Plastics in Space

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IE 563 Fall 2020

Episode 12

It is good to be organized…

This week

Organization

Marketing

Assignment #2: Questions????

A brief note on patent law issues

We can talk a lot about patents and legal struggles but…

I’m not a patent attorney. Thus, I don’t give legal advice. 

Every situation is different.

Law is based on precedents.

So, if you are really inventing and think you may have something of economic value, you need professional advice. Fortunately…..

So, we have something to do, now what?

Getting organized is a useful thing.

Let’s talk about the firm

Then, let’s talk about the need to “get out there and sell, sell, sell.”

Organizations. . .

When you start a venture, you need to organize in some way. This gives you a legal form for your venture. How you choose will cost you but can save you lots of grief and money.

Legal forms of organization

Another key point—expert advice is important. Lots of reading can be confusing.

See table 10.1, page 214.

Some key issues: liability, continuity, taxes.

B Corporations https://bcorporation.net/

Certified B Corporations are a new kind of business that balances purpose and profit. They are legally required to consider the impact of their decisions on their workers, customers, suppliers, community, and the environment. This is a community of leaders, driving a global movement of people using business as a force for good.

Getting organized can save you trouble

Who owns your name?

Who owns your ideas?

Who is liable for debts?

Naming your firm

Legal rights to use a name.

Translates well/ doesn’t embarrass.

Memorable.

Watch out for abbreviations.

Part of your business plan is a marketing and sales plan

Marketing has to do with securing, serving, and keeping customers. (Delivering value that customers actually want and will pay for is a useful follow-up.)

If your idea is wonderful, you now need a customer.

Marketing objectives

Sales goals

Market share

Regional plans

Market segments

Product positioning

Consider your product. Design product and image accordingly.

Who will buy it?

Why will they buy it?

How do you serve that audience?

Simple Non-Engineering Examples:

Market Research

Asking your friends may actually help but don’t count on it. You need something a little more sciency.

Purchase research from a firm.

Do it yourself, hire your friends who majored in marketing…..

Brand Identity

Why you?

Awareness

Perceptions of Quality

Connections

Loyalty

Brand Equity

An interesting concept.

Example: What does Oakley Sunglasses or Dallas Cowboys or Real Madrid mean to you?

One more time. . .

Strengths

Weaknesses

Opportunities

Threats

Several wise people have said

Your greatest strength is your greatest weakness.