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CSC323 BIT Final Year Project Idea and Business Context

CSC323 BIT Final Year Project Idea and Business Context. Announcements. Submit Groups by next Wednesday 6-8 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

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CSC323 BIT Final Year Project Idea and Business Context

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  1. CSC323 BIT Final Year Project Idea and Business Context

  2. Announcements • Submit Groups by next Wednesday • 6-8 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

  3. Lecture Structure • Source of Ideas • Example projects from previous years • Business Context

  4. 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

  5. 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

  6. 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

  7. 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?

  8. 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.

  9. 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

  10. BIT Company Examples • Stage-MICS • Full e-commerce web site for the development of a ‘local music’ community • KidzClick • IT learning environment for Primary School Children • Activ-Eat • Interactive tool for placing orders in restaurants

  11. BIT Company Examples • 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

  12. BIT Company Examples • 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.

  13. BIT Company Examples • 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

  14. BIT Final Year Project Business Context

  15. 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

  16. Business Context – Early Questions • What • Product, Service • Why • Why Now, Why You? • Where • Market, section of market

  17. 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?

  18. Business Context – Early Issues • SWOT Analysis • Competitor Analysis • Potential success strategies • Justifications of Assumptions made

  19. Business Ideas Form • Download and submit. • Title • Aims • Description • Business Needs Addressed • Deliverables • Hardware/Software requirements

  20. 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.

  21. Assessing the Idea • Primary Research • - Face to face interviews • - Telephone interviews • - Postal questionnaires - Discussion or 'focus' groups - Attending Conferences • - Samplings.

  22. 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?

  23. 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?

  24. 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

  25. 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.

  26. 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

  27. Business Model • Generally, the business models of service firms are more complex than those of manufacturers and resellers • Shop Keeper Model • Bait and Hook Model • cell phones (bait) and air time (hook); • computer printers (bait) and ink cartridge refills (hook); • cameras (bait) and prints (hook).

  28. 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.

  29. Business Model • Various Aspects • - Marketing Model • - Financial Model • - Technology Model • - Sales Model • - Implementation Model • - Management Model

  30. 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

  31. Business Model • Sales Model • Sales Life Cycle • Who is involved • After Sales Model • - What can the customer expect • Software releases,Feedback • Review process

  32. Business Model • Implementation Model • - Involvement with Client • - What can they expect when? • Company Management Model • - Internal workings • - Responsibly matrix

  33. 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?

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