Enterprise Lecture 3//Value- What are you worth?

VALUE//WHAT ARE YOU WORTH?//LECTURE NOTES

THE VALUE OF CREATIVITY

Drucker (1985) argued that innovation is the tool of entrepreneurship. Both intonational and entrepreneurship demand creativity. Creativity is the process by which culture is changed.

Michaly (1997- Marketing Theorist) says creativity is the ability to bring into the existence of something new. Creativity is the act of seeing things that everyone around us sees while making connections that no one else has made.

Philip Komer- 'Marketing Management' Author, a widely used graduate level textbook. Komer says that the rules of management are... CCVDTP (CREATE, COMMUNICATE, DELIVER THE VALUE OF A TARGET MARKET ADDING PROFIT). Find the best ideas, and find where they come from.

- A BRAND inspires everything the company does, creates confidence- an emotive response as well as an aesthetic design.

- In order to create products for human need, we require insight as to the customer demand.
- Within nature we have hierarchy- reflected in both human and animals with natural instincts.

SPIRITUAL NEEDS


A defining difference between animals and men. We need to mentally and physically challenge ourselves- "personal journeys".


MASLOW'S HIERARCHY OF NEED


Basic needs/fundamentals- Complex needs


PSYCHOLOGICAL// Food, water, breathing, sex, sleep, etc.
SAFETY// Morality, health, employment, property.
LOVE/BELONGING// Friends, family, sexual intimacy.
ESTEEM// Self-esteem, confidence.
SELF- SELF-ACTUALIZATION// Morality, creativity, spontaneity, problem solving, lack of prejudice, acceptance of facts.


If you can understand what people's motivation are, you can apply psychology to meet their needs.
(Design in applied psychology)

Dan Germain- Head of Creativity at Innocent Drinks...

You have to keep reminding people why you're useful. Are you innovating? Are you developing new ideas? Are you still interesting?

WHERE IS THE MONEY? 


Greatest human need= Greatest market potential >>> Reduced human needs= Lower market potential


GREATEST HUMAN NEED:


FOOD INDUSTRY
HOUSING
UTILITIES
MEDICINE

RECUDED HUMAN NEED:

ORGANIC FARMING
HOLIDAY COTTAGES
RELIGIONS
SWIMMING POOLS
HEATH SPA


-READ NOTES ON US EXPENDITURES AND HOW THEY RELATE TO MASLOW'S HIERARCHICAL THEORY ON LECTURE NOTES-

VALUE PROPOSITION//MISSION STATEMENT

1. Short
2. Specific
3. Customer's language
4. "Seat of the pants test"

... How to improve a customer's life.

1. Make it simple.
2. How does it help the customer? Make it CLEAR.
3. Don't speak techno-Latin. Get into your customer's head.
4. A test which makes someone excited and enthusiastic.

MISSION STATEMENT "PYRAMID"

- OBJECTIVES// These set out how we plan to go about achieving our aims (OUTPUTS) How are you going to do this? PLAN.
- SPECIFIC AIMS// These set out the difference you hope to make (OUTCOME)
- OVERALL AIM// Mission.


Start a presentation/info guide with (max) 3-sentance long value proposition- one sentence for each aim summaried.


GOOD EXAMPLES OF MISSION STATEMENT INCLUDE...


- BBC 
- Ben & Jerry's
- Leeds College of Art