On 6 December 2019 SCI held its entrepreneurial training day for this year’s Bright SCIdea Challenge. The first article in our How to series will take a look at what we learned from Neil Simpson, R&D Director at Borchers, in his training session on how to market and brand your idea.
In order to successfully promote a product or service, it is essential to understand the customer and the market. It is important to be more effective than your competitors in creating, delivering and communicating your idea.
Segmentation, Targeting and Positioning (STP) is a useful tool to help you to define your product and customer base.
When segmenting your customer base, consider the demographics including age, income and gender, as well as their geographical location and behavioural traits.
Once you have segmented your customer base, you will be able to identify which groups are the most suited for your product.
After you have considered which segments to target, you need to take into consideration what your product solves for these people – what is your unique selling point?
The 4 Ps – Marketing Mix
Once you have used the STP framework to define your product and customer base, you can use the 4 Ps Marketing Mix to develop a strategy to bring your product to the market.
Product – This can be a tangible product, for example clothing, or a service. You should consider: What does your product stand for? What needs does it satisfy? How does it differ to your competitors?
Price – It is vital to think carefully about the pricing of your product. Do you compete on price or quality? Consider the perceived value of your product, along with supply costs and competitors’ prices. Pricing your product too high or too low could harm your sales and reputation.
Place – Where is the best location to provide your product to your customer base, and how do you distribute it to them? If you understand your customer base, you will be able to answer important questions such as: Where do your target customers shop? Do they buy online, or in high street shops?
Promotion – What is the most effective way to market your product and which channels should you use? Will you run a social media and email campaign? Would you benefit from attending conferences and exhibitions?
Finally, a useful tool to analyse your current position is the SWOT model. SWOT stands for Strengths, Weaknesses, Opportunities and Threats.
Strengths – How are you perceived by your customer base? What separates you from your competitors?
Weaknesses – What do others see as your weaknesses? What do your competitors do better than you?
Opportunities – What are current market trends? Are there any funding opportunities you could apply for? Are there any gaps in the market?
Threats – Are there any emerging competitors? Do you have any negative media or press coverage?
Using STP, the 4 Ps, and SWOT will be invaluable when it comes to completing your business plan. The more you understand your product, your customer base, where you sell it, and how you sell it, the more successful you will be!
Organised by the National Human Genome Research Institute each year, National DNA Day in the US on 25 April celebrates the discovery of DNA’s double helix in 1953 and the completion of the Human Genome Project in 2003. Here, we explore the history of DNA and its discovery’s unparalleled effect on science, medicine and the way we now understand the human body.
Discovering DNA’s structure
Using the pictures that she had taken, Franklin was able to calculate the dimensions of the strands and found the phosphates were on the outside of the DNA helix.
Rosalind Franklin working in her lab. Image: Wikimedia Commons
Meanwhile, at the University of Cambridge, James Watson and Francis Crick deduced the double-helix structure of DNA, describing it as ‘two helical chains each coiled round the same axis’ following a right-handed helix containing phosphate diester groups joining β-D-deoxyribofuranose residues with 3’,5’ linkages.
The discoveries made by these scientists would propel the study of genetics into the modern science we know today. Crick and Watson were awarded the Nobel Prize for Physiology or Medicine alongside Maurice Wilkins, who worked with Rosalind Franklin, in 1962. You can read their original paper here.
Dolly the sheep
Dolly on display at the National Museum of Scotland, UK.
Dolly is arguably the most famous sheep in the world, having been the first mammal to be cloned from an adult cell. Born in 1996, Dolly was part of a series of experiments at the Roslin Institute in Edinburgh to create GM livestock that could be used in scientific experiments.
She was cloned using a technique called somatic cell nuclear transfer, where a cell nucleus from one adult is transferred into an unfertilised developing egg cell of another that has had its nucleus removed, which is then implanted into a surrogate mother.
The scientific legacy of Dolly the sheep. Video: Al Jazeera English
Dolly lived until 2003 when she was euthanised after contracting a form of lung cancer. Many speculated that Dolly’s early death was related to the cloning experiment but extensive health screening throughout Dolly’s life by the Roslin Institute suggest otherwise.
Her creation has led to further cloning projects and could be used in the future to preserve the populations of endangered or extinct species, and has led to significant developments in stem cell research.
In 2009, Spanish researchers announced the cloning of a Pyrenean ibex, which has been extinct since 2000, and was the first cloning of an extinct animal. Unfortunately, the ibex died shortly after birth but there have been a few successful stories since then.
The Human Genome Project
Beginning in 1990 and finishing in 2003, the Human Genome Project was an international research initiative that aimed to write the entire sequence of nucleotide base pairs that make up the human genome, including the mapping of all its genes that determine our physical and functional attributes.
The publicly funded $3bn project was able to map 99% of the human genome with 99.99% accuracy, which included its 3.2bn Mega-base pairs, 20,000 genes and 23 chromosome pairs, and has led to advancements in bioinformatics, personalised medicine and a deeper understanding of human evolution.