Assignment-29A-Venture Concept #2

Business Name: The Movie Spot

Opportunity: My business opportunity has to involve with the satisfaction and needs of loyal customers who are passionate about the film industry and enjoy going to movie theaters on a good consistent basis. The nature of this need is highly valued in the target of these certain customers. I believe by changes in this environment that follow up in the business opportunity will have a positive impact in terms of the nature of economics. This market is defined as less involved with based off results and statistics that surround this general opportunity. Demographically, it can be viewed as a need for all ages from sixteen years-old and above. No, I don't believe customers are fully satisfying themselves with this need. When they are, it is not meeting their full expectations, which means there is a certain wrench thrown into their solution in wanting to fulfill their unmet need. This opportunity is a very big need in the eyes of the target of customers who have an extreme passion for watching films and this a large sum of people across the map. I think the "window of opportunity" will always be open as long as the film industry is doing well, and I don't think that will disappear.

Innovation: For my idea of innovation in this business opportunity, the product/service I want to highlight and make the most important out of the whole opportunity is the implementation of the customer/membership system that will be free of charge and easy process to sign up for. This will be a huge success for the business in ways of meeting the needs of our customers and making them feel like a "VIP" to the business. This is a very simple process for the customer and there is really no trouble or frustration that will be brought to the customer. Once a customer is locked into the system as a memeber and for each ticket they will buy, their rewards will be based off a point system. For every ticket they purchase, they will be rewarded two points. Two points will equal a concession discount they can cash in on at that station. For every five tickets they purchase, which will equal ten points, this will result in a free movie ticket on a movie of their choice and this is the golden tactic I think will bring in more customers once the word is out about our membership system.

Venture Concept: I believe the main priority in our way of thinking in implementing our innovation method in making the customer important will be exceptionally viewed upon by other customers who are currently not members. What I am trying to say is for example, if a first time customer visits our theater and sees how our members are using their membership cards that treat them well. This is where it will make the non-members not feel apart of something special and this is where we will meet that need by focusing on the innovation and concept of customer satisfaction. Once we make that first time customer apart of the membership on their first experience at our theater, we will be successful in so many ways.

Three Minor Elements:

1.) For the business and it's impact it will have on customers, our most important resource to us that will make it hard for competitors to copy is the risk we are willing to take on the innovation and the product/service idea of membership system and an example of that is the amount of money that will be lost in ticket sales when a member redeems a free ticket on their membership card. Yes, we lost a sale on the face value of a movie ticket, but it will be gained and a profit will rise when that same customer purchases a high amount of snacks and beverages at the concession department because it is the fact we made them feel satisfied that they didn't pay for a movie to where it leads them to the decision in treating themselves with popcorn and soda by hypothetically speaking that were disciplined to save their points on earning a free movie.

2.) The next idea to tackle for the venture would revolve around the narrative of how can our theater be more productive and put ourselves out there for people to notice, but in a sense to where we don't want to be the only theater in town that everyone chooses to got to. I feel like if all of our screen houses inside are sold out for every show, everyday, this will not sit well with our members. To where they have to rush and get to the theater because we become a business based off reservations, and that's not exactly the direction we want to go in.

3.) What I think will be next for me once I get this startup venture off the ground, I would say in five years that I hope to see the theater bring in a large sum of customers/members to where we will have a stable flow and alternative sources of revenue being brought in by not only customers, but by also other friendly businesses in the community. In the next decade as an entrepreneur, I would also say that once this startup venture is off the ground, it has succeeded tremendously, and exceeds our expectations, I would want look at the next venture concept of want to create a couple of more identical theaters in other locations. I don't necessarily want to start a chain like AMC, but that idea is never off the table. I just want to start slow and see how this first venture plays out.

Summary of Feedback: I did not receive any feedback on my first venture concept from any students. I believe if I would have received feedback, it would've been positive and negative. On the positive note, I think people would've been happy with my decision to pass off my startup that hopefully becomes successful off to my kids and then my grandkids in making it become a true family business, and I think people would agree with me that all of the work I put into this venture would not want to be run by someone who is always thinking about the next way to make a quick buck. On the negative side, I think a few classmates would've seen the memberships system become a problem in the way people would abuse the free perks, but then again that is my whole idea behind it. They have to spend money  at the theater to receive those perks and discounts.

What I changed about my second venture concept: For my second venture concept, I honestly didn't change anything about it. Yes, I did not receive feedback from classmates, but I also did not want to make any changes even if I received feedback, because I felt that everything I had set out to do in this venture concept would've been the right path to take, especially the exit strategy and not selling the business. If I had to change anything about this second venture concpet, I guess I would've changed the focus on customer service and turn that focus on the accommodations to the customer in seeking other needs they would want met when they come to the theater. For example, installing a full service bar in the lobby because the majority of customers like to enjoy an alcoholic beverage at the movies, or a separate department room for an arcade because the majority of customers are grown adults with children and they would like to kill some time by playing games with their family. I feel like those ideas would be a successful strategy in wanting to create more revenue for the business.