Question

i) Answer the following questions. (8)
a. What do you know about Menon's first venture? (2)
b. How was Fabmall different from Fabmart? (2)
c. What aided Big Basket to flourish right in the beginning? (2)
d. Do you think a Brand Ambassador could make a difference to the success of
the brand? Why?(2)​

Answer 1

Answer:

• (a) After becoming a successful entrepreneur, he first came to Kerala with a proposal to set up a Rs 6,000-crore petrochemical complex at Kasaragod, which did not take off. Subsequently, he set up the two Technopark companies namely UST Global and Toonz Animation.
• (b) It was earlier known as Fabmart and then Fabmall, after which the company acquired US-based online shopping firm Indiaplaza.com and rebranded itself as Indiaplaza.in in India, and as Indiaplaza.com in the United States, which were later merged into a single website.
• (c) Bigbasket has been one of India’s biggest success stories. Incredibly, during their first three years of operation, Menon reveals, the firm relied only on word-of-mouth for advertising. Steady rises in transactions led to bigger investments when finally, about a year and a half ago, they hit the pedal and underwent large-scale expansions. Bigbasket currently has operations in 25 cities with plans to reach more cities in the future. Their revenues for successive years gives an idea of their stunning growth. A reported revenue of `178 crore in the 2014 fiscal year increased to `600 crore in 2015, with the firm now targeting the figure of `2,000 crore for the next year. Their brand ambassador is Shah Rukh Khan, who Menon says has given them a lot of visibility.
• (d) A brand ambassador (sometimes also called a corporate ambassador) is a person who is employed by an organization or company to represent a brand in a positive light, and by doing so, help to increase brand awareness and sales. The brand ambassador is meant to embody the corporate identity in appearance, demeanor, values and ethics.[1] The key element of brand ambassadors is their ability to use promotional strategies that will strengthen the customer-product-service relationship and influence a large audience to buy and consume more. Therefore yes it does make a difference in our success.

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