Answer Question ONE $($COMPULSORY$)$ Read the case study on Kathryn Kerrigan and answer all the questions asked below it$.$ Kathryn Kerrigan, who is six feet tall, has always had trouble finding shoes. She began wearing boys' athletic shoes after a growth spurt in elementary school, and as a teenager, she had trouble finding shoes for special events. Her dad remembers those days well, "When she was in high school, I had to drive her all over looking for prom shoes. Within $20$ miles, there are six regional malls. We hit them all. Kerrigan's difficulties finding shoes continued through high school and college. At Lake Forest College, where she played basketball, she didn't mind wearing athletic shoes and flip$-$flops, but the lack of fashionable shoes was a problem when she graduated. She saw herself and her teammates $($all tall women$)$ as future businesswomen, trendsetters, and mothers, who wanted fashionable and elegant shoes in sizes $11,12,$ and $13.$ All they could find were bland shoes that didn't seem to go well with anything. In $2003,$ Kerrigan entered the MBA program at Loyola University Chicago. During her last semester, she took a course, taught by clinical instructor Eve Geroulis, where she was required to come up with a business idea and write a business plan. She decided to write a plan to start a company to design and sell fashionable shoes for women with large shoe sizes. She never thought the plan would turn into a company$-$it was simply an assignment to complete the class.As Kerrigan started researching her business idea, she became intrigued. She didn't realize how many tall women there were and how big the gap in the marketplace was. In the course of writing the plan, she talked to $200$ tall women and $175$ of them had the same complaint no fashionable size $11,12,$ or $13$ shoes. She tried to find hard data, from the Shoe Retailers Association and elsewhere, that explained why fashionable shoes weren't available in large sizes, but she had no luck. In the back of her head, Kerrigan had the sneaking suspicion that the shoe companies just weren't supplying these sizes, and that a large untapped market for fashionable size $11,12,$ and $13$ women's shoes existed. Through her research, she found that women's shoe sizes are increasing. She figured that the reason for this was increased participation in women's sports: Women who play sports from the time they are young will invariably have larger feet and require bigger shoes when they become adults. This was another reason to expect a continued increase in demand for larger$-$sized women's shoes. After Kerrigan received her MBA, she took her business plan to a bank to see if she could get a loan and actually start a business. The banker was impressed, not so much with the plan, but with the fact that Kerrigan prepared it$,$ and that she knew the shoe industry and could talk the industry's language. She got a $$35,000$ loan, which allowed her to travel to trade shows and start the business. She named her business Kathryn Kerigan to build a personal brand. The first obstacle that Kerrigan had overcome, as silly as it sounds, it was that she didnt know much about designing and selling shoes. Luckily, she got good advice from her parents, and their extended network, and traveled to trade shows talking to supplies and industry insiders. Another big obstacle was finding a contract manufacturer to make the shoes she had in mind. Because she was proposing something new$-$ fashionable womens shoes in big sizes$-$ manufacturers didnt want to take a chance on an unproven idea. She finally found a factory in Alicante, Spain, a Mediterranean region known for high$-$quality shoe making, that was willing to work with her. She spent seven months apprenticing in the factory$-$learning the shoe business inside out. Back home, she studied import laws, tariffs, and the like, becoming an expert in how to import shoes into the United States. She also designed her initial order of large$-$sized fashionable shoes and boots, aided by craftsmen she had met in Northern Italy, to be made by the factory in Spain use Kerigan sold her first shoes in fall $2006.$ In her first six weeks of operations, her company had $$26,950$ in sales, depleting most of her stock. Kerigan's business has grown steadily, and she's outgrown the single manufacturing facility in Spain. While producing fashionable women's shoes in large sizes remains her primary focus, she has expanded her product line. In July $2007,$ she opened her own flagship store in Libertyville, Illinois, and in August $2007,$ she added a clothing line for tall women. Her products are now sold online, in catalogs, and through women's fashion boutiques across the United States and in Europe. In $2007,$ Kerrigan was named the top female entrepreneur under the age of $30$ in America by Inc. Along with continuing to build her company, Kerrigan is now an adjunct professor of entrepreneurship at her alma mater, Loyola University of Chicago. a$)$ Describe the three general approaches that Kathryn used to identify opportunities for her business.

b$)$ Identify three personal characteristics that made Kathryn better at recognizing her business opportunities than others. c$)$ Explain three reasons why most business plans fail.

d$)$ Identify and briefly describe the four elements of a Kathryns firms marketing mix.