Agenda:
- Go over our business model and pricing
- Go over costs for our venture
- Run over different kinds of marketing we can use
- Re-read our strengths and weaknesses and pull out information which is important to starting our venture
The minutes for the meeting were as follows:
What Adam had to say:
- we should stay conservative with our sale figures
- market in trucking magazines (print media)
- charge $.50 license fee for each product sold for the car light
What Justin had to say:
- one of our weaknesses is that we don't have a proper engineer on our team and although Karan can make our ideas come true, a proper engineer would give us credibility
- sales would be slow for the first year
- word of mouth goes a long way in the trucking industry so a lot of our marketing can be free with the right product
What Karan had to say:
- revisions to the prototype to make it simpler which targets all cars
- strengths in our patents so we need to get a lot of patents, which would be patenting all the ideas surrounding our idea
- pointed out that we need to have large orders if we are to get our product made in China, we can' t have small orders so we'll need to order a lot of products and keep them in storage before we can sell them. In other words, we can't order them as we sell them since Chinese manufacturers won't make small amount orders.
What Adviser Ian had to say:
- we should market within our channel
- get provisional patents as they are only about $600 a patent
Action Item List
No. | Description | Owner | Date Assigned | Due Date | Status | Date Closed |
Find costs for patents | Done | |||||
Done | ||||||
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