Week 2: Marketing & Entrepreneurship

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Developing and evaluating business ideas for e-Publishing.

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Week 2: Marketing & Entrepreneurship

  1. 1. Week 2<br />Business Opportunity Analysis<br />
  2. 2. Last Week’s Learnings<br />What is Marketing?<br />What is an e-Publication?<br />Where do business ideas come from?<br />
  3. 3. Idea Collection<br />
  4. 4. Off > Online Publication Activity<br />Share the publications you brought at your tables<br />Choose the most exciting one<br />Present to the class<br />What was the inspiration?<br />What would the e-Publication offer?<br />Who would be the audience?<br />
  5. 5. e-Publication Industry<br />What makes an e-Publication favourable to a printed one?<br />What are some common characteristics of successful online publication sites?<br />
  6. 6. Trends<br />What are people buying?<br />http://trendwatching.com/trends/2011sofar/<br />Who is buying (consumer tribes)?<br />How are the tools changing?<br />http://mashable.com/2011/01/05/web-technologies-2011/<br />
  7. 7. Example: Thrillist.com<br />
  8. 8. Sample Business Idea<br />Capitalize on Urban Trends<br />Canadian-focus<br />Evolution of the “Thrillist” Idea<br />URBANCHEER.COM<br />
  9. 9. Feasibility Analysis<br />
  10. 10. Qualitative Analysis - Competition<br />Direct Competition – competes in the same product category<br />Indirect Competition – alternative purchase choice<br />The market will make room for something great.<br />
  11. 11. Qualitative Analysis - Competition<br />Is the market easy to enter?<br />Costs of capital<br />Legal barriers<br />Is the offering unique or generic?<br />How saturated is the industry?<br />Is the industry growing, shrinking, or staying the same?<br />
  12. 12. Qualitative Analysis – Other Factors<br />Social/Cultural<br />Technology<br />Economic<br />Political<br />Legal<br />What opportunities and threats do these factors create for your business?<br />
  13. 13. SWOT Analysis<br />
  14. 14. Examples: Strengths & Weaknesses<br />Strengths – what gives your company an edge?<br />Years of experience in the related industry<br />Access to funds<br />Endorsement by an influencer<br />Recognizable name<br />Weaknesses – how is your company vulnerable?<br />High cost of production<br />Low differentiation in a saturated industry<br />Unknown name<br />Lack of network<br />
  15. 15. Quantitative Analysis<br />Market Potential – What is the industry worth?<br />=# consumers x $ spent each on average<br />(Can usually find in research)<br />Market Share % - How much could you get of it?<br />Base on research.<br />
  16. 16. Quantitative Analysis<br />Potential Revenue<br />=Market Share x Market Potential<br />Net Income<br />=Potential Revenue – <br />Anticipated Expenses<br />
  17. 17. Quantitative Analysis – e-Publications<br />How big is the potential audience?<br /># Internet Users in target region<br /># Users within target age demographic<br />Online Publications<br />Revenue in online advertising<br />Revenue in online subscriptions<br />IABCanada Online Advertising Report<br />If you have an audience, the advertisers will come.<br />
  18. 18. Information Sources<br />Primary<br />Surveys, focus groups, observation, experimental<br />Secondary<br />Strategis.ic.gc.ca<br />Commerce.statcan.ca<br />Omdc.on.ca<br />Magazinescanada.ca<br />Locally:<br />Ottawa.ca/business<br />Ottawaregion.com<br />
  19. 19. Idea Collection - Exercise<br />Develop 1 idea for each collection source<br />Previous experience (work, volunteer, education)<br />Hobbies you have<br />Pain points – things that make people unhappy<br />Industry gaps – something you think is missing<br />Trends – look them up; think of your travels<br />Evolving Ideas – get inspiration from another publication<br />
  20. 20. Core Business Decisions<br />
  21. 21. Mission, Vision & Values<br />Mission: Purpose and main objectives of the organization; reason for being<br />Vision: Communicated direction in terms of the organization’s values; forward-thinking<br />Values: shared beliefs; drive culture, brand, and strategy<br />
  22. 22. Corporate Alignment<br />Corporate Mission, Vision, Values<br />Business Problems & Objectives<br />Marketing Challenges and Objectives<br />Marketing Strategy and Planning<br />Marketing Activities and Campaigns<br />Long Term<br />Short Term<br />Mid Term<br />
  23. 23. Brand Statement<br />One possible format:<br />We [name of company] promise [customer group]<br />That they can count on us for [unique attribute or<br />benefit] delivered with [character, tone, mood].<br />
  24. 24. Positioning<br />Brand Positioning Strategy: <br />The intended image of a brand within a market space relative to competition and by specified characteristics<br />What will set the company apart within the market segment?<br />Identify existing gaps and saturation – use a Positioning Map<br />
  25. 25. Prestigious<br />Price<br />Style<br />Sporty/Sleek<br />Comfortable<br />Affordable<br />
  26. 26. Geoff Moore’s formula:<br />For (target customer)<br />Who (statement of need or opportunity)<br />The (product name) is a (product category)<br />That (statement of key benefit – that is compelling reason to buy)<br />Unlike (primary competitive alternative)<br />Our product (statement of primary differentiation)<br />

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