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1. ARAB OPEN UNIVERSITY
FACULTY OF BUSINESS STUDIES
B322 – INVESTIGATING ENTREPRENEURIAL OPPORTUNITIES
Fall - 1st
2018/2019
B322 - TMA (Fall 2018/2019)
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30. Question 1 (30 marks)
As an entrepreneur, explain your business idea and describe it as a business proposition
using the business competition chain as illustrated in sessions I and II. Word count: 500
words (+/-10%).
Question 2 (30 marks)
Based on the idea produced in Question 1, elaborate on the main barriers to
innovation/creativity faced when starting a business using ‘the innovation uncertainty
matrix’ to illustrate, and provide practical solutions to overcome them. Word count: 500
words (+/-10%)
Question 3 (40 marks)
Define the concept of marketing mix. Discuss in detail the promotion and price elements
used in the case study. Support your answer with relevant examples from the case study.
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31. Word count: 700 words (+/-10%)
Introduction
This TMA has three questions. Answer all of questions. The questions in this assignment
are mainly about developing entrepreneurial ideas. The last question (Q3) is based on the
case study below (page 5). Q1 requires you to propose an idea in connection with
business concepts given in Block I. Q2, based on question Q1, asks you to reflect and
elaborate on the ‘marketing mix’ (4 Ps or 7 Ps) needed to achieve your entrepreneurial
objectives. Q3 asks you to show an understanding of market research. Furthermore, you
should show an insight into the reasons why market research can reduce the risks of a
new product launch in relation to the case study.
Guidance to Question 01:
Keep in mind that this question is intended to test your ability to be innovative. Try to
express your idea logically and creatively using the business competitive chain. You need
to show the validation of your idea. “Idea validation is the process of testing
and validating your idea prior to launching your business name, tagline, product, service
or website. The entire purpose is to expose the idea to your target audience before you
build and release the final product”. Examples of some steps to validate your idea: look
for it, seek feedback and build a minimum viable product (MVP). If your idea has
support and your testing goes well and you feel that you might have a winning idea, then
finally start building your identity and brand around it now.
Your tutor’s feedback will be helpful in clarifying to you any misconceptions you might
have about the idea you are proposing and how it can be articulated.
Guidance to Question 02:
Based on the idea produced in Question 1, explain the main barriers to
innovation/creativity faced when starting a business using ‘the innovation uncertainty
matrix’ (book 1, session 3), you will identify and discuss potential barriers to creativity
and innovation, and propose solutions to overcome these obstacles.
Guidance for Question 3
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32. You are expected to define marketing mix and to discuss two of its elements: promotion
and price, using examples from the case to support your answer. You can refer to session
7 (Workbook 2) for some helpful ideas/concepts, in addition to the case study.
CASE STUDY (related to question 3(
“The Bathing Suits Start-Up Business”
When 38-year-old Malia Mills decided to launch her own swimwear company,
she set out to do much more than just sell high-end bathing suits. Mills wanted to
inspire a beauty revolution that would fundamentally change the way that women
felt about themselves. Before she became an entrepreneur, Mills had worked in
the fashion world as a designer for established apparel companies. Mills, a native
of Hawaii, saved the money for her start-up investment by working for many
years as a waitress in New York City. She started Malia Mills Swimwear in 1991.
The motto of Mills's business is "Love Thy Differences," and Mills is passionate
about encouraging all women, regardless of age, weight, or body type, to feel
good about themselves and to celebrate their uniqueness. In Mills's world, if a
woman does not like the way she looks in a swimsuit, it is the suit that has to
change, not the woman. As she explains, "We are passionate about inspiring
women to look in the mirror and see what is right instead of what is wrong”.
The Polaroid Project
If you walk past the Malia Mills Swimwear flagship store in New York's SoHo,
the first things you will notice are the photographs in the window. Instead of
showcasing fashion models, the window display features a collage of Polaroid
pictures of customers wearing the company's signature swimwear. According to
Mills's sister, Carol, who manages the store, "We've had so many customers walk
in off the street because of those photographs. People are thrilled to see actual
women in all colors, shapes, and sizes wearing our suits." The Polaroid project
actually began as an offbeat idea thought up by a summer intern on a particularly
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33. slow sales day. Mills liked the idea of using photographs of her customers
because it resonated with the core mission of her business.
Place Matters: Setting the Right Tone
To create a comfortable environment for her customers, Mills has constructed her
stores to look and feel like cozy lounges. She herself always hated trying on
bathing suits in department stores under the glare of unflattering fluorescent
lights. In her boutiques, the lighting is soft and dressing rooms are located in the
back so that the customers will not feel exposed to other shoppers. She provides
free bottled water so that they can feel relaxed and at home. Sales associates are always on
hand to assist with finding the appropriate suits. Mills does not believe in a one-size-fits-all design
philosophy. People's bodies do not come in packages of small, me dium, or large. Accordingly, her tops
are sized like lingerie, and bottoms come in sizes 2 to 16. All pieces are sold as separates, which allows
customers to mix and match across different style and fabric options, as well as size.
The Price/Production Connection
Malia Mills' suits are priced at the high end of the swimwear market. A bikini top
or bottom will cost somewhere between$130 and $165, and one-piece suits run an
average of $325. This pricing scheme reflects some of the choices Mills has made
as an entrepreneur about how her suits are produced. For example, she chooses to
manufacture in New York City instead of outsourcing production to Asia or
elsewhere, where labor costs are lower. According to Mills, "It costs us much
more per unit to sew our suits locally but supporting our community is worth it.
The women (mostly) who sew our suits do so with extra care—we visit them
often and they know how important quality is to us."
Mills chooses to import the fabrics she uses from Europe and she typically buys
them in small quantities, which is more costly, so that her designs stay fresh.
Mills also pays a premium to the fabric mills that custom-dye her materials in
unique colors and this also contributes to the bottom line of her manufacturing costs. Her suits are so
well made that she sometimes worries about undercutting herself in the marketplace. If the average
woman owns two or three bathing suits and a Malia Mills suit can last several years, it could take a long
time for a customer to seek a replacement.
Smart Selling Requires Trial and Error
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34. Early on, Mills sold her suits wholesale to department stores, but she found that
this strategy did not fit well with her core mission. Mills's suits got lost on the
racks next to other brand-name apparel, and the salespeople did not understand
how to answer customers' questions about the unique features of her product, such as how they are sized
differently from other swimsuits. Eventually, Mills decided to sell directly to the consumer. Maintaining
control over the sales process has allowed Mills to stay true to her mission of providing women with an
enjoyable and empowering experience, purchasing swimwear that fits in a relaxed environment.
Promotions: Getting the Word Out
Over the years, Mills has been successful in generating PR. Her company has
been profiled in major publications such as the New York Times, Sports Illustrated, and
Harper's Bazaar. It has helped to have celebrities such as Madonna wearing her suits, especially when
they are photographed in public. Recently, Mills began purchasing advertising for the first time in local
print media. She is doing this as an experiment to see if it has a noticeable impact on generating new
customers. In the meantime, the growth of Malia Mills Swimwear continues to be propelled by word of
mouth and customer loyalty. Each day, the business connects with passersby who are lured into the store
by the Polaroid photographs of ordinary women wearing her bathing suits. Once these women walk in off
the street, there is a pretty good chance that they will walk out as customers.
Source: Based and adapted from Mariotti, S. and Glackin, C. (2013. Entrepreneurship: starting and
operating a small business, edition 3. New Jersey: Pearson Education Limited.
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