According to the Chartered Institute of Marketing: Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.
The 7 P’s of marketing were our next step to planning our business – to identify our product, place, price, promotion, people, process, physical environment.
A unique selling point (USP) is something we can use when marketing to sell our product/service – in the photograph below you can see how I answered the questions
Next was to develop a marketing plan, we covered some of the plan in previous workshops they include a 1. mission statement, 2. SWOT analysis, 3. marketing objectives and 4. strategies. Next was to think how we would 5. implement the plan, the next workshop helped with this
– how we would get our message out about the launch of our product/service, the timescale involved, who you would share these tasks with and the budget you would assign to these items
and finally we would 6. measure and control the plan, as with any plan it should be reviewed – this will enable to see if money is being spent in the correct place as to be in full control of a business we need to be aware of the financial impacts of any decisions we make. We also need to look at the performance in the business in terms of profit we will make after deductions we all need money and to quote Johanna
“It’s taken me a while to get over my belief that you have to be on the breadline to be running a successful creative business. Now I realise it is about making money… we sell designs, we make money, then we can be more creative and take on more new projects!”
Johanna Basford, Designer / Illustrator (an awesome web site with amazing designs)
so I worked through my finance sheet this was covering
- what we wanted to earn
- how hard we wanted to work
- working with a partner
- risk taking
- self discipline
- business turnover
- product charges
- generating interest in product
- direct and indirect costs
money in and money out I made a list of what I would need to set up my print studio and the list really is huge – a lot I have already its the big items of equipment and a studio that I would need to offer the service.
I looked at the costs involved, the direct and indirect costs and once you start to make a list there are a lot of things you need which don’t generate an income e.g. rates, utilities, telephone,insurance, PAT testing.
Money in comes from fees and workshops I would offer but initially I would need start up funds and this led us to look at crowd funding, “the collective co-operation, attention and trust by people who network and pool their money and resources together, usually on the internet, to support the efforts initiated by other people or organisations”.
Kickstarter is the worlds largest funding platform and is based in America and at present only for Americans or those with an American bank account. We saw some excellent live projects and they really do help fund a diverse range of projects from film to music design. It works by the creative setting a funding goal, people then pledge money and in return they receive rewards if the project takes off. The rewards could include copies of things, experiences, momentos and you can see from my form below my replies to this, I realise I now have to get more creative with my ‘words’. No money changes hands though until the funds target has been reached. Go and have a look at the Kickstarter site its a great way to spend spare time and see some cool projects get a chance
So now I’m on my own I now have to use this information to put together a 1,500-2,000 word enterprise proposal, this has to outline the research I’ll wish produce over the summer. It accounts for 50% of my mark for this module.
The proposal then develop into a 7,000 word report which I’ll write during Design & The Market Part 2 during semester 1 of 4th year. This could be an in-depth business plan/feasibility study, market research for the development of a product/service or an analysis of a particular business market or model.
Not scary at all!!!!