Fendi : best known for its "baguette" handbags. Symbol of Fine craftsmanship

Fendi : best known for its "baguette" handbags.

Symbol of Fine craftsmanship.

Project Ideation and Opportunity Mapping

By- Rahul Jain

I PLAY, I CREATE, I SUCCEED .

Creative Inspiration

BEST CREATIVE IDEAS WILL COME When we are delighted and relaxed.

Searching New Ideas

Guided by Your Broad Objectives/ Passion/Skills/Experience

Affected by External Opportunities/ TrendsBrainstorm to generate solutions(Environmental Analysis)Shortlist Ideas for detailed scrutiny

1. Business Landscaping2. Other constraints

YOU HAVE TO PLAY BOTH

“The one real object of education is to leave a man in the condition of continually asking questions.”

Bishop Creighton

RecapProject management- Meaning &

ImportanceArt & ScienceImplementation toolConnected with our Mission/PassionPassion CollageProject Management CycleGoal settingSMART

Video - Passion

YOUR BEST SELFThis exercise involves thinking back to a

time when you were at your best.

Write: What were your doing ? Did you have a boss or you were self directed

?

If you had one year left to live how would you spend it ?

Why Creative Intuition?

MOTHER-IN-LAW: (not mine!)

When you rearrange the letters:

WOMAN HITLER !!!!!!!!!!!!!!

Right Brain Project IdeationCreativity and Project Ideation go hand in

hand.

YOU ARE Invited to embrace your creative nature in the realm of Business

Your Gift of Imagination and Intuition will help you find fresh solutions to your Business challenges.

VIDEOVideo on Lincoln

Project IdeationAllow yourself to Dream Big and Connect emotionally with your Vision/Mission &

Passion. Understand the relevant Business

Landscape. ( See Business Landscape Play Sheet)

Scanning the EnvironmentOpportunitiesBarriersTrends ( Social, economic, technological

Buzz)CompetitorsCustomers YourSelf ( Strengths & Challenges)

CASE STUDY OF IML

TIPSFocus on Most relevant clues

Don’t believe in perfection

Trust your instincts

Make assumptions & Refine

Detective Bulletin Board

Articles about the EnvironmentMarketing Material of your competitorsTrends Information about MarketsInformation about Consumers ( Target

Market)

Sources of New Opportunities

Burberry VIDEO

Sources of New OpportunitiesCustomer-route: When customer

dissatisfaction is high; appropriate also

when investment in technology

development/application not yet made. E.g.

Demand of Image Makeover for Men: Men’s

apparel segment growing

Check Video

Product-route: Appropriate when product or

process developed and attractive application

required. Ex. BMW – X1 ( low priced )

Sources of New Opportunities

TrendsGreen Movement is becoming more commercial

Interest in comfort, travel and leisure

Ex. Online Luxury Portals .

Lagerfeld Launches Economy Fashion Line – Online

Video.

Do you agree that basically we are….

And

Any product/service that helps us achieve these needs have potential

• Lazy

• Pleasure seeking

• Comfort seeking

Some places to track trendsGood Old LibraryGoogle “ Guru”Books, Mags, TV etc.Ted.com, trendwatching.comIndustry magazines, Annual reports of

competitorsCompetitors are your “VIRTUAL MENTORS”

Competitors: VIRTUAL MENTORS

Detective Field workBlogs, Social Media SitesWebsite, Online stores, Price lists,Product description, Service offeringsBlog comments, TestimonialsNetworking, MeetingRetailers, Expos, Training.

Creative ReflectionWhat themes do you notice ?What is your target market ?What are the competitor’s challenges ?What issues are your potential customers

concerned about ?What new insights you have gained ?

Factors for Industry attractiveness Market growth rate

Market size

Demand variability

Industry profitability

Industry rivalry

Global opportunities

Macro-environmental factors

Self-Opportunity Match

Self

Previous Experience (knowledge, skills)

Access to new knowledge, skills

Customer

Problems (existing, emerging)

Level of dissatisfaction (criticality, discontentment)

Solution to Customer Dissatisfaction

Financial Attractiveness Strategy (source, cost, availability, adequacy)

Marketing Attractiveness Strategy (size, Entry, Sustenance)

Entrepreneurial Capability Strategy (Attitude, Skills, Knowledge pool/network – individual/group)

Technical Attractiveness Strategy (Existing/new technology and products/services)

Criteria in Selecting IdeasInvestmentRate of returnImplementationMarket SizeRiskUniquenessExpected Life FlexibilityEnvironment considerationsEffectivenessTotal Score on Each parameter ( 1 to 5 – Poor to

Good)

Screening Ideas: Are they Opportunities?5 Questions

1. What important customer problem can you solve?

2. How are you going to do it?3. How many customers are there that are willing

to buy from you?4. Why can only you provide the solution?5. How can you defend against others?

Ask these questions BEFORE somebody else does!

Screening an Opportunity:5 Questions

1. What important customer problem can you solve?

How valuable?How painful?Remember, you need to change

somebody’s behavior to buy your product.

Screening an Opportunity:5 Questions

2. How are you going to do it?

Business model:Product

Distribution

Location

Technology/Innovation

Service

Brand

Screening an Opportunity:5 Questions

3. How many customers are there that are willing to buy from you?

How many customers are there? (Market size)

How many will buy from you? (Market share)

Who will be your first customer (besides your Mom)?

Who will be your 100th?

Screening an Opportunity:5 Questions

4. Why can only you provide the solution?

How are you unique? What do you provide that nobody else can?

Screening an Opportunity:5 Questions

5. How can you defend against others?

Location, brand, patent (or other IP), great service, great taste, great fashion sense….

Referenceshttp://blog.euromonitor.com/luxury-goods/p

age/2/http://euromonitor.typepad.com/files/luxury

-goods-overview-for-the-giveaway-v2.pdf

Individual Assignment related to End term

Market Trends Play sheet

Business Landscaping