CSC323 BIT Final Year Project Idea and Business Context
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Transcript of CSC323 BIT Final Year Project Idea and Business Context
© 2002 IBM Corporation
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CSC323 BIT Final Year Project
Idea and Business Context
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Announcements
Submit Groups by next Wednesday6-8 membersTimes 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
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Lecture Structure
Source of Ideas Example projects from previous years Business Context
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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
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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
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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
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Idea Generation - examples
Work experienceareas of problems, high demand, customer complaints,
frustrations and waste identified.
Patterns and Trends e.g. DemographicsFamily size, exercise habits, perceptions, aging of
population, work patterns
Money available?
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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.
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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
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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
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BIT Company Examples
AlumITDelivery of a full ecommerce Alumni service targeted at the
UK University Sector
Digi-DressA closing Kiosk incorporating a whole body digital scanner
to allow for visualisation of various combinations of chosen catalogue clothes
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BIT Company Examples
Palm questThe 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 ITDevelopment 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.
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MedNETDevelopment 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
BIT Company Examples
© 2002 IBM Corporation
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BIT Final Year Project
Business Context
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Key Issues
1. Value Proposition2. Target Market3. Revenue Model4. Unique selling proposition5. Competitive Analysis7. Market Size8. Market Growth9. Market Share10. Lifestyle or High Potential, Sole Proprietorship or Corporation) 11. Start-up Costs12. Investment needs13. Exit Strategy 14. Return on Investment
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Business Context – Early Questions
WhatProduct, Service
WhyWhy Now, Why You?
WhereMarket, section of market
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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?
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Business Context – Early Issues
SWOT Analysis
Competitor Analysis
Potential success strategies
Justifications of Assumptions made
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Business Ideas Form
Download and submit. Title Aims Description Business Needs Addressed Deliverables Hardware/Software requirements
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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.
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Assessing the Idea
Primary Research- Face to face interviews- Telephone interviews - Postal questionnaires - Discussion or 'focus' groups- Attending Conferences- Samplings.
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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?
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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?
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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
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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.
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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
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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).
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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.
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Business Model
Various Aspects- Marketing Model- Financial Model- Technology Model- Sales Model- Implementation Model- Management Model
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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
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Business Model
Sales ModelSales Life CycleWho is involved
After Sales Model- What can the customer expect
Software releases,Feedback
Review process
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Business Model
Implementation Model- Involvement with Client- What can they expect when?
Company Management Model- Internal workings- Responsibly matrix
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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?