Your best friend, Sally, decided to open her bubble tea shop on Cambie Street near Langara campus 3 years ago. After operating her cafe, she has been struggling to manage it because she has been lacking business management knowledge and experiences at the beginning of her business venture. Since you studied business course at Langara and you offered to give her some business advice a year ago, her business has improved since then. You helped her to modify her business plan and changed the way to operate her shop. Her financial conditions have improved and she has been able to increase her cash flow and generate an average monthly profit of $1,400 as of last month. Her shop used to sell 20 kinds of bubble tea and 5 smoothies. She has been able to bring in a few more items to her menu and allow customization of orders as well. Her banana smoothie has been very popular because she has a special recipe to make her smoothie. She has been exploring to add two different flavors into her smoothie in order to expand this product line. She is now ready to launch her new products - mango green tea smoothie and black sesame red bean milk tea. Since her bubble tea shop also locates near a high school and Langara College, her target market for these new drinks is teenagers and young adults between 14 and 25. Other than that, she does not really have many other ideas about how to better market these new drinks. She will definitely need your help in launching these two new products. 1) To better understand her target market, you suggest Sally to conduct a market research. Briefly explain to her FOUR(4) methods she can use in a market research. (8 marks) 2) After developed these two new drinks, Sally is unsure if she should continue to develop new drinks. Explain to Sally the concept of product life cycle (PLC) to illustrate why it is necessary for her to continue her product development effort. Clearly explain the FOUR(4) stages of PLC, and then describe the product sales and profit/loss situations in each stage. (12 marks) 3) Sally also needs to determine her pricing strategies for these two new drinks. She really likes to use the right strategies to boost the sales of these new products. Discuss FOUR(4) possible pricing strategies she can adopt. (8 marks) 4) After explaining the pricing strategies to Sally, you also want to share with her how to properly price her new mango green tea smoothie. Explain to Sally the concept of break-even analysis. Then, calculate the price of her new smoothie if she likes to break even after selling 12,000 cups In a year. The annual fixed cost allocated to her new smoothie is $30,000 while the variable cost is $2.5 per smoothie (ENSURE TO SHOW YOUR STEPS IN CALCULATION). (4 MARKS) 5) Besides marketing her new products, Sally also understands that accidents, e.g. fire, can happen to her business. It is important to manage risk. Please briefly explain FOUR(4) possible risk management techniques Sally can use to protect her business. (8 MARKS)