© 2002 IBM Corporation 1 CSC323 BIT Final Year Project Idea and Business Context.

© 2002 IBM Corporation

1

CSC323 BIT Final Year Project

Idea and Business Context

timetabling expertise with managed implementation training and consultancy © 2004 eventMAP Limited2

Announcements

Submit Groups by next Wednesday6-8 members

Times Allocation will appear on web

Tutorial/Business Meetings will commence in two weeks in the Java Suite Committee Room (Ground Floor)

Groups should meet before hand

http://www.cs.qub.ac.uk/~B.McCollum/csc323/csc323.htm


Lecture Structure

Source of Ideas

Example projects from previous years

Business Context


The Starting Point

Groups of educated and motivated individuals

Interest, knowledge and understanding of modern IT, business processes etc..

Frustrations and Ideas

Capture all of this within a Business Context

The next step is Idea Generation


Creativity – Turning ideas into a project (business)

Initiate A point on which to nucleate ideas

Imagine How could this be improved?

Invent IT must be in the solution

Implement Give thought to design and ‘rollout’

Sustain


Idea Generation

Where are the Problems / Opportunities?

What are you aware of?

How do you find out?

Potential Areas to Focus on e.g.

Health, Economy, Environment, Education, Entertainment, Business Processes, Travel, Community, Retail, Family, Fashion and Beauty, Food, Gaming, Holmes and Housing, Security, recreation, Marketing and advertising, Non Profit Social Cause, Telecom and Mobile, Transportation, Style and Design


Idea Generation - examples

Work experience

areas of problems, high demand, customer complaints,

frustrations and waste identified.

Patterns and Trends e.g. Demographics

Family size, exercise habits, perceptions, aging of population, work patterns

Money available?


Idea Generation

Talk to people

Family / Friends / Relations / Neighbours

Many ideas come from customers - so find people with a need or a problem.

Magazines/Watch television

Look to the USA for ideas emerging there. They tend to be several years ahead of us.

Sell a complete package. Pull a range or products and services together to fully solve a specific problem.


Key issues

Team ‘buy in’

Understanding of Team Strengths

Initial background research

Enthusiasm

Attitude and belief

Project Management

Looking for opportunities which separate your team from others


BIT Company Examples

Stage-MICSFull e-commerce web site for the development of a ‘local

music’ community

KidzClickIT learning environment for Primary School Children

Activ-EatInteractive tool for placing orders in restaurants



AlumIT

Delivery of a full ecommerce Alumni service targeted at the UK University Sector

Digi-Dress

A closing Kiosk incorporating a whole body digital scanner to allow for visualisation of various combinations of chosen catalogue clothes



Palm quest

The development of a hand held device for use within the survey industry.

Preliminary aimed at the Housing association market used during the process of tenant surveys

Secure IT

Development of products to improve security and road safely for road users within UK

Product ‘eyeTsecure’ is an iris scanning device placed in a vehicles to ensure you are the owner and are fit to drive.


MedNET

Development of a customer relationship management communication tool designed to improve the relationship between GP’s and patient

Ephora‘Equilibrium’ is a product for the purpose of fitting a horse with

an appropriate saddle


© 2002 IBM Corporation

14

BIT Final Year Project

Business Context

timetabling expertise with managed implementation training and consultancy © 2004 eventMAP Limited

Key Issues

1. Value Proposition

2. Target Market

3. Revenue Model

4. Unique selling proposition

5. Competitive Analysis

7. Market Size

8. Market Growth

9. Market Share

10. Lifestyle or High Potential, Sole Proprietorship or Corporation)

11. Start-up Costs

12. Investment needs

13. Exit Strategy

14. Return on Investment

15


Business Context – Early Questions

What

Product, Service

Why

Why Now, Why You?

Where

Market, section of market


Business Context – Early Questions

Who

will use, will you need to partner?

Who will you approach for funding?

How

How will this function?

How will this fit in with other systems?

How do the finances stack up?


Business Context – Early Issues

SWOT Analysis

Competitor Analysis

Potential success strategies

Justifications of Assumptions made


Business Ideas Form

Download and submit.

Title

Aims

Description

Business Needs Addressed

Deliverables

Hardware/Software requirements


Assessing the Idea

Market Research – The next Step

Desk / Secondary Research

Market Research Reports , Statistical Publications

Trade Magazines, Press Cuttings, Internet

Resources- your Local Enterprise Agency;

- Your Invest Northern Ireland regional office;

- Your local library or Belfast Central Library;

- European and Business Information Centre, Upper Galwally.


Assessing the Idea

Primary Research- Face to face interviews

- Telephone interviews

- Postal questionnaires

- Discussion or 'focus' groups

- Attending Conferences

- Samplings.


Answers Required

what is the overall size of the market?

are there any trends which are noticeable? e.g. are sales increasing or decreasing?

who buys this product or service?

who uses this product or service?

who actually makes the decision to buy?

when and how do people buy?

where do they buy?


Answers Required

what essential features must the product or service have?

why do people buy?

what benefits are people buying?

are there any standards or regulations my product or service must observe?

who are my competitors?

what are their strengths and weaknesses?

what price should I charge?

what terms and conditions do buyers expect?


Initial Answers

Essential Idea ‘flows’ from initial research

Clear evidence would be shown in Interim/final report of marketing effort made.

This should be revisited at all stages of the project

We will discuss these issues at next week business meetings / tutorials


Business Model

is the mechanism by which a business intends to generate revenue and profits.

It is a summary of how a company plans to serve its customers.

It involves both strategy and implementation.


Business Model

It is the totality of: How it will select its customers

How it defines and differentiates its product offerings

How it creates service for its customers

How it acquires and keeps customers

How it goes to the market (promotion strategy and distribution strategy)

How it defines the tasks to be performed

How it configures its resources

How it captures profit


Business Model

Generally, the business models of service firms are more complex than those of manufacturers and resellers

Shop Keeper Model

Bait and Hook Modelcell phones (bait) and air time (hook);

computer printers (bait) and ink cartridge refills (hook);

cameras (bait) and prints (hook).


Types of Model

Pyramid Scheme Model

Monopolistic Model

‘Cutting out the middle man’ Model

Auction Model

Loyalty Model

Hybrid Model’s times are changing and companies must continuously

rethink their business Models.


Business Model

Various Aspects- Marketing Model

- Financial Model

- Technology Model

- Sales Model

- Implementation Model

- Management Model


Business Model

Marketing Model- Preliminary to develop idea- Get target Market’s attention- Marketing mix

Web page, publication, direct, email

Financial Model- All aspects of your business represented financially

Technology Model- Technology background- Development methodology


Business Model

Sales ModelSales Life Cycle

Who is involved

After Sales Model- What can the customer expect

Software releases,Feedback

Review process


Business Model

Implementation Model- Involvement with Client

- What can they expect when?

Company Management Model- Internal workings

- Responsibly matrix


Company Growth

Needs to be Projected

What is the Methodology to Achieve this

Early proof of concept, Partnering, channels, franchising,

sell out?

What is the exit strategy and when?

What is realistic and how often is this reviewed?

© 2002 IBM Corporation 1 CSC323 BIT Final Year Project Idea and Business Context.

Documents

Transcript of © 2002 IBM Corporation 1 CSC323 BIT Final Year Project Idea and Business Context.