Case synopsis----quick finish in 4 hours

24749 Entrepreneurial Marketing Management 2020

Case 1: Life After Lockdown

Instruction: Watch the YouTube video link uploaded on assignment section in Canvas and answer each question based on the interview. 2 pages max.

1. According to the interview, how did Malcolm define entrepreneurship? What entrepreneurial quality do you think is particularly important during the COVID pandemic?

Answer ：For Malcolm, entrepreneurship lies in being prepared to try, persisting and being human when doing something. What's more, we are in an era of change, which means that entrepreneurs need to keep pace with the times, dynamically cater to the changes of the times, take advantage of the trend, rather than against it. Entrepreneurship is an important source of the core competitiveness of an enterprise. During the pandemic, these entrepreneurial qualities are particularly important: 1. Have an adventurous spirit. Due to the impact of the epidemic, the economy is in a state of depression. At this time, business operators must want to succeed. You must have an adventurous spirit, formulate corporate strategies suitable for the current environment, and develop new markets in accordance with the current market environment, and adjust commodity prices appropriately when necessary. 2. To be tolerant. When changing the previous business model, entrepreneurs need to be good at listening to the opinions of other employees and avoid being arbitrary. 3. Innovative spirit. In the current environment, mature entrepreneurs can discover new opportunities, create new business models, and open up new markets.

2. What businesses were mentioned as having extra difficulty during the pandemic? What businesses would you predict to boom during and after the pandemic?

Answer ：During the pandemic, Australia's tourism industry and the real economy were hit hard. Due to covid-19, part of Australia's real economy went bankrupt due to lockdown and border closures. In my opinion，during and after the pandemic, communication services will flourish. For example, high-speed broadband provides extremely convenient video conferencing and company operations during the pandemic. A well-developed Internet, some devices and applications have helped some companies avoid failure due to lockdown during the pandemic. Moreover, during the pandemic, the food delivery and transportation industries dominated due to the inability to eat in restaurant, and people found more convenience in life, and this industry will also flourish.

3. Based on the interview with Malcolm and based on your own experience of pandemic, suggest one business (i.e., a product or service) that does not exist but maybe successful once developed and offered in the market. Describe what it would be, what problem it can solve, and who would be your target customers. Be creative and show your entrepreneurial spirit!

Answer ：In my experience, since I am a person who does not know how to cook and pays attention to keeping in shape, eating and exercising have become my biggest problems during the epidemic. Because of the lockdown, I couldn't go to the gym, and staying at home all the time made my work and rest chaotic. In my idea, I want to design a service that uses the app to set a daily plan, enter the height and weight on the app, and the system automatically generates a daily exercise plan and diet, and cooperates with professional restaurants to plan for different customers. , Formulate three meals a day and deliver them to customers through take-out. The app also has a community chat service. Many people are bored at home. Using this app not only solves the problem of eating, but also leads to a healthier life. It has a daily diet plan and fitness plan, and can communicate with other customers who use the app. This service will face all millennials who have body shape requirements and can't cook during the covid-19 pandemic. Millennials are more receptive to new things, and they have the courage to try new things, and millennials are more likely to feel lonely and pay attention to physical health. The audience target of this app is reasonable to choose millennials. Regarding the three meals a day provided in the app, I would like to cooperate with youfoodz. The brand focuses on healthy eating, and the average price of each meal is around $9.98. The price is reasonable and within a controllable range. The app is a membership system, which is a profit channel. When the app gets attention, inserting advertisements will become one of the profit channels.

4. On week 3, we learned several interesting concepts covered in chapter 2 of the textbook. One of the models that we learned was the forecasting trial model. Discuss how each of the three factors in the forecasting trial model may be influenced by COVID crisis. If you think that some of the three factors would not be influenced by COVID, discuss your rationale.

Answer ：In the covid-19 pandemic, f1: The proportion of target people who understand new products will increase, because due to the pandemic and lockdown, everyone stays at home and uses the Internet to obtain information about new things, which greatly improves understanding of new products The target population. f2: Due to the pandemic, people can only receive information through the Internet, but the target customers are still unable to perceive the attributes of the new product through touch. This is also due to the impact of the pandemic. f3: For the target customers to purchase products, they have not been affected by the pandemic, because the logistics is very convenient. Customers sometimes encounter shortages when purchasing products offline, but this situation is less likely to occur when buying online.