Monday, 12 November 2012

Lecture Two - Markets, Audience and Analysis.

Who are they?

What is marketing?
  • "management process responsible for identifying, anticipating and satisfying customer requirements, opportunities, profitability and success."

Marketing roles
  • 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?
  • trends
  • technological development
  • political change
  • economical boom and slump
  • human need
  • problems
  • research

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

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