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MNE3701 Assignment 6 Semester 2 2024 - DUE 8 November 2024
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MNE2601 Assignment 4 (QUALITY ANSWERS) Semester 2 2024
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Table of Contents
Question 1 .................................................................................................................. 3
1. Discuss a concept statement and use an example from the case study for each
point in your discussion. (10)...................................................................................... 3
2. Describe the type of industry that PlusFab is operating in. (2) ............................... 5
3. Discuss the challenges that Tema is facing as a businesswoman in an emerging
economy. (3)............................................................................................................... 5
4. Explain the concept of internationalization and provide evidence of
internationalization from the case study. (5) ............................................................. 10
Question 2 ................................................................................................................ 11
1. Discuss the challenges Muriel has faced in her entrepreneurial journey. (3) ........ 11
2. Describe market research and highlight how Muriel intends to use market research
in the expansion of her business. (7)........................................................................ 13
3. Discuss expansion to other markets and diversification growth strategies and
explain how Muriel has used the two strategies to grow her business. Use examples
from the case study. (6) ............................................................................................ 17
4. Muriel became an entrepreneur by buying an existing business. In your own words,
discuss four (4) advantages of buying an existing business. (4) .............................. 19
Advantages of buying an existing business .................................................... 19
References ............................................................................................................... 20
2|Page
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Question 1
1. Discuss a concept statement and use an example from the case study for
each point in your discussion. (10)
The concept statement is defined by Chiloane-Tsoka and Rankhumise (2019) as a
short, preliminary description of the product or service idea. In the case study, the
product is fashionable clothing. The concept statement includes the following items:
A description of the product or service being offered: this section often includes a
sketch in the case of a product, so that the prospective customer could see how the
intended product would look. It would also include features of the product or service
that would enable the prospective consumer to express an opinion on his or her
attitude towards the intended product/service. The response received at this stage
would assist in building the prototype that incorporates the feedback and intention that
the entrepreneur had in mind.
Case application: Ouma Tema took it upon herself to start her own fashion brand
aiming at plus size women. Her business creates a range of sophisticated ready to
wear collection and custom-made outfits for special occasions, for example weddings,
Durban July, The Met, Polo events, awards shows, graduations, cocktail, birthday
parties and more. The business targets professional women from all walks of life who
appreciate elegant accessible yet exclusive fashion.
The benefits of the product or service
This section highlights the benefits and value that the product or service offers
potential users as well as the needs and wants that it aims to address or problems that
it seeks to solve.
Case application: as someone who struggled to get clothes of the right size that
spoke to her fashionable, she took it upon herself to start her own fashion brand that
can help address the problem of plus size women as was her case too. Her products
3|Page
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