LECTURE 1
[X] There are 6 key roles in a small business
Identify customer needs to develop new products - Market research
Develop pricing strategies - Find out what the going rate is and how much you can charge
Promote products to a target market - Help people know if you're the right person by targeting a select audience. You need to show you're a specialist
Identify distribution networks
Add value to your product through customer benefits - Give the customer more than they expected every time and they will come back for more
Monitor the performance of the products - See how well you're doing against competitors. How can you do something in a way thats new? You need to understand customers needs. Got to be able to communicate with them to find out whats good and whats bad.
[X] What does a customer want and need? Identify, anticipate and satisfy customer requirements profitably.
[X] We need a value proposition
[X] We need a mission statement
[X] Need to consider the internal and external past and future you
[X] Need to consider the 4 P's: Product, price, place and promotion
LECTURE 2
[X] Need to do a PEST analysis: political, economical, social and technological analysis to see if there is a need for our business in todays environment and if it will work. Can also be known as PESTLE when considering legal and environmental factors
[X] Need to access our competitors strengths and weaknesses by looking at their 4 P's and doing a PEST analysis on their business, this making up a SWOT analysis as we find out what there strengths and weaknesses are, and which opportunities and threats this leaves for our business
[X] We need to look at the market demand vs industry supply for our service
[X] We need to think about the environment around us:
- internal - all about you
- micro - immediately impacting
- macro - PEST things that effect
LECTURE 3
[X] In our value proposition will be our:
- overall aim - (mission)
- specific aim - (outcomes)
- objectives - (how to go about achieving our aims)
LECTURE 4
[X] Need to look at how to promote ourselves using the marketing communication mix checklist
[X] We will get the customers attention through following AIDA - Attention, interest, desire and action
LECTURE 5
[X] We need to decide on a business vision for the future
LECTURE 6
[X] Decide what roles people are fulfilling within the business. From the way that we have worked so far, these are the roles I think we are taking on:
- Me - Plant (ideas), Shaper (tells people to get on)
- Charlie - Resource investigator (research and deals with people), Completer (motivates)
- Marty - Specialist (technical skills), Implementer (gets on with job)
- Lisa - Monitor (cautious, realistic, makes you think), Team-worker (communicator)
[X] We all work as a team with no leader
[X] Implications of being a limited company: see blog post
[X] We will each pay 20% tax because we are aiming to pay ourselves £20,000 salary, so this is £4,000 tax a year
LECTURE 7
[X] Our creations are our intellectual property, so we will copyright them so we don't get ripped off, by using the copyright symbol, signing and dating work, publishing it somewhere (our website), and keeping track of everything we have copyrighted so we can take legal action if ever necessary
[X] It costs £60 to register your design to protect it, we could protect our logo, so it would initially be trademark then when it is register it would have an R registered symbol
[X] Logo trademarks have to be renewed every ten years, design rights can last 25
LECTURE 8
[X] We need an accountant
[X] We are designing an invoice and a statement
- invoice - what has been purchased, itemised, dated, total, VAT, grand total, remittance advice slip, t&c
- statement - list of unpaid and recent invoices and total amount outstanding
[X] Will use standard accounting software to keep charge of finances
[X] Could make a list of tangible (can touch) and intangible (can't touch) assets, such as our company name, knowledge...
[X] What does a customer want and need? Identify, anticipate and satisfy customer requirements profitably.
[X] We need a value proposition
[X] We need a mission statement
[X] Need to consider the internal and external past and future you
[X] Need to consider the 4 P's: Product, price, place and promotion
LECTURE 2
[X] Need to do a PEST analysis: political, economical, social and technological analysis to see if there is a need for our business in todays environment and if it will work. Can also be known as PESTLE when considering legal and environmental factors
[X] Need to access our competitors strengths and weaknesses by looking at their 4 P's and doing a PEST analysis on their business, this making up a SWOT analysis as we find out what there strengths and weaknesses are, and which opportunities and threats this leaves for our business
[X] We need to look at the market demand vs industry supply for our service
[X] We need to think about the environment around us:
- internal - all about you
- micro - immediately impacting
- macro - PEST things that effect
LECTURE 3
[X] In our value proposition will be our:
- overall aim - (mission)
- specific aim - (outcomes)
- objectives - (how to go about achieving our aims)
LECTURE 4
[X] Need to look at how to promote ourselves using the marketing communication mix checklist
[X] We will get the customers attention through following AIDA - Attention, interest, desire and action
LECTURE 5
[X] We need to decide on a business vision for the future
LECTURE 6
[X] Decide what roles people are fulfilling within the business. From the way that we have worked so far, these are the roles I think we are taking on:
- Me - Plant (ideas), Shaper (tells people to get on)
- Charlie - Resource investigator (research and deals with people), Completer (motivates)
- Marty - Specialist (technical skills), Implementer (gets on with job)
- Lisa - Monitor (cautious, realistic, makes you think), Team-worker (communicator)
[X] We all work as a team with no leader
[X] Implications of being a limited company: see blog post
[X] We will each pay 20% tax because we are aiming to pay ourselves £20,000 salary, so this is £4,000 tax a year
LECTURE 7
[X] Our creations are our intellectual property, so we will copyright them so we don't get ripped off, by using the copyright symbol, signing and dating work, publishing it somewhere (our website), and keeping track of everything we have copyrighted so we can take legal action if ever necessary
[X] It costs £60 to register your design to protect it, we could protect our logo, so it would initially be trademark then when it is register it would have an R registered symbol
[X] Logo trademarks have to be renewed every ten years, design rights can last 25
LECTURE 8
[X] We need an accountant
[X] We are designing an invoice and a statement
- invoice - what has been purchased, itemised, dated, total, VAT, grand total, remittance advice slip, t&c
- statement - list of unpaid and recent invoices and total amount outstanding
[X] Will use standard accounting software to keep charge of finances
[X] Could make a list of tangible (can touch) and intangible (can't touch) assets, such as our company name, knowledge...
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