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"
- managing, forecasting and predicting

Marketing roles
1. identify customer needs to develop new products
2. develop pricing strategies
3. promote products to target audience
4. identify distribution networks
5. add value to product through customer benefits
6. monitor product performance

The 4 P's
1. product - item that satisfies consumers needs/wants, intangible good/service
2. price - amount customer pays and overall product cost
3. promotion - methods of communication used to provide information to parties about product
4. place - provifing product at place or in a context convernient for consumers to access
- relationship between these = success or failure

By the numbers...
- 87% of design businesses employ less than 10 people
- 16% of these are in North England
- 23% are in London
- 57% collaborate with each other
- 28% of designers are free-lance

What is a creative entrepreneur?
1. owner entrepreneur - design director, coordinator, collaborator
2. owner manager - creative with assistant, small studio, retail
3. owner worker - free-lancer, designer, partnership

- only 16% in Brazil are entrepreneurs
- only 6% in India
- only 5% in the UK
- lowest percentage is in Japan - manufacturing culture

What kind of creative are you?
- evolutionary OR revolutionary
- manager OR opportunist
- cautious OR risk taker

"Great minds discuss ideas. Average minds discuss events. Small minds discuss people." - Roosevelt

What is an idea?
- anytime
- anywhere
- inspired by anything
- anybody
- random
- seldom materialises
- rarely succeeds
- 5,000 idas pop into your head in 24 hours

"In the realm of ideas, everything depends on enthusiasm...in the real world all rests on perseverance." - Goethe

"Everyone is a genius at least once a year. Success comes from having brighter ideas closer together." - Fred Bates

What is an opportunity?
- the people are right
- the place is right
- conditions are right
- the time is right
- RIGHT PLACE AT THE RIGHT TIME

The wrong time
- DeVinci - inventions before their useful time - helicopter, flying machine, machine gun, parachute

Why did they fail? (P.E.S.T)
1. politicians saw no benefit
2. economics fragmented
3. society has no need for it
4. technology too primitive

Positives and negatives
- political, environmental, social and technological factors
- conditions can change

Where do opportunities come from?
- trends
- technological development
- political change
- economic boom and slump
- human need
- problems
- research

Have you spotted an opportunity?
- skills - technical, practical, conceptual, professional
- aptitudes - teamwork, collaboration, communication, management
- predisposition - risk/cautious, evolutionary/revolutionary, manager/opportunist

Good opportunity or not?
- competitors - how many? how well are they doing? what are they doing well? what could they improve on?

** standing on the shoulders of giants **

Assessing competition (S.W.O.T)
1. strengths
2. weaknesses
3. opportunities taken
4. threats faced

- internal environment = skills, resources, lifestyle
- micro environment = network, competitors, suppliers, community, stakeholders
- macro environment = the world, economics, technology, trends, politics, environment

Quality of opportunity
1. for me
2. for customer
3. for planet
4. for other stakeholders