What is marketing?
- "management process responsible for identifying, anticipating and satisfying customer requirements, opportunities, profitability and success."
- identify customer needs, develop new products
- develop pricing strategies
- promote products to a target market
- identify distribution networks
- add value to your product through customer benefits
- monitor the performance of the products
The four P's
- product - an item that satisfies what the customer wants, product/service
- price - amount customer pays or overall cost of product
- promotion - represents methods of communication that markets may use to provide information
- place - providing the product at a place or in a context that is convenient for a customer to access
- relationship between these can help analyse if something will succeed or fail
What is a creative entrepreneur?
- owner entrepreneur - designer, director, project manager, collaborator
- owner manager - creative with assistant, small studio with creatives, co-operative studio
- owner worker - freelance designer, partnership
What kind of creative are you?
- evolutionary or revolutionary
- manager or opportunist
- cautious or risk taker
- do you make calculated and informed decisions or to you react instantly when things are presented to you?
What is an idea?
- can happen at any time
- can occur to anybody
- can happen anywhere
- can be inspired by anything
- generally random
- seldom materialise
- rarely succeeds
What is an opportunity?
- the people are right
- the place is right
- the conditions are right
- the time is right
The wrong time
- Da Vinci - inventions before their useful time (helicopter, flying machine, machine gun, parachute)
- Why did they fail?
- politicians couldn't see any benefit
- economics were to fragmental
- society had no need
- technology to primitive
- PEST analysis
Things that can have positive and negative effects
- political factors
- environmental factors
- social factors
- technological factors
Where do opportunities come from?
- technological development
- political change
- economical boom and slump
- human need
You think you've spotted an opportunity
- skills - technical, practical, conceptual, professional
- aptitudes - team work, collaboration, communication, project/people management
- predisposition - risk/cautious, evolution/revolution, manager/opportunist
Good opportunity or not?
- Look at your competitors
- how many are there?
- how well are they doing?
- what do they do well?
- what could they improve on?
Will anyone buy it?
Assessing the competition
- what are their strengths?
- what are their weaknesses?
- what opportunities have they taken?
- what threats do they face?
- SWOT analysis
- you can apply this analysis to yourself
- internal environment - your skills, your resources, your lifestyle. IN CONTROL.
- micro environment - your network, your competitors, your suppliers, your local community. HAVE IMPACT
- macro environment - economic, technology, social trends, politics, the environment, world market conditions. VIRTUALLY NO EFFECT.
Access the quality of an opportunity
- for me
- for the customer
- for the planet
- for the other share holders