【学习笔记】Cutting-edge Practice innovation and Entrepreneurship

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I. Opportunity Identification & Solution Development

Agenda

• Illustrate what design thinking is (key steps)
• Describe the role of empathy map
• Understand needs, wants and demands
• Understand the goal and importance of prototypes
• Elaborate the real practice of design thinking
• Apply design thinking in your group project

1. Design Thinking

1.1 Empathize: Study the values of your users

• Observe: Watch users go about their business.
• Engage: Interview and interact with users.
• Immerse: Put yourself in their shoes.

1.2 Define—State Your Users' Needs and Problems

Analyze your observations and synthesize them to define the core problems you and your team have identified. These definitions are called problem statements.

1.3 Ideate—Challenge Assumptions and Create Ideas

• The solid background of knowledge from the first two phases means you can start to “think outside the box”, look for alternative ways to view the problem and identify innovative solutions to the problem statement you’ve created.
• Brainstorming is particularly useful here.

1.4 Prototype—Start to Create Solutions.

• This is an experimental phase.
• The aim is to identify the best possible solution for each problem found. Your team should produce some inexpensive, scaled-down versions of the product (or specific features found within the product) to investigate the ideas you’ve generated.
• This could involve simply paper prototyping or mockups.

2. Needs, Wants and Demands

2.1 Maslow’s Hierarchy of Needs

3. Deep Dive: IDEO Shopping Cart Design Process

II. Testing your idea: Qualitative research

Agenda

• Distinguish different types of research
• Understand benefits and drawbacks of different research methods
• Introduce different qualitative research methods
• Practice different interview techniques
• Develop your research plan for your prototype project
• Forecast the market demand for your prototype

1. Market Research Budgets

2. Top 10 market research activities （Source: BMRA）

1. Market Measurement 18%
2. New Product development/concept testing 14%
3. Ad or brand awareness monitoring/tracking 13%
4. Customer Satisfaction (inc Mystery Shopping) 10%
5. Usage and Attitude Studies 7%
6. Media Research & evaluation 6%
7. Advertising developing and pre-testing 5%
8. Social Surveys for central/local government 4%
9. Brand/corporate reputation 4%
10. Omnibus Studies 3%

3. Types of Market Research

3.1 Types of Market Research: By Source

• Primary data：Collection of data specifically for the problem or project in hand
• Secondary data：Based on data previously collected for purposes other than the research in hand (e.g., published articles, government stats, etc)

3.2 Types of Market Research: By Objective

• Exploratory: Preliminary data needed to develop an idea further. e.g., outline concepts, gather insights, formulate hypotheses
• Descriptive：Describe an element of an ideas precisely. Answer questions of what, where when and how. e.g., who is the target market, how large is it
• Explanatory：Answer question of why. Test a cause-and-effect relationship, e.g., price elasticity. Done through experiment

3.2.1 The Market Research Process

3.3 Types of Market Research: By Methodology

 Benefits of Qualitative Market Research vs Quantitative

• Cheaper：Smaller sample size
• Probes in-depth motivations and feelings：Allows managers to observe (through one way mirror) ‘real’ consumer reaction to the issue - e.g., comments and associations (e.g., Levis) regarding a new product fresh from the labs
• Often useful precursor to quantitative research：Gives the research department a low cost and timely sense of which issues to probe in quantitative research

4. Qualitative Collection Method

• Depth Interview：one-on-one interview
• Focus Group：8-10 participants； Respondents are recruited through a screener questionnaire；Often held in front of two-way mirrors

5. Qualitative Research

• Depth Interviews  • Focus Groups  • Projective Techniques  • Laddering

5.1 Projective Techniques

• Overcome the limitations of interviewing techniques: People don’t always say what they mean or mean what they say.
• Diagnostic tools to uncover the true opinions and feelings of consumers
• Especially useful for deeply rooted personal motivations or sensitive subjects
• Present an incomplete stimulus, complete it
• Give an ambiguous stimulus, make sense of it

5.1.1 Word Associations 

Example: name a brand in your mind that is a

➢Rebel ➢Protector ➢Conqueror

Free Associations： What comes to mind when you think of the brand Tesla?

Follow-up Questions： What do you like best about the brand Tesla? What are its positive aspects or advantages?

5.1.2 Completion Techniques

Completion technique is a projective technique that requires the respondent to complete an incomplete stimulus situation

E.g., When I think of travelling in Thailand, I _____________

5.1.3 Brand Personality

Symbolic meaning brands acquire

5.1.4 Role Playing

Respondents are asked to play the role or assume the behavior of someone else.

Example:  If you were CEO, what would you do to improve customer satisfaction?

5.2 Laddering Technique

Hinkle (1965; as cited in Bannister & Mair, 1968) developed the laddering technique as a means of modeling people’s belief structures in a simple, systematic way, establishing individual’s superordinate personal constructs. The technique is well established in the field of psychology but has spread out from there to other areas like marketing, advertising, architecture, information technology, and organizational management to name a few

1. Know what features are important and how they relate to customers’ emotions.
2. Map out features, functional benefits, higher order benefits, and emotional benefits.
3. Advertising and positioning
4. Product development and preliminary segmentation

Laddering is a qualitative marketing research technique, which seeks to understand why people buy and use products and services.

• Which feature do you like best?
• What does the feature do?
• What does the functional benefit do for you?
• What does the benefit do for you?

6. Means-End Chain Analysis (1988)

Establish the concrete product attributes, and identity the consequences (physical and psych-social) associated with attributes which help the customers attain his/her values ... and develop/maintain self identity

Example: Tesla Model S

6.1 Example about sports scores on cell phones

• Moderator, “What do you like best about your phone?”
• Respondent, “Getting real-time sports scores” [feature]
• Moderator, “What is important about that?”
• Respondent, “I know what’s happening right away.” [functional benefit]
• Moderator, “What does that do for you?”
• Respondent, “I can tell my friends, as soon as I know.” [higher benefit]
• Moderator, “What does telling your friends right away do for you?”
• Respondent, “I am the go-to guy for sports. My friends expect me to know. It is what we talk about.” [emotional benefit]

Advertisement

Be the leader of the pack [emotional benefit]. Tell your friends about baseball scores before they know [higher benefit]. Be in-the-know instantly [functional benefit] while on the go. Get the X sports phone. It’s the only one with realtime XYZ scores [feature].

7. Data Collection Approach

8. Forecast the market demand for your prototype 

1. Define the market：Who is your target customers? What is your market positioning?
2. Determine the estimation framework (MECE framework)
3. Collect and search for the data
4. Cross validation

9. MECE framework

MECE stands for mutually exclusive and collectively exhaustive. The MECE principle was invented at McKinsey by Barbara Minto to be used for problem solving and logical problem structuring.

 Example： profitability MECE framework

Benefits of MECE

1. MECE frameworks are much more efficient.
2. MECE frameworks guarantee that you do not miss anything.
3. The MECE principle facilitates brainstorming.

III. Competitive Analysis

1. Definition

• A competitive analysis is an assessment of your competitors’ (could also be Industry) products, services and sales tactics, evaluating their strengths and weaknesses relative to your own.
• A competitive analysis will help you see your own unique advantages as well as any potential barriers to growth so you can strengthen your marketing and business strategies. It also keeps your business proactive instead of reactive. Many entrepreneurs operate based on preconceived ideas about their competitors and market landscape, but those ideas may not be accurate or may be out of date.

2. Advantages of Competitive Analysis

3. PESTLE – Pharmaceutical Company

 PESTLE is an analytical tool that identifies how various factors may affect an organization and its competitive standing. – Marco Environmental Factors

4. Porter 5 Forces 波特五力

Porter's 5 Forces identifies competition, new entrants into the industry, supplier power, buyer power, and the threat of substitute products and services in the market. – Competitors & Industry 

5. The Three Circles Tool Analysis Model

The goal is to identify competitors' strengths and competitive advantages with any overlaps among competitors. Then, you would identify Opportunities & Strategies.

 3 circle analysis brings in your customers’ voice into your strategy sessions.  It helps you challenge long held perceptions within your company and hence discovering better strategic options.

6. The Importance of Competitive Advantage

• Definition：A competitive advantage is anything that gives a company an edge over its competitors, helping it attract more customers and grow its market share.

6.1 Types of Competitive Advantage

 6.2 How do I know is this Really an Competitive Advantage?

• Valuable - Does this resource offer a tangible benefit?
• Rare - Is this resource found within other organizations, or is it unique?
• Inimitable - Is this resource difficult to reproduce or copyrighted?
• Organized - Is this resource organized in a way that captures value?

7. Cash Flow

• Cash Flow definition: Cash Flow (CF) is the increase or decrease in the amount of money a business, institution, or individual has.
• A Cash Flow Budget allow you to monitor how long your operations could sustain under normal circumstances.  It is the Blood Line of your business.
• Definition of Cash Flow Budget – A simple Worksheet that allow you to trace your cash flow and make prediction

7.1 Components within Cash Flow Budget

• Opening Balance -Fund available at the start of the Month
• Sources of Funds – All your Cash Inflow
• Outflow of Funds – All your Cash Outflow
• Net Balance (Surplus or Deficit)

8. Cost

8.1 Fixed Cost

• The expenditure incurred on the factors such as capital, equipment, plant, factory building which remain fixed in the short term and cannot be changed . • Fixed costs are independent of output in the short-term (i.e. even if no output is produced in the short-term these costs will remain the same)

8.2 Variable Cost

• Costs incurred by the firms on the employment of variable factors such as labour , raw materials etc., whose amount can be easily increased or decreased in the short-term • Variable costs vary with the level of output in the short-term • If the firm decided not to produce any output, variable costs would not be incurred

8.3 Break-Even Point

The break-even point is the point at which total cost and total revenue are equal, meaning there is no loss or gain for your small business. In other words, you've reached the level of production at which the costs of production equals the revenues for a product.

IV. Marketing and Growth Strategies

1. Marketing 

1. Marketing refers to all activities a company does to promote and sell products or services to consumers. 2. Why do we need Marketing ： • Product or Service Identification – Understand what you have • Identify its ideal customers • Attract the customers' attention to the product or service available. 3. Applications: Country Tourism or Investments / Industrial Products / FMCG / Mobile Phone / Games / Almost Everything Else.

2. Growth Strategies

Growth Strategies – An organization’s plan for overcoming current and future challenges to realise its goals for expansion.

Why do YOU need to Grow?

• a. Educational:
• Foundational Education / Further Education / Adult Certification / New Knowledge.
• b. Career:
• City / Province / International / Big Big GuanXi / Own Tangible Assets / Official Status (Chairman) etc

Corporate Growth –

a. Increasing Market share and revenue. b. Acquire assets c. Improving organization’s products or services.  d. Growth often lead to Additional Customers and Revenue

3. Key Question Faced by Marketers

1. Diffusion - Whether the modified / new product and service offering would be accepted by the market / user. ( From Start-Up /Company point of view – How fast can I sell? ) 2. Adoption – How quickly would the product and service offering be accepted by the User （ From User Point of View – How soon will I accept it? ）

3.1 Adoption - 5 Acceptance Categories

• Innovators – People who want to be the first to try modified or new product / services. Risk taker interested in new ideas. Strategy - Very little strategy to capture their attention.
• Early Adopters – Opinion leader customers who enjoy leadership roles to talk about new products. Strategy – need to have detail manual & information sheet for implementation for them to brag.
• Early Majority – Accept New Ideas before the Average Person, will try it as long as general acceptance is that it will work. Strategy – Provide Evidence / success stories of effectiveness.
• Late Majority – Skeptical of changes. Will only accept after tried by the majority. Strategy – Solid Peer Reviews.
• Laggards – Bound by tradition and very conservative. Strategy – Solid formal Statistics and influence from the Top.

3.2 New Product Diffusion Curve

3.3 Five Factors that Affect Diffusion Process and Rate of Adoption 

• Relative Advantage – The degree to which an innovation is seen as better than the idea, program, product or services that it replaced. e,.g Compact Discs to Flash Drives to Cloud Storage.  Bank Teller Counters to ATM to Phone Transfer.
• Compatibility – How consistent the innovation is with the values, experiences, culture, lifestyles and needs of the potential user.
• Complexity – The degree of difficulty the modified or new product is to be understand and use? – fear of complexity affect purchase and usage.  E.g. Plug and Play vs screw-in gearbox in machinery.
• Trialability – The extent to which the innovation can be tested or experimented with before a commitment to buy.
• Observability – the extent to which the product could be observed, imagine.  The higher the degree of observability, the higher the acceptance rate.

4. Type of Growth Strategies

• Product Development – Continuous improvement in products / services that meet and exceed Customer Expectations. E.g. Huawei product range.
• Market Penetration – Expand Market Shares or enter into new Provincial or International Market through different strategies e.g. Which F & B Company started from Sichuan and expanded to Four continents, famous for Hotpot
• New Market Development – introduce products to an audience that they have not yet reached. Could be Upstream or Down Stream. Haier in the 90s – upstream (Parts producers in USA), down stream to Retailer.
• Acquisition, Merger, Partnership – Merging or partnership with other businesses in an attempt to rapidly consume additional market share. 1 + 1 = 3.  I expanded internationally through International Partnership / Auchan （欧尚）merger with （大润发）DaRunFa.

5. The 4P Marketing Mix

Marketing is Big & Mega – Need to Put in within a Perspective (Organized Template / Box)

Introducing Marketing Mix – 4Ps (many other model such as the 7C – Koichi Shimizu 1981, the 4Cs - Bob Lauterborn 1990)

• Product - Product / Service offer to customers.
• Price – How much the company will sell the product / The price your clients want to pay for your product or services.
• Place – Distribution of Product / Service
• Promotion – The Marketing Tactics adopted to reach Customers

6. Entrepreneurial Marketing

Entrepreneurial Marketing (Guerrilla Marketing) - it is not a discipline in itself but rather an innovative approach to modern marketing.

7. Economic Value of Product / Services 

Economic value is the value that person places on an economic good based on the benefit that they derive from the good.

It is often estimated based on the person’s willingness to pay for the good, typically measured in units of Figures.

8. Price Elasticity

Price Elasticity is a measure of how consumers react to the changes in prices of products and Services.

• Price Elasticity of Demand - General Thumb of Rule – When Prices Rise, Demand Usually Drops / When Prices Drop, Demand Usually Rises.
• Price Elasticity of Supply - General Thumb of Rule – When Supply Rises, Price Drops / When Supply drops, Prices usually Rise

9. Digital Marketing

Digital Marketing – Content / SEO / Email Marketing / Social Media and Big Data.

1. Using the devices enabled by technology , the Internet, and mobile phones to make marketing more effective and more efficient . 2. Allow Peer Reviews - So commerce is much, much more social. People taking cues from other people, both friends and strangers. 3. An ability to really target people at a Micro-Level . 4. It's never been easier to experiment effectiveness – Time / Cost and Consequence of turning around .

V. Financing and Profitability

1. How to Fund Deficit / Growth – Within Company

• Operating Profits: Self Financing through Daily B usiness A ctivities . • Net Income after Expenses and Taxes

2. How to Fund Deficit – Customers & Suppliers

“Encourage” Customers to Paid in Advance (Increase Cash Flow)

“Persuade” Suppliers to accept Delay Payments

3. How to Fund Deficit - Bank

•  Definition of Factoring – Factoring is a financial transaction and a type of debtor finance in which a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount.
• Definition of Bill of Exchange – A bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to, or to the order of, a specified person or to bearer.(承兑汇报）- A Note with Promise to Pay Later

4. Collateral

Definition – What is Collateral - Collateral is an Asset, such as a home or a car, pledged by a borrower that a lender Accepts as Security against a loan in case the borrower for any reason cannot pay back the loan.

5. Raising Funds from Public – Crowd Funding众筹

a. Donation-based crowdfunding - Asking for a small donation from a large number of people to raise money for something you care about . b. Rewards-based crowdfunding - Raise funds for a new startup or organization that offers a product or service. Donors can earn rewards e.g. Free Products or Services. c. Equity crowdfunding - For small to medium-sized companies that are seeking a large amount of capital to launch or grow their business, reward is equity. d. Debt Crowdfunding - Also known as peer-to-peer lending in return for interest and principal amount. e. Real estate crowdfunding - More popular for investors who want to put their money in real estate, without the hassle of getting a traditional loan or the obligation of owning all of a single property.

6. Burn Rate

Definition of Burn Rate – The burn rate is typically used to describe the rate at which a new company is spending its venture capital to finance overhead before generating positive cash flow from operations. It is a measure of negative cash flow.

The burn rate is usually quoted in terms of cash spent per month. For example, if a company is said to have a burn rate of $1 million, it would mean that the company is spending $1 million per month.

Application of Burn Rate – It allow you to have an immediate FORECAST of your Cash Flow Situation.

7. Raising Fund from Public – Venture Capital

Venture Capital – Venture capital (VC) is a form of private equity and a type of financing that investors provide to startup companies and small businesses that are believed to have long-term growth potential. Venture capital generally comes from well-off investors, investment banks, and any other financial institutions.

Advantages:

• Provides early-stage companies with the capital needed.
• Unlike bank loans, companies do not need cash flow or assets to secure VC funding. But lots of Guarantee and other “Terms – 卖身契” needed.
• VCs can also provide mentoring and networking services to help a new company secure talent and growth.

8. Raising Fund from Public - IPO

1. Definition of IPO - An initial public offering (IPO) refers to the process of offering shares of a private corporation to the public in a new stock issuance for the first time. An IPO allows a company to raise equity capital from public investors. 2. Key Requirement - Companies must meet requirements by exchanges and the Securities and Exchange Commission (SEC) in the country that they are applying to hold an IPO. 3. Service Provider - Companies hire Investment Banks / Accountant / Consulting Firm / Legal Firm / Road Show Agency to market, gauge demand, set the IPO price and date, and more.

9. Exit Strategies

Exit Strategies - An exit strategy is a contingency plan that is executed by an investor, trader, venture capitalist, or business owner to liquidate a position in a financial asset or dispose of tangible business assets once predetermined criteria for either has been met or exceeded.

 

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National Bureau of Statistics of China：National Bureau of Statistics of China

Industry Trend：

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