week 2: marketing & entrepreneurship
TRANSCRIPT
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