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					                  Plato Kapranos
                       2003

Module 388                                   Developed in
                                          conjunction with


 Thixoforming Group
 Department of Engineering Materials - The University of Sheffield
Outline
 • Entrepreneurs

                     And


                         • Their Environment

Thixoforming Group
Department of Engineering Materials - The University of Sheffield
  Entrepreneurs – The New Alchemists
Enterprise – adventure,
                                       Entrepreneur – person in
effort, endeavour, project,            control of commercial
undertaking,       scheme,
                                       undertaking, one who
venture, daring, energy,
                                       undertakes a business or
initiative, push.                      enterprise, with a chance
                                       of profit or loss.

                                       Enterprising – adventurous,
                                       audacious, bold, daring,
                                       active, alert, efficient,
                                       energetic, prompt,
                                       resourceful, smart, spirited,
                                       zealous.
      Thixoforming Group
      Department of Engineering Materials - The University of Sheffield
Innovation = Creativity x Risk Taking

   Leap
  and the
  net will
  appear

   Julia
  Cameron



  Thixoforming Group
  Department of Engineering Materials - The University of Sheffield
Five is a magic number:
wanted four cornerstones




                  From: GSC6001 Entrepreneurship and Business Planning
Thixoforming Group
Department of Engineering Materials - The University of Sheffield
…… and an entrepreneur




                  From: GSC6001 Entrepreneurship and Business Planning
Thixoforming Group
Department of Engineering Materials - The University of Sheffield
“An entrepreneur is someone
who perceives an opportunity
and creates an organisation to
          pursue it”
Bill Bygrave
(The Portable MBA in Entrepreneurship, 1994)
                    From: GSC6001 Entrepreneurship and Business Planning
  Thixoforming Group
  Department of Engineering Materials - The University of Sheffield
 “An entrepreneur is someone
who accepts the risk of acquiring
and organising resources to seek
   opportunities for profit.”
 David Gough, entrepreneur and mentor
 White Rose Bioscience Forum, York,
 6 November, 2002
                     From: GSC6001 Entrepreneurship and Business Planning
   Thixoforming Group
   Department of Engineering Materials - The University of Sheffield
An entrepreneur is someone who
habitually creates and innovates
to build something of recognised
value around perceived
opportunities.
                          Bill Bolton & John Thompson
       Entrepreneurs – Talent, Temperament, Technique

  Thixoforming Group
  Department of Engineering Materials - The University of Sheffield
What are the characteristics of the
         entrepreneur?
 • Perseverance and determination
 •Ability to take risks
 •Need achieve/make a difference
 •Initiative and taking responsibility
 •Focus
 •Creativity
 •Honesty and integrity
 •Independence

Thixoforming Group
Department of Engineering Materials - The University of Sheffield
What do entrepreneurs do?
• They make a significant difference
• They create and innovate
• Spot and exploit opportunities
• Find the necessary resources
• Network
• Show determination in the face of adversity
• Manage risk
• Exercise control over the enterprise
• Be customer oriented
•Create capital

Thixoforming Group
Department of Engineering Materials - The University of Sheffield
So basically entrepreneurs…..
• Take Risks in order….
                  • to Create
               • Innovate and

                        • Build

  Thixoforming Group
  Department of Engineering Materials - The University of Sheffield
The „entrepreneur‟ process diagram
Bill Bolton &
John Thompson
Entrepreneurs –         4. Finding the                    5. Using
Talent,                    required                      networks
Temperament,              resources                     extensively
Technique



                   3. Spotting and       Overcoming
                                                            8. Controlling     10. Financial,
   1. Motivation                                             the business          Social,
     to make a         2. Creativity and Innovation
                                                            9. Putting the       aesthetic
     difference      Exploting                              customer first         capital
                   opportunities         Obstacles

                                                                      Recognition
                          6. Showing                                   Of Value
                         determinatio
                                                      7. Managing
                         n in the face                    risk
                          of adversity



          Thixoforming Group
          Department of Engineering Materials - The University of Sheffield
             From idea to opportunity
From: Bill Bolton & John
Thompson                                         Idea
Entrepreneurs – Talent,
Temperament, Technique

                                                            Factors
                                 Knowledge      Effective   critical
                                 skills and     Strategic   for
                                 competency     position    market
                                                            success



The industrial landscape is already
littered with remains of once
successful companies that could not
adapt their strategic vision to altered       Opportunity
conditions of competition.
Abernathy, Clark & Kantrow

            Thixoforming Group
            Department of Engineering Materials - The University of Sheffield
Creativity, Innovation and Entrepreneurship
                    Implemented
Creative
idea
                                                        Enterprise




                          Leads to
                          Innovation
                                                      Marketed
     Thixoforming Group
     Department of Engineering Materials - The University of Sheffield
What sort of people do you need
 in a business start-up team?
    •   Entrepreneur
    •   Technical innovator
    •   A technical delivery specialist
    •   A sales person
    •   A finance/admin person

  Thixoforming Group
  Department of Engineering Materials - The University of Sheffield
    The business start-up team
                             Entrepreneur




            Finance/ admin
                                                       Delivery specialist



Technical innovator

                                     Sales
                       From: GSC6001 Entrepreneurship and Business Planning
     Thixoforming Group
     Department of Engineering Materials - The University of Sheffield
From: GSC6001
Entrepreneurship and
Business Planning
                        What will they do?
                         Entrepreneur: communicates
                              vision, aims, goals




                                           Finance/ admin person:
Technical innovator:                       watches the cash and sets
the ideas person,                          up systems
comes up with new
products
                                                               Delivery specialist:
                                                               ensures that
                                                               goods/services are
                                                               delivered to the
                       Sales: goes out and gets business       customer on time
                       for the company, another great          and to spec: the
                       communicator                            second „techie‟
          Thixoforming Group
          Department of Engineering Materials - The University of Sheffield
 The entrepreneur‟s world:
        The Market

       What is Marketing?

        Business has only two basic functions:
        Marketing and innovation. Marketing and
        innovation produce results. All the rest are costs.
                                           Peter Drucker

Thixoforming Group
Department of Engineering Materials - The University of Sheffield
MARKETING DEFINED:
• Marketing is ”the management process
  which identifies, anticipates and supplies
  customer requirements efficiently and
  profitably.”
  Chartered Institute of Marketing



   Thixoforming Group
   Department of Engineering Materials - The University of Sheffield
         NEEDS, WANTS, DEMAND AND
From: GSC6001    EXCHANGE
Entrepreneurship and
Business Planning
                                       E
                                       X
                                       C
Needs  Wants  Demand                H     Offers for sale  Product
                                       A
                                       N
                                       G
                                       E


                                   Market
                                   Research
        Thixoforming Group
        Department of Engineering Materials - The University of Sheffield
    The selling concept (after Kotler et al (1996)

Starting
point              Focus              Means                   Ends


                                                                Profits
                 Existing           Selling &                   through
Factory
                 product            promotion                   sales
                                                                volume




 From: GSC6001 Entrepreneurship and Business Planning

           Thixoforming Group
           Department of Engineering Materials - The University of Sheffield
              The marketing concept
                             (after Kotler et al 1996)



Starting
point              Focus              Means                   Ends


                                                                  Profits
Market          Customer              Integrated                 through
                 needs                marketing                 customer
                                         mix                   satisfaction




  From: GSC6001 Entrepreneurship and Business Planning

           Thixoforming Group
           Department of Engineering Materials - The University of Sheffield
The entrepreneurial marketing process:
             the four + four Is (after Stokes, 2000)

                         Incremental Innovation



                        Influence of word of mouth
Information-gathering        Image-building               Identification of
  through networks                                         target markets
                                Incentives
                               Involvement


                           Interactive marketing
                                                        From: GSC6001
                                 methods
                                                        Entrepreneurship and
                                                        Business Planning
        Thixoforming Group
        Department of Engineering Materials - The University of Sheffield
CREATING CUSTOMER VALUE
      Positive           CUSTOMER               Negative
                            VALUE


 PERCEIVED                                           PERCEIVED
 BENEFITS                                            SACRIFICE

       •Product benefits             •Monetary costs
       •Service benefits             •Time costs
       •Relational                   •Energy costs
       benefits                      •Psychological
       •Image benefits               costs

                                                 (After Jobber, 2001)
   Thixoforming Group
   Department of Engineering Materials - The University of Sheffield
       The Marketing Mix
          (formerly known as the „4 Ps‟)

        • A classification of marketing
          decisions made in terms of
               Product
               Price
               Promotion
               Place
               People
               Processes
               Physical evidence                From: GSC6001
                                                Entrepreneurship and
Thixoforming Group                              Business Planning
Department of Engineering Materials - The University of Sheffield
   Positioning yourself in the
             market
• Identify characteristics of target market
• Identify factors of critical importance to
  target market
• Focus all elements of the marketing mix
  on that market
                     From: GSC6001 Entrepreneurship and Business Planning
   Thixoforming Group
   Department of Engineering Materials - The University of Sheffield
Ten questions you should be able
to answer about your market (1)
 1. What is my target market?
 2. What is the size and accessibility of my target market?
 3. What is the profile of my target customer?
 4. Who are my potential major trade customers?
 5. How will my products/services solve my customers‟
 problems
                       From: GSC6001 Entrepreneurship and Business Planning
    Thixoforming Group
    Department of Engineering Materials - The University of Sheffield
Ten questions you should be able
to answer about your market (2)
 6. How does the customer buying process work?
 7. What factors will make customers increase or decrease
 their buying?
 8. What is my USP (Unique Selling Point)?
 9. Can I get a major share of a niche market, rather than
 a small share of a large market?
 10. What are the current trends in the market?
                       From: GSC6001 Entrepreneurship and Business Planning
     Thixoforming Group
     Department of Engineering Materials - The University of Sheffield
Five questions you should be able
to answer about your competitors
 1. Who are my major competitors?
 2. Where are my major competitors?
 3. What are the strengths & weaknesses of competitors?
 4. How loyal are customers to current competitors?
 5. Who will be my competitors in one year‟s time?
                                              - Know your enemy!

                       From: GSC6001 Entrepreneurship and Business Planning
     Thixoforming Group
     Department of Engineering Materials - The University of Sheffield
   Marketing as a corporate
          function
• “ Marketing is so basic that it cannot be
  considered to be a separate function. It is
  the whole business seen from the point of
  view of its final result; that is the
  customer‟s point of view.”
                                              – Peter Drucker

    Thixoforming Group
    Department of Engineering Materials - The University of Sheffield
Developing a marketing strategy:
• Where are we now? (with our products/services)
• Where do we want to be? (marketing objectives,
  targeting, segmentation analysis)
• How do we get there? (marketing mix strategies,
  resources available)
• How do we ensure we get there? (control &
  feedback)
                         From: GSC6001 Entrepreneurship and Business Planning
       Thixoforming Group
       Department of Engineering Materials - The University of Sheffield
Setting objectives that are
         SMART
           •   S    - Specific
           •   M    - Measurable
           •   A    - Achievable
           •   R    - Realistic
           •T       - To Time
                  From: GSC6001 Entrepreneurship and Business Planning
Thixoforming Group
Department of Engineering Materials - The University of Sheffield
Developing a new product or
      service: stages
     •   Idea generation
     •   Idea screening
     •   Concept development & testing
     •   Business Analysis
     •   Product development & testing
     •   Test marketing
     •   Commercialisation
                   From: GSC6001 Entrepreneurship and Business Planning
 Thixoforming Group
 Department of Engineering Materials - The University of Sheffield
                  The product life cycle
Sales
 £




                                                                       Time
Stage:   Introduction       Growth           Maturity     Decline
Customers: Early adopters   Early majority   Majority     Laggards

          Thixoforming Group
          Department of Engineering Materials - The University of Sheffield
Adoption of an innovation by different market segments:
                      eg calculators (after Jobber, 2001)
 Sales
 £
            From: GSC6001                                                   Schoolchildren
            Entrepreneurship and
            Business Planning




                                                                General public




                                                   Commercial



                           Engineers, scientists
                                                                                       Time
         Innovators     Early adopters   Early majority    Late majority Laggards
         Thixoforming Group
         Department of Engineering Materials - The University of Sheffield
The Role of Marketing - Summary

 • Uncovering unmet customer needs
 and problems
 • Match technological capabilities to
 solving those problems
 • Move projects through enterprise
 and into the market

                                      Everything is worth what its
                                       purchasers will pay for it
                                                 Syrus
  Thixoforming Group
  Department of Engineering Materials - The University of Sheffield

				
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