus on
one website due to confusion to the consumer not knowing which website to go on. By looking
at the two websites, the consulting team’s recommendation would be to delete the
partyworldbaxter.com website knowing that there isn’t as much effort in that website
compared to partyworldbrainderd.com.
By looking at the home page of the website, there are about five different types of
font/typefaces. This is something that sounds like a little problem but could make a huge
difference in the consumers’ eyes. When looking at a website it is important to control where
the onlooker is navigating with their eyes. With multiple different typefaces, the onlooker will
not be able to know where to concentrate on the website, will get distracted, and most likely
not even bother with the rest of the website. Most major websites have a maximum of two to
three typefaces, if not,
just one typeface. Most of
them go with a basic
typeface such as Helvetia,
Arial, Times New Roman,
or even their own unique
type.

On Party World’s website, there is a lot of space at the top still open that should be utilized. Try
to make the logo bigger to stand out and have Party World’s tag line “we rent celebrations of a
lifetime” bigger. That tag line is great for the business, so make it stand out by making it bold,
big and maybe even a different color (purple). Also, the statement that starts off the page, “We,
at Party World, are in the business of celebrations - all celebrations. And, whether rented or
bought, our goal is for you to have the time of your life..,” could be summed up more into
something such as, “Party World is the one place to go for ALL of your festivities. Whether
rented or bought, we are here to create a celebration of a lifetime!” That way the tag line is
brought into the statement and it gets right to the point because people get distracted easily
and don’t want to read for a long time. When editing the statements, read through it and think,
if I were the customer - was the point of the statement made in the shortest, yet descriptive
way in the strongest words.
To make a bigger presence in the social media world, Party World will have to make sure that it
is clearly presented on the website. Currently, Party World just has a small Facebook icon on
the way bottom of the website which doesn’t even direct the customer to Party World’s
Facebook page. Most major websites have all of their social media icons bigger and bolder on
the top of their website which brings the customer right to their page after it is selected. Once
Party World becomes more familiar with other social media programs other than Facebook,
make sure that is perceptible on the website.

On the main page of the website, the picture of Kelli is fuzzy and should be updated and clear
with better resolution. Same as the statements, make sure the pictures that are being used on
the website are to the point and specific. If Party World offers all of these types of celebrations,
which is an advantage compared to its competitors, then make that apparent on the home
page. Suggest the different types of festivities the customer can have that they never even
thought of but would try from that suggestion from pictures to statements. Party World has
different sections in the store; make those sections on the website so the customers know all of
their options. Party World could try to replace the picture of the people dancing with the disco
ball, with a picture of what makes the business special; an example would be an extravagant
picture of a balloon setup or a unique celebration setup.
When browsing through the website, there is so much information in just one category, for
example Canopies. From looking at it through a consumer’s eye, it would be confusing and
overwhelming. With the tabs on the left side of the website, the consulting team would
recommend that sub-categories are also created so when a consumer puts their mouse over
the name canopies for example; white, striped, canopy lights, fans, heaters, hints for canopy
size will pop up. With selecting on canopies white sub-category, then the sizes and a picture of
what an average one looks like appears. Hints on each page could also be added so the
consumers know right away or when looking at a certain section, create a link so they don’t
have to find it but instead all they do is click on, “see canopy page” and it brings them there for
example. The consulting team would extremely recommended this because it shows the
potential customer their opinions and is clear and concise with a picture, direct sizes and prices,

and recommendations of what they can include with it also. This would be very time consuming
to take pictures and create a page for each category, but it would make the website much
easier to navigate through and would create more traffic, which would be worth the time.
When people think of celebrations they think bright and colorful thoughts. The website should
reflect that image. The current color scheme is green, purple and white on Party World’s
website. Green and purple stand out but white can get dull and dreary after a few pages. Even
just changing the white to a cream/tan color could really make the website pop more. By going
to the bright idea, try using Party World’s green color for the main background to brighten the
website all together instead of the darker purple and see what it looks like.
In the future, try to create Party World’s website to be the one stop shop for everyone’s
celebrations. The website could have customers create a wish list, basket, etc. They can then go
back and add to their list and purchase the items right over the website and pick a time to have
it either dropped off or ready at the store. This would create great convenience for Party
World’s customers, since the store is farther from the more populated cities, plus it is a
guaranteed sale for the business.
When people are browsing websites for ideas of what to have at a celebration, they are excited
and want to see their options. That is why the consulting team’s top recommendations for
Party World’s website is to have more specific photos for each product, easy navigation,
additional fun colors, and examples/reviews from Party World’s social media sites linked to the

main website noticeable. The consulting team thinks that having the different celebration
examples on the main page will bring in more than just the average customer. People will get
enthusiastic by those ideas and go through Party World. The consulting team understands that
the need for the webpage to be fast and not have as many photos but by formatting the photos
in the correct way, there wouldn’t be that problem and Party World’s customers will love it
because they can start to picture in their head what their celebration will look like.
Summary of Web Recommendations
 Delete one of the websites
 Change font to just one or two main typefaces
 Reword statements and make theme bigger
 Enhance social media presence
 Update pictures; make sure they’re of good resolution
 Arrange products into sub-categories along with photos
 Add more colors
 Have the website be a ‘One-stop shop’

Social Media
Party World currently has a small social media presence but can be improved further by using
the social media marketing and advertising techniques. Social media is a platform that is easily
available to anyone who has internet access and is one of the most common marketing tools
businesses use for cheap and convenient advertising to help reach their target market. When
using social networking sites, businesses are allowed to communicate in an easy way to a much
bigger market. Internet usage increases dramatically each year and what is better than reaching
people through the Internet. Consumers could be in their pajamas at home surfing the web and
see business websites all over the country. This proves to reach a different customer base and a
much larger customer base than ever before. Party World can benefit by implementing
strategies and tips by looking into new routes of social media provided below.
Facebook
Party World currently operates a Facebook
page which needs to be incorporated into
their website a little better after the above updates have been
implemented. It does require some time throughout the week to keep up with Facebook and
requesting input from close friends and family for creative posts can prove to be a great
marketing tool. Hosting more parties and making events on Facebook that people may attend
will also increase awareness of Party World as a store and as a presence on the social media
stratosphere. The Pink Mustache party was a great idea; just keep those ideas coming every
month or every other month to keep people involved with the business even during the slower

months. Keep up the good work with posting the different balloon creations on Facebook and
start showing those on Party World’s website as well.
Twitter
Twitter is a great tool for businesses when they want to
post updates about upcoming sales, coupons and
products that customer may want. Party World would
benefit greatly by setting up a Twitter account and learn
how to keep it updated. Twitter will help spread awareness of Party World and customers will
be better informed of great deals they can receive. At the bottom of the page, on Twitter’s
webpage, is a tab for businesses. Select the tab provides examples of best practices, videos,
and success stories to other small businesses, and how to get started. A recommendation
would be to take the time out before the upcoming busy season and create a profile for the
business and master the use through the tutorials that have been provided.
Instagram
Instagram is a picture application that can be accessed through
an application on any smart phone. This would be a great
social media tool for Party World because the business
owner (Kelli) is a Certified Balloon Artist. Posting pictures on

Instagram of the balloon designs/creations and the setups of the rental service could increase
customer awareness of some of the unique talents that other party stores do not offer. This will
help create a great competitive advantage and increase social media awareness.
Pinterest
Pinterest can be one of the greatest tools for Party World’s
business. Pinterest is a website that is devoted to pinning,
which is adding a picture of a product or idea, where
businesses can post different pictures of their highly
diversified products that they offer compared to competitors. Many people love pinning and
looking through pictures of items they think are stylish. Party World could take advantage of by
marketing many of the products through this service. To start an account through Pinterest,
visit business.pinterest.com and create a profile by following the steps under, New to Pinterest?
Join as a business. Steps that can be taken to help market through Pinterest include:
1. Making the company known – Telling people about the business and its offerings.
2. Craft a presence – Show people what makes the product unique.
3. Add a Pinterest icon to the website – This will ensure people know about the Pinterest
presence and make them aware of the items offered and what they look like.
4. Give Back – Offer promotions to customers who frequent the Pinterest account and reward
people who have been loyal and really like the brand and company.

5. Update the content! – With all social media websites, users like when content remains up to
date and they aren’t left wondering if the website was abandoned.
6. Re-Pin. Repeat. – Making sure to constantly be on Pinterest on a daily to weekly basis shows
customers are cared for and re-pinning will help get to more customers at a faster rate.
Make sure to keep sharing everything and never slow down.
7. Celebrate the fans – Offering fans an opportunity to post their own sections on the
Pinterest board shows care for them and allows them to stay updated with the business.
Google+ and YouTube
Google+ and YouTube are
created underneath the
same ‘Google username.’
Google+ is similar to Facebook but has different ways they organize friends through circles.
‘Circles’ is a way to group people, for example a business may have circles that represent loyal
customers, friends, fans, etc. It is a great option to create an account to be open to all
customers, no matter what network they are going through. YouTube is a website that the
public can place their own videos, they created, online. Since this is open to the public, a
business really does not know what it will see. It would be a good option for Party World
because the business could post videos of its choice. A good example would be posting ‘how to
videos.’ By searching through some of the videos related to the party industry, the consulting
team discovered informative videos such as, how to start a grill, which linked up with that
industry’s website, which could be a great idea for Party World.

Linkedin
Linkedin is a social media site for business and
professional connections. It is used to display company information and
connect with various organizations and job candidates. For Party World’s business, it would be
recommended to get the businesses information on the site and start networking with other
organizations that it does business with in order to stay updated on what they are doing also.
Foursquare
Foursquare is an application for smartphones
that allows people to “check in.” When people
“check in” it pops up on their other social networks to let their friends know
where they are. It is great for a business to have because it gets that business name on their
webpage of the social network the consumer is using. Some businesses give deals to the people
that “check in” a certain amount of time. This could be a great way for people to say where
they get their party supplies. So when their friends need to get supplies too, they know where
to go. Party World can get started by going to foursquare.com/business and start creating the
account.
Google Places
Google Places is a great marketing tool to show what Party World’s
business is all about if people Google the business or keywords about
the business. It shows people that Party World is in the area they

searched and people can also write reviews about the business when they stop by. When
searching for Party World on Google, a ‘Google Place’ mark comes up, with the correct
information on the business plus there is already a review for Party World. The consulting
team’s recommendations for this marketing tool would be to manage Google Places, if Party
World doesn’t already have access to it. To be able to manage it, simply ‘Google’ Party World
and click on the map where it says Party World is located. When Party Worlds’ information
under the red pin shows up, click on more info. Then toward the bottom right corner under, “Is
this your business?” there will be an option to ‘manage this page.’ Create that Google account
and make sure that Party World’s brand name looks strong because people might only give it a
few seconds.
Yelp
Yelp is a search engine for local business that people can write
reviews and rate a business they go too. It is designed to help
consumers find new businesses. This is a great way to get a
business name out to a consumer because if they search for party supplies, whatever business
has their information on file it will pull it up and suggest going to that location. To create an
account and learn more about it, just go to biz.yelp.com.
Groupon
Groupon is a marketing tool through coupons/deals.
Business can create offers and upload detailed business

information which creates higher traffic flow once they put a special deal on the website.
Consumers can then rate the deal and give feedback. Groupon is being used more and more
every day and would be a great way to get people through the door during the slow months.
They offer daily deals for major US markets for a fee (% of sales). In order to feature a certain
product or just browse the site to see more information, just go to grouponworks.com/get-
featured.
Deal Chicken
Deal Chicken is a marketing tool through coupons/deals just like
Groupon but offers more specific locations. Deals are run for a
specific time and for a fee (% of sales). Focus on trying out one
network first and then try another to see which one works best for the business. For more
information on Deal Chicken just go to dealchicken.com/merchant/aboutus.
Living Social
Living Social is a marketing tool through coupons/deals
just like Groupon and Deal Chicken. Living Social also
features activities people can get involved in locally. Living Social has been proven to help out a
lot of small businesses. To start an account and see reviews from other businesses just go to
getfeatured.livingsocial.com/getfeatured/us.

Tumblr
Tumblr is a very simple micro-blogging platform
where photos, videos, audio and blog content can be uploaded. Users can
share and follow other blogs. It is good for businesses to get into blogs for a fast way to get
their name out in the market and get people informed about the business. For more
information, just go to tumblr.com.
Word Press
Word Press is a place where users create a simple to
use blog based website. It offers a specific blog homepage, compared to
Tumblr. It is easy to maintain, change, and update information about the business. For more
information, just go to wordpress.org.
The consulting team would recommend not getting into multiple social media networks all at
once but instead learn and build one at a time. First focus mainly on creating a Twitter,
Pinterest, Yelp, and Groupon. Keep updating Facebook weekly and look further into Google
Places because information is already set up for Party World. If Party World elects to
experiment with in other social media networks as discussed, the consulting team recommends
that the business defiantly attempt this as it could benefit the business immensely.

SUCCESSION PLAN
Foreword
Effective estate succession planning is of vital significance for any business. The importance of
this planning is magnified for family-run businesses since often times family members may be
directly or indirectly tied to the well-being of the business. Statistically, the failure rate of
family-business is around, an alarming, 80 percent mark. Of these, less than eight percent
manage to successfully transition over to the next generation. The factors that dictate these
failures are pool planning and lack of clear communication between family members.
This is a dynamic planning process and needs to be revisited on a regular basis in order to
assess and gauge the objectives and involvement of all parties. Importantly, an efficient and
well informed succession planning process means that business owners are able to proactively
prepare for scenarios that may face the business in the future.
At any given junction, when wanting to plan the future of the business and the members
involved, the decision faced is to either,
1) Keeping the Business in the family, or
2) Selling the Business

Keeping the Business in the Family
Businesses that have been built from the ground up will hold great emotional value for the
founders. Finding a successor is easy; identifying the right successor is the tough part. It is
important to understand the importance of successor management in order to mitigate any
issues that may emerge at the time of passing down the business to the chosen heir.
Initial steps include involving all stakeholders and encouraging them to work together on a
regular and ongoing basis. Regular family meetings will further help identify who may be well
deserved to take control of the business eventually. In order to plan the future ownership on
the business, family participation will play a key role. This will not only help build a stronger
family but also a stronger business. When faced with responsibilities, emergence of a leader
amongst the stakeholders is greatly catalyzed. Furthermore, involvement will help the business
owner to aid the next generation at managing any inherited wealth. Finally, the process will
enable the business to understand,
 What are the family’s core values and business philosophy?
 What is the family’s vision of their relationship to each other and the business?
 Is the family willing to participate actively in supporting the business?
 How will the family prepare family members for management and leadership roles?
 Preserve it’s family values, traditions, and history
 Manage relations between family, customers and suppliers
 Recognize and resolve conflict before it becomes a crisis

The Five C’s of Planning
Control
Establishing, in a fair
way, how the family
will address decision-
making in the family, in
management and in
ownership of the
business.
Career
Making it possible for
various family members
to pursue rewarding
careers or other roles in
the business with
advancement and
rewards based on
performance.
Capital
Creating systems and
agreements so that
family members can
reinvest and, if
necessary, harvest or
sell their investment
without damage to
other family members’
interest.
Conflict
Addressing the conflicts
that business families
face because their work
and personal lives
intersect so closely.
Culture
Using family values in
developing plans and
actions. Family
business culture
represents enacted
family values.

Selling the Business
Understanding what the business is worth is of significant value to matter what a business
owner may be planning for its future. Even if selling it is not on a consideration, it is
recommended practice that the value be assessed through a banker or a third party that may
have no vested interest in the business at any given period. Business valuations are undertaken
for a number of significant reasons. These may include but are not limited to,
 Clarifying the difference between Perceived versus Market-value of the business
 Raising growth capital
 Estate and Inheritance planning
Valuation Techniques
Valuation techniques are processes that help determine the economic value of an asset, in this
case a business. The procedure is rigorous and involves an in-depth analysis of the financials of
the business. Before any valuation is undertaken, it is important to understand the purpose and
value of the valuation itself. The ‘premise of value’ assesses whether the business being valued
will continue to be operational or will be liquidated. Since the intent is to provide maximum
value to stakeholders (both buyers and sellers), identification of the intent becomes
significantly important before examining its financial details.
Industry norms see valuations undertaken, either from an Asset, Income or Market approach
for any given business. Picking the right technique is reliant upon the nature of the economy,
the history and nature of the business, the industry and its evolvement and market value of

similar sized businesses. However, for this study, the consulting team recommends assessing
the value through the Asset-based approach and explores its methods in the following section.
Alternatively, the Income-based approach focusses greatly on a business’ ability to generate fair
returns on investment on an ongoing basis. The approach focusses on the Income statement
and managing the top-line and bottom-line are the focus here. In either case, management of
financial statements plays an important role. The Market-based approach is rooted in concept
of competition. Valuation through this method looks at comparable businesses and analyzes
recent transactions (if any) to assess probable value of the subject business.
The Asset Approach
Businesses that hold high levels of seasonal inventory may often find themselves focusing
efforts on valuing themselves through the Asset-based approach. This means that
understanding and managing the balance sheet is of fundamental importance.
The fundamental premise of this approach is that any business, when being valued, is the sum
of its parts, in this case – its assets. Under this approach, a buyer will only be willing to pay for a
business what it can pay while attempting to procure similar assets. The process entails
objectivity, however, with US accounting standards, it fails to assess assets at fair market value,
since under US accounting rules assets are reported at cost.

Methods used to value business under this technique involve calculating,
1. Book Value – i.e. Total Assets – Total Liabilities. This is also known as Owner’s Equity. This
technique applies to assets that are highly liquid and easily convertible to cash. Since,
inventory available for sale is not considered highly liquid, a more relevant measure is
utilized to calculate the fair book value of the business.
2. Adjusted Net Book Value – Under this technique, the value of assets is closely reflected by
their fair current market value rather that their value at cost. The method factors in the
appraised value of the inventory and writes up or down the value of assets accordingly.
3. Liquidation Value – Unlike the above two techniques that assume the business will continue
to be run by its existing owners, this method operates on the premise that the business will
cease to operate after the sale of its asset and payment of its liabilities. Since, liquidations
are often done under pressure, a relevant assumption is that fair value will be hard to
achieve and discounts will come into play when calculating final worth.
4. Replacement Value – A process that is similar to an undertaking by an insurance company to
assess the value of assets of a business, if it were to replace them at any given period. The
method is extremely objective and takes into account the replacement cost of the actual
asset, rather than substitutes. The process does not take into account intangibles, such as
goodwill, and hence is considered a more conservative and discount-driven methodology of
valuation under the asset-based approach.

BIBLIOGRAPHY
1. National Retail Federation:
http://www.nrf.com/modules.php?name=News&op=viewlive&sp_id=1430
http://www.nrf.com/modules.php?name=Pages&sp_id=449
2. CBS Money Watch: http://www.cbsnews.com/8301-505123_162-57534431/how-are-consumers-
paying-for-more-spending/?tag=categoryDoorLead;catDoorHero
3. Yahoo Voices: http://voices.yahoo.com/a-look-economic-factors-affect-retail-sales-
4712978.html?cat=3
4. Quick MBA: http://www.quickmba.com/
5. The Next Web: http://thenextweb.com/
6. Special Events: http://specialevents.com/
7. Biznik: http://biznik.com/articles/how-to-write-a-marketing-plan-the-five-things-you-should-include
8. Tutor2u: http://www.tutor2u.net/blog/index.php/business-studies/comments/porters-five-forces-
explained-by-the-man-himself
9. Party World: http://www.partyworldbrainerd.com
10. Wordpress: http://www.wordpress.org
11. Tumblr: http://www.tumblr.com
12. Living Social: http://www.livingsocial.com
13. Deal Chicken: http://www.dealchicken.com
14. Groupon: http://www.groupon.com
15. Facebook: http://www.facebook.com
16. Twitter: http://www.twitter.com
17. Pinterest: http://www.pinterest.com
18. Linkedin: http://www.Linkedin.com
19. Instagram: http://www.instagram.com
20. Four Square: http://www.foursquare.com/business
21. Yelp: http://www.yelp.com
22. Google: http://www.google.com
23. YouTube: http://www.youtube.com
24. Carlock, Randel, and John Ward. Strategic Planning for the Family Business. Houndmills,Basingstoke:
PALGRAVE, 2001. Print.
25. Hoskisson, Robert, R. Duane Ireland, and Michael Hitt. Strategic Management. 9. Mason, Ohio:
Thomson Learning, 2010. Print.
26. Social Media: An Introductory Guide to Social Media and Your Small Business. St. Cloud: Minnesota
Small Business Development Centers Print.

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