Assignment - 12A - Figuring Out Buyer Behavior #1

1.) Pick a segment: Movie theaters are seeing an absence of attendance from customers throughout the past several years. Many corporate chains are trying to resolve this problem, especially competing with external sources. Brigning in and trying to retain customers for the future will be a segment that needs to be focused on. 

Interview #1 (Parvati, late 40's, mother of three): The first person I interviewed is a nurse at a hospital and a mother of three. I asked her what the biggest issue was at attending a movie with the kids and how does it compare to other activities? Parvati went into detail about how going to a movie can be so expensive with tickets and concessions, that she actually has been comparing financial average total of the trips she takes to the movies with her kids and husband to the times they go to professional and college sports events, taking into account that they are a big on sports as well as movies.

Interview #2 (Seth, early 20's, college student): The second person I interviewed was very energetic on the topic of movies and that he still takes the time out of his busy work/school schedule to see a movie at least once a week. I asked Seth what is one thing that you see differently from other movie theaters and what they offer or don't offer? Seth said that he doesn't stick to one theater in Gainesville, mainly because the prices are identical, but he has noticed that the AMC theater has offered a package to where you sign up and pay thirty dollars after fees and taxes, for a month and you get access to a movie once a week, but they put restrictions on new releases. He went onto mention how unique that was, but he said the difference in cost if you were to see a movie once a week compared to the package that it's not really a good deal.

Interview #3 (Patrick, mid 50's, Educator): My last interviewee is actually a former educator and he mentioned how going to the moves use to be a favorite hobby for him on his days off or after a long day at the high school. I asked Patrick what he thought about the use of TV applications for use of movies instead of paying a outrageous amount to see a new movie. Patrick said that was a good point and that he loves the apps of Netflix, Hulu, and the new YouTube TV. Patrick went onto say that he'd rather stay at home and watch movies he's already seen for the hundredth time than go out and pay for a movie at the theater he's not so sure about, and that he would wait for it to come out on demand or Redbox.

Summary: The information I gathered was very insightful from all of my interviewees. There were definitely some aspects I agreed on when it came to other resources for movie entertainment and I still continue to do a few activities such as Netflix and YouTube TV. I also learned that there are other things you have to take into consideration when going to the movies, referring to Parvati and her family of three kids and her husband, and how hectic that can be for an individual.

Conclusions: Th conclusions of this assignment makes me realize that there are a lot more external sources and competition that my business will face on a daily basis. By not just competing with other theaters, but most importantly taking into the fact that sports events are now a strong competitor to face.

Assignment-11A- Idea Napkin #1

1) You: Being a young college student, I know I obtain respectful characteristics and strong attributes to be a good entrepreneur. I don't know if I am a very talented person unless were talking about athletics or gaming, but I do hold valuable skills and experiences such as quality social skills relating to customer service in my past working at a movie theater. My aspirations in starting my own movie theater business is to mainly just try the adventure of being a risk taker and seeing what could possibly happen when I came up with an idea I was thrilled about. If I were to start this business, I'm not really sure how this would play a role in my life. I am aware that an entrepreneur spends one-hundred hours a week working on their project. This information makes me believe that the concept of starting my own business will most likely have an uneven work/life balance. I'm sure that time away from my family and friends may not be healthy for those relationships, but that's a risk in becoming an entrepreneur.

2) What are you offering to customers? What I am basically offering to my ideal customers is more than just cheaper prices, but more importantly making the movie theater experience something to be excited about again and remember. The idea I am most excited about introducing to my customers, is the membership plan that will be free for all customers that will help them earn rewards and discounts on their next visit to the theater. I believe this plan will be extremely helpful in retaining a good consumption of customers.

3) Who are you offering it to? I am offering my ideas to anyone, but mostly for people who enjoy movies and the film industry. This is offered for people that also can't stand the thought of overpaying for a night out at an event that use to be a weekly necessity to these individuals.

4) Why do they care? I believe these certain individuals will care about my business/service because of the consistent and outrageous rise in cost to see a movie at the theater nowadays, and how my plan to make prices less expensive and to make the overall experience relevant again.

5) What are your core competencies? The one thing that my business will have or at least do to outperform others in the industry is providing superior customer service hospitality to make our customers feel at home. On top of that I believe the membership systems were offering to customers will put us up on that ladder above other competitors.

Summary: I think the elements that my business will provide greatly fit together in the aspects of my business concept. I don't think it's anywhere at all out-of-joint. I think the plans for my business can be similar compared to other theaters in the industry, but I want to make sure the main goal for these ideas is that customer satisfaction is the major goal, to where as other competitors see revenue as the big goal.

Assignment-9A-Testing the Hypothesis-Part 2

Who: Throughout all of my interviews, although they did fall outside of the category for people who had the needs of my opportunity, the information provided helped me learn more about what I could do differently than other movie theaters and what ideas I could adapt to. A few interviewees gave me some input on how certain movie theaters do family fun days and even host birthday parties to maintain a good appearance and relationship with customers who have families. Another couple of my interviewees also explained how more upscale movie theaters expand their style of hospitality by featuring full liquor bars, lounge rooms, bowling alleys, and arcades. 

What: One interviewee mentioned to me that some theaters go way too above and beyond by installing a full menu dining feature to fill customer's needs that other movie theaters don't offer. 

Why: I believe there is an underlying cause for the people (outsiders) in this interview and their needs about how they're way different than the first handful of people I interviewed, (insiders) who are more concentrated on the few main reasons in going to the movies. Although I do think that some of these creative ideas are useful ways to make more revenue, I believe it takes away the tradition and main reason that people come to the movies.

Inside the Boundary	Outside the Boundary
Who is in: Movie lovers who attend a theater on a consistent rate.	Who is not: People who don't regularly visit movie theaters, tourists, visitors, etc.
What the need is: To make the experience of going to see a movie affordable and fun.	What the need is not: Extracurricular activities being presented in theaters that take away he main purpose in going to see a movie at a theater.
Why the need exists: People who enjoy going to the movies on a regular basis are not getting this opportunity due to increased prices and advancements in technology.	Alternative Explanations: The people I interviewed seemed to not have a good identity to how a standard movie theater business should be run and how it should be displayed. The information they introduced to me made it seem like these people rarely ever go to the movies. Their interest in going to the theater seems to be focused on other ways of entertainment than the movie they're going to see.

Assignment-10A-Elevator Pitch Number 1

https://youtu.be/rIyKuhNKydU 

Assignment- 6A – Identifying Opportunities in Economic & Regulatory Trends

  ECONOMIC TREND

Source: https://foreignpolicy.com/2020/02/03/knock-on-effects-china-coronavirus-weak-economy-markets/

a.)   Why do I believe there is an opportunity?

I believe there is an opportunity due to the different facts, statistics, photos, expert opinion, and evidences that this article shows on how the coronavirus has affected the Chinese economy.

b.)   What leads you to believe that this information suggests an opportunity might exist:

The information and data made me believe that there is an opportunity. For instance, the outbreak has impacted several sectors such as hospitality, tourism, retail, airline, insurance, manufacturing, among others.

c.)    Who do you think is most likely to be the customer with the opportunities?

Customer that can beneficiate from this outbreak would be company that make mask, antibacterial products and cleaning products. Generally, any government and entity that wants to eradicate the outbreak can beneficiate but honestly, everyone should be worried.  

d.)   Is this opportunity relatively easy or difficult to exploit, and why do you think so?

Well, in my opinion, I think it would be hard to exploit just because this outbreak is killing people, but some companies could make a gain out of it. Overall, I believe it would be hard to exploit.

3.)   Can more than one person see this opportunity?

Yes, I think maybe more than one person can see this outbreak as an opportunity specially of they find the cure for it. It would take a lot of effort and research in order for that to happened.


ECONOMIC TREND

Source: https://smartasset.com/retirement/baby-boomers-retiring

a.)   Why do I believe there is an opportunity?

I believe this is an opportunity due to the data, information and sources that this article provides on how baby boomers are affecting the economy because they don’t want to retire.

b.)   What leads you to believe that this information suggests an opportunity might exist:

The statistics and data made me believe that there might be an opportunity. For instance, one of the issues is that by 2031 around 75 million of people over the age of 65 in the U.S. will be drawing on social security create a problem for the economy. Moreover, many baby boomers are not retiring at age 65 making the life expectancy higher and creating a higher demand for part-time jobs.

c)     Who do you think is most likely to be the customer with the opportunities?

Anyone that is not a baby boomer. Also, companies that need a part-time employee are going to beneficiate from this because baby boomers have the experience and wiliness to keep going to work.

d)    Is this opportunity relatively easy or difficult to exploit, and why do you think so?

I think is relatively easy to exploit because baby boomers want to keep working and companies might take advantage of it.


3.) Can more than one person see this opportunity?

Yes, I believe more than one person can see this an opportunity and I would say exploit it to their benefit.


REGULATORY CHANGES

Source: https://www.lung.org/our-initiatives/tobacco/cessation-and-prevention/tobacco-21-laws.html

a)     Why do I believe there is an opportunity?

I believe there is an opportunity because of the many facts, statistics and the article is from American lung association and credible organization that is main purpose is to inform the public.

b)    What leads you to believe that this information suggests an opportunity might exist:

It might be an opportunity to prevent people from smoking from such a young age and create conscience among the younger population.  For instance, virtually 94% of adult smokers had their first cigarette before turning 21, and most 81% before age 18.

c)     Who do you think is most likely to be the customer with the opportunities?

Anyone that want to consume tobacco product and  that is over 21 years old.

d)    Is this opportunity relatively easy or difficult to exploit, and why do you think so?

The bill has already pass in several states I think is a reality and I believe that others state might start applying it too.

3.)   Can more than one person see this opportunity?

Yes, more than one person can see this opportunity but there is not much they can do about it since has pass as a law in several states in the USA.




 REGULATORY CHANGES

Source: https://www.theactivetimes.com/changes-new-marijuana-laws-2020

a)     Why do I believe there is an opportunity?

I believe there is an opportunity because in 2012 Colorado and Washington state became the first states to legalize recreational marijuana and it’s just a matter of time to so another state would approve this law.

b)    What leads you to believe that this information suggests an opportunity might exist:

I believe that this information might suggest an opportunity because it has been approved in some states and recently in Illinois.

c)     Who do you think is most likely to be the customer with the opportunities?

Food industry, farm industry, retain industry, coffee shops, alcohol industry and basically anyone that wants to consume it recreationally and has the legal age.

d)    Is this opportunity relatively easy or difficult to exploit, and why do you think so?

I believe this opportunity is relatively easy since marijuana is a product in high demand in today’s world.


3.) Can more than one person see this opportunity?

Yes, I believe more than one person can see this opportunity and is already happening in where different industries are making their products with marijuana.

Assignment- 8A – Solving The Problem

1)  Selected opportunity: The opportunity I would like to pursue is to take over an existing movie theater or start one of my own and maybe startup a few more locations based off the level of success. 

2)  Product/Service:  
The solution to the problem of my opportunity, I would come up with both a product and service that would escalate the production, value, and experience that brings customers of the movie theater industry to be excited about. My product/service would start with a fair membership system that customers can be part of that relies off a point system for every two movie tickets one customer purchases. For example, once a customer is in the membership system and they make a transaction for two movie tickets, they would receive discounts off concession items such as fifty cents off popcorn, one dollar off concession, one dollar off a drink. For the ultimate discount that would draw in more customers is once ten tickets has been purchased to an account, that individual would receive a free movie ticket for their next visit. I don't think there is anything that gets a customer more excited when they hear that they have received something free. The service part of my opportunity would be to create consistent promotional sales on certain days throughout the week. For example, on Monday there would be free popcorn with any purchase at concession. Another promotion would be, buy two tickets, get one free on Wednesday. Also, there would be, "Throwback Thursdays", and that would promote a traditional classic movie, like an 80's movie, being premiered on Thursday's at a flat rate. My second part of the service, thanks to my last interviewee, I would create an up to date company social media account that stays connected to the community to promote our business by posting daily updates on the theater and what events that're coming up on the calendar.

Assignment- 7A – Testing the Hypothesis, Part 1

1) Pick an opportunity you would like to pursue: The opportunity I would like to pursue is to take over an existing movie theater or start one of my own and maybe startup a few more locations based off the level of success. I'm not sure if it would belong to a chain, for example AMC theaters or Carmike cinemas, but I feel like if I privately owned the business, I could run services my own way. To there I would be responsible for my own success and failure.

2) 

·        The who: Customers or movie lovers in America.

·        The what: Improving the movie theater experience for customers by making it affordable and fun. 

·        The why: The movie theater industry is on a steady decline based on external factors, the evolution of technology, and overall dissatisfaction from customers.

3) 

• Testing the who: I believe my specific "who" has this need, but at the same time everyone in my current "who" share different needs in some sort of way. I really think it just depends on the person and their preferences, like one of my interviewee's mentioned before in assignment four. 
• Testing the what: Not everyone has the same boundaries in this sort of need. I believe there are different boundaries, advantages, and disadvantages between the "who". For example, older movie customers who aren't tech savvy, may be financially stable and not have a complication with high priced movies. It may not be the same case for a broke college student who is tech savvy and likes to stream movies illegally to save a couple of bucks.
• Testing the why: The range of why's that my "who" offers can lead to many reasons why the movie theater industry is struggling to maintain consistent progress. The list of why's can range from personal reasons such as social class/income, use of technology, comfortability issues, busy work/school/social life (finding time), etc.

4) 

•  Interviewee #1 Scott (White male, mid 20's, current military member) : Before talking to any individual, I stated the reason for the interview and what I was trying to accomplish to gather information in regard to making my opportunity realistic to achieve. The first person I interviewed was well educated on movies and did have an idea that movie theaters ware having difficulty staying in business. I asked Scott other than financial issues, what is a valid reason you choose not to go to the movies, at least once a month? Scott simply answered, "If there aren't movies that interest me, I am not going to go out of my way to spend money on a mediocre film." He goes onto mention that this may not be the theater's fault but that is the risk they're taking. 

  

•  Interviewee #2 Megan (White female, early 20's, college student): My second interviewee was very knowledgeable on the movie theater industry. We shared something in common by us both having worked at a movie theater. I asked Megan why does she think the industry is on a fall coming from an employee's point of view? Megan stated, "Over the years of working in that specific industry, I have noticed that customers can be very impatient based off their personality." She went onto say that if a customer is hungry, they're most likely going to be angry. If a customer has been waiting in line for so long, they're going to be angry. Once a customer hears a price they were not expecting, they're most likely going to be angry. I closed my interview when Megan commented, "The movie theater has to do their best to accommodate around the customers. In any way possible." 

•  Interviewee #3 Blake (African-American male, mid 30's, construction worker) : My third interviewee had no clue that the theater business was failing. He said he loves going to the movies, but rarely finds time to go. I asked Blake what is one of the things that bothers you the most about going to the theater, from the minute you enter, to the minute you walk out? Blake stated, " I am not really a complaint type of guy, or type of customer. But when it comes to the movies, I just feel like I don't get my money's worth. From the time I purchase my ticket and snacks, I feel I'm getting ripped off. Yes, the price can be outrageous, but I feel like the movie theaters I attend are so corporate run that I'm getting undervalued as a customer. My initial thought is I just wasted my money." 

•  Interviewee #4 Sebastian (Latin male, late 20's, military vet/banker) : Sebastian was an interesting person to interview. I changed my approach to the interview by asking an individual what specifically they like and dislike about going to the movies. My interviewee told me that's something he would have to think about and it took him quite a while to answer. Sebastian then went on to talk about how he likes the membership system that some theaters have, but at the same time he also said," I truly believe its a scheme to make us spend more money." I told him that I agree but that it's a devious business plan to make revenue. Sebastian also agreed and said, "I just don't feel like it's the best attempt to attract more customers."

•  Interviewee #5 Marcus (African-American male, early 20's, student-athlete) : The last person that I interviewed gave me a lot of good information about my opportunity. I asked Marcus what can a movie theater do differently that would separate themselves from other theaters, whether it's corporate owned or privately owned? Marcus easily said," They need to have a strong outreach to the community. Be involved in social media and consistently reach out and promote their business." I instantly told him that was a great point. Marcus added, " Whatever business it may be, when you're making an attempt to reach out and show that you care about your customers means more than people think." 

5) After completing each step of this assignment, I feel more comfortable in the opportunity I’m pursuing. I believe all of the information I've gathered from my interviews helps me understand that there are more needs from the "who" then I expected. More of what I learned about my opportunity that I didn't know before is that to run a business, specifically a movie theater business, you have to think more about the customer satisfaction category than the value of revenue. I also picked up the fact that a movie theater's business success is mostly in the hands of their customers, half of the time the development of customers that turn into "regulars".