More Business Definitions

 Business Definitions

Conversion rate: converting someone who goes to your site into a customer

Trend: A long lasting interest ( seasonal) in a product which is popular with the masses.

Fad: A short lived, often viral, facination or popularity of a product. ex. fidget spinner

Call to action: When you go to a website/social media account and you are asked to do something...like fill out an address form.

B2B: Business to business marketing or selling

B2C: Business to consumer marketing or selling

Bounce rate: The percentage of people who land on a page and leave without clicking anything

Proprietary: ownership of a design or technique

Patent: protection of intellectual property ( utility or design patent) is protected legally

Personal Selling: When a company sends a salesperson out to people's houses to sell. An example would be Avon sales or a vacumn cleaner salesperson.

Direct to consumer selling: Selling directly to the customer bypassing retail. Usually done through an online site.

Retail Selling: Selling through a brick and morter store.

Branding:  is the process of communicating a unique selling proposition, or differential, that sets a product or service apart from the competition. Examples of branding techniques include the use of logos, taglines, jingles or mascots.

Emotional Branding: finding ways to connect with the customer through storytelling

Link to Lululemon History Read out to class

https://info.lululemon.com/about/our-story/history

Watch video

Check out Lululemon's website here: lululemon Website

Understanding how a company presents itself to the customer is an important part of business. Move your way through the Lululemon website and answer the following questions. This assignment will be marked out of 20 and handed in. To be done individually.
For students who have analyzed this company before ( last year's group) choose your own large company and answer the following questions around that company.

Lululemon Analysis (20 marks)  

PLEASE TYPE YOUR RESPONSES ON A SEPARATE SHEET 

A lot of the information to answer these questions can be found at the bottom of the website, 

 

1. What does Lululemon sell? ( List a few sample products) 

2. Who is their target market? (sex, age etc) Is there more than one target market? Give details. Do you think Lululemon provides products men would buy?

3. List the positives of the website, what works? (2-3 points) 

4. What could be done better on the website? (list 3 points) 

5. Do you think they use effective photos to advertise their products? 

6. Is there an obvious mission/slogan/manifesto that Lululemon has, if so what is it? 

7. What do you the purpose of the community section is on their site? 

8. Do you think the community section of their site is effective...explain your reasoning. why/why not? 

9. List the programs the company is involved in. What do you think is effective about these programs, do you think they are in line with the company’s goals? 

( diversity and body positivity)

10. What makes a business a good corporate citizen? List 3 ways that Lululemon is a good corporate citizen.  

11. Do you think the prices for items are reasonable and in line with other competitor's products? Give details by searching competitors products. 

12. What kind of jobs would be available in this company? Is this a company you would want to work for? Explain why or why not. 

13. Check out Lululemon’s Social Media sites, are the sites working, do they have engaged followers? How do you know if the followers are engaged?