Minutes for Meeting Date: Oct 30, 2009
Time: 4:30PM - 6:30PM
Attendees: Aidin, Titus, Peter
Missing: Aeron (Out of town), Jack, Kelvin
Minutes:
The following steps are necessary to complete the project:
- Define our product
- Find the possible variations of our product
- Find the markets that each of these product variations would serve
- Perform competitive research to find direct and indirect competitors
- Assess each of the potential markets, considering our competitors, to find which one is more feasible to start with, which ones should be done at a later date, and which ones are simply not feasible
- Come up with the details for the product serving the selected target market
- Assess the technical and business risks
- Find the cost for this product
- Come up with the pricing strategy, given the cost and the competitors prices
- Create a cashflow statement for the next 5 years, do Break-Even Analysis, and cost/profit analysis
- Come up with the marketing plan
- Come up with the distribution plan
- Come up with an exit strategy
- Formalize business plan, put everything together, and write an executive summary
- Create presentation
Due dates:
- Step 1 is done.
- Step 2 is currently being done by Titus and Peter (due Nov 3)
- Step 3 is currently being done by Aidin (due Nov 3)
- Step 4 is assigned to Aeron (due Nov 3)
- Step 5 is due Nov 6
- Steps 6-9 are due Nov 10
- Step 10 is due Nov 13
- Step 11-13 is due Nov 17
- Step 14-15 are due Nov 24
Obviously, this is just a summary of the steps. We need to send our competitive analysis to the board that we have created from two weeks ago, and we need to have meetings with Larry/Jim to get some more feedback. We also need to look at some previous cases from Sam Thiara's office to optimize our business plan for a good mark. Notes:
- There is a possibility that Kelvin has decided to write an essay, which means he may not be contributing to the project any longer. [Edit: I'm actually still alive - just let me know how I can help out. While the essay may give me the higher mark, I still feel that I should still lend a hand where needed!]
- PLEASE get your parts done by the due date and post your findings in the Google Docs folder. The current steps need to get done to move on with the rest of the projcet.
- If you want to do a specific part for the future, please let everyone know, and feel free to get started as soon as you want.
- Since midterms are now over, we need to really put more effort to get a good mark in this project. It's 40% of our mark. Also, everyone needs to attend the meetings from now, or let us know why you cannot attend.
