week 2: marketing & entrepreneurship

Resource Journal Tasks:

3.Read the Neat Idea Entries

5.Answer the Questions in the Entries

7.Make Adjustments to your Blog (Name, Look, Widgets, Tagline, Banner)

9.Start Listing Possible Blog Topics (Specific to the Entrepreneurship Topic)

www.neatidea.wordpress.com

WEEK 2

Business Opportunity Analysis

The Business Plan

Types of Business Plans

Working Plan (For Internal Use)

Mini Plan Full-Length Plan

Business Opportunity - Steps

1. Brainstorm & Collect Ideas2. Research Feasibility

Qualitatively Quantitatively

3. SWOT Analysis4. Key Decisions

Legal Form of Business Positioning Vision, Mission, Values, Objectives

Idea Collection

e-Publication Industry

What makes an e-Publication favourable to a printed one?

What are some common characteristics of successful online publication sites?

Hang onto these, we will use them later!

Information Sources

Primary Surveys, focus groups, observation, experimental

Secondary Strategis.ic.gc.ca Commerce.statcan.ca Business Source Complete (through biblioottawalibrary.ca) Locally:

Ottawa.ca/business Ottawaregion.com

Qualitative Analysis - Competition

Types of Competition Pure Competition (Commodity) Differentiated Competition Oligopoly Monopoly

The market will make room for something great and different.

Qualitative Analysis - Competition

Threat of New Entrants Capital Requirements

Threat of Substitutes Buyer Power over Costs

Buyer Information Buyer Size & Concentration

Supplier Power over Costs Presence of Substitute Inputs

Internal Rivalry Industry Growth & Concentration Product Differences

Qualitative Analysis – Other Factors

Technology Economic Social/Cultural Political Legal

What opportunities and threats do these factors

create for your business?

SWOT Analysis

Quantitative Analysis

Market Potential

=market size x per capita expenditures

Market Share %

=proposed business service capacity /total capacity

Quantitative Analysis

Market Share Revenue

=Market Share x Market Potential

Net Income

=Market Share Revenue – Anticipated Expenses

Idea Collection - Exercise

Develop 1 idea for each collection source Previous experience (work, volunteer, education)

Gaps in these industries if you know of any Hobbies you have Pain points – things that make people unhappy Trends – look them up; think of your travels Evolving Ideas – get inspiration from another publication

Core Business Decisions

Vision, Mission, Values

Vision: Communicated direction in terms of the organization’s values; forward-thinking

Mission: Purpose and main objectives of the organization; reason for being

Values: shared beliefs; drive culture, brand, and strategy

Objectives

How will you measure business success? Scale Market Share Profit # of Customers

Corporate Alignment

Corporate Mission, Vision, Values

Business Problems & Objectives

Marketing Challenges and Objectives

Marketing Strategy and Planning

Marketing Activities and Campaigns

Long Term Mid Term Short Term

Branding

Brand Image: a strong, memorable identity associated to company or product

Every piece of communication affects the brand image

Branding Myths

1. It’s just for big companies with big budgets Everything can be a brand, including yourself It takes commitment and consistency – not cash

2. It’s a fad People have always used it to build strong reputations

3. It’s just a Logo and Tagline It’s a company’s most valuable asset It’s the sum of all actions, communications, and offerings

4. It’s about Creating an Image Successful brands must deliver on their promise of value

Source: Career Distinction, W. Arruda

Branding Benefits

The Result: Charge a premium for your products and services Increased market valuation Easily extend your service lines Sustainability Attract quality partners and employees