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- UNIT 3- Market research and framing the business idea
UNIT 3- Market research and framing the business idea
Unit 3 focuses on “Market research and framing the business idea”. In this unit, we will talk about the four Ps of the marketing mix, including how to determine whether a product is worth pursuing as a business idea. Aside from calculation of price and break-even point, this also involves techniques of market research.
We will also shortly dive into building a brand and strategies of marketing, focusing especially on owned and earned media (as they have a lower cost). Brand building also involves creation of a CI and logo. While we will not learn how to design a logo, we will talk about how to properly brief a designer and where to find a good designer.
Finally, this unit will give a short introduction into how to write and evaluate a business plan as well as how to read and compose a balance sheet.
Learning outcomes
Knowledge
Importance of consumers’ needs and competitors’ landscape
The 4 P’s of marketing mix (product, price, promotion, place)
Reading a simple balance sheet
Pricing- breakeven point
Methods of market research
Branding & marketing
Skills
How to do market research
How to develop a short business plan
How to develop business identity
How will they communicate their product service to the public
Competences
Ability to assess a Cultural Heritage business idea
Ability to communicate the Cultural Heritage business idea