Taking Your Design Offering To Market: Curriculum Overview Class 1

Taking Your Design Offering to Market Curriculum Overview Class 1 August 12, 2009

Overview • Objective: Enable design student take their individual design offerings to market i.e. steps from the business idea to business reality • Curriculum, conduct, interaction and testing • Business Steps – ideation to execution • Value proposition • Mission statement • The Business Plan • Planning to Operations

High Low

Overlaps in the types of knowledge combined

Creativity and Innovation

Few

Many

Types of knowledge combined

Value Proposition A business or marketing statement that summarizes why a consumer should buy a product or use a service. This statement, brainstormed or market researched, should convince a potential consumer that one particular product or service will add more value or better solve a problem than other similar offerings. The ideal value proposition is concise and appeals to the customer's strongest decisionmaking drivers.

Mission Statement • Succinctly, your business vision • Include fundamental values and essential purpose • Allusions to its future aspirations • May be subject to periodic change • A vision of how a company expects its employees and systems to respond to fulfil customer needs

A Balanced Scorecard

Perspectives: 2.Financial 3.Internal business processes 4.Learning and growth 5.customers

Your Business Plan • • • • • • • • • • •

Executive summary/use of funds The problem/the market The solution (your business proposition) Market and trends Sales strategy and distribution Intellectual property (patents, trade secrets, unfair competitive advantage) Government regulation Exit/liquidity People (key employees, advisors) Financials (Capitalization chart, 5 years of income statements, balance sheets, cash flows) Appendix

Risk Management Establishment of context of risk Identification of risk

Communication and consultation

Analysis of risk

Evaluation and ranking of risk Treatment of risk

Monitoring and review process

Resource Mobilisation • • • • • • • •

Human Material Equipment Finances Locale, office, workshop, store Empanelment, strategic-partnership Supply chain Logistics

Team Building • • • • • • • •

Probably the single most important function of a CEO/Founder Always takes more time than anticipated Always more expensive than anticipated You get what you pay for Complement what you have Always hire people smarter than you are Always hire people excited by your vision Don’t hire people who are just in it for the money

Leadership ‘Leaders articulate and define what has previously remained implied or unsaid; they invent images, metaphors and models that provide a focus for new attention. By doing so, they consolidate a challenge provoking wisdom. In short, an essential factor in leadership is the capacity to influence and organise meaning for the members of the organisation.’ Burt Nanus and Warren Bennis – Leaders

Team Effectiveness

Communication

Business Plan to Operating Plan Business Plan • Defines the Business & Strategy – – – –

Overall goals Major milestones Overall headcount Overall spending plan

Operating Plan • Defines Tactics – How do I accomplish my strategy? – Logistics – Resources – Critical paths – Contingencies – Sensitivity analysis

Financing - Comes in several flavors - Equity vs. debt vs. bootstrapping

- Best model depends on several factors -

How much you need When you need it Your experience/ How much help you need Your confidence in your idea/ When you can pay it back Attractiveness of investment Control

Branding and Marketing • Branding represents the intangible values created by a badge of reassurance, which simultaneously differentiates the product from the competition • Marketing strategy refers to specific processes adopted by the marketing function of a business in order to achieve specific goals or objectives

Contracts •

Elements and essentials – – – – –

• • • • • • • • •

Conditionality Offer Acceptance Delivery consideration

Scope and Appraisal Planning Commitment and honesty People Governance and ethics Delivery Arbitration Consideration Close

Business Management Various processes involved in the delivery of your product or services from idea through operations to completion

Organisational Culture Corporate culture is taken to be the beliefs, values, norms and traditions of an organisation which directly affect the behavior of its members. We’ll discuss theories and practical aspects of organisational culture and the ways in which it affects how management makes decisions and forms strategies and how these

Closing Contracts How to close contracts to the satisfaction of all stake-holders • Closing includes the formal satisfactory conclusion of a project. Administrative activities include the archiving of the files and documenting lessons learned. • This phase consists of: – Project close: Finalize all activities across all of the process groups to formally close the project or a project phase – Contract closure: Complete and settle each contract (including the resolution of any open items) and close each contract applicable to the project or project phase

Customer Joy/ Satisfaction Customer satisfaction is a measure of how products and services supplied by a company meet or surpass customer expectation. It is a key performance indicator for a company and a primary element of business strategy.

Ethics, Responsibility and Governance Governance is the process of decision-making and the process by which decisions are implemented. We shall discuss its aspects and how to implement it in our organisation to good effect

Social Responsibility Corporate Social Responsibility is the deliberate inclusion of public interest into corporate decision making, and the honoring of a triple bottom line consisting People, Planet and Profit