Assignment 24A- Venture Concept No.1
Opportunity.
When I was little I went to Magic Kingdom with my family. We were in a large group and we went during one of the peak seasons for the park: December. During the night parade we lost my brother and my dad. My mom tried calling his cellphone multiple times and he wasn't answering. Everyone in the group started panicking thinking that my brother could've gotten lost without my dad. Thankfully at the end of the night when everyone was leaving the park we were able to spot them and find them again. I believe that there is an opportunity to find lost children and other people that you go with to the park. Even if people aren't necessarily lost, it would be easy to keep track of people in your group. The potential customers for this product would be children starting from ages 7 and adults of all ages. The forces or changes creating this opportunity is mainly children who get very easily distracted and don't follow their parents orders when they are at a young age. The market for this product is mainly for Magic Kingdom since this is their more popular park. However, this need also applies to any other amusement park. Customers are satisfying the need right now by just using their phones and making their children memorize their parents phone numbers. I've seen that groups of people also assign a certain spot of the park as their meet up spot. There is also a solution that is provided to meet this need in the park. Disney has a place in the front of the park designated for children who get lost to go there. I think that this opportunity is very big because it would be beneficial to a lot of people. I think the window of opportunity is pretty big because this need isn't something that will go away.
Innovation.
To solve this unmet need, I would use several items that Disney already sells and provides. The first item that I would use would be the magic band. This band can be bought at any of the parks as well as online. This band can be linked to the tickets and all of the information you need if you are staying at any of the hotels in the park. In addition to all of the information that it provides you with, if you stay at one of their hotels you would get one for free. To solve this unmet need I would create a GPS device that would have to be installed into each magic band. With this magic band you would be able to scan them in a machine. The machines that Disney already provide as their fast pass system would be changed into a map of the park and it would be able to show you your current location and also the location of the people that you came with to the park. In other words, I would be selling the new magic bands with the tracker in them. I would be making money through selling the magic bands at a slight higher price than they were before. The price of the magic bands depend on the design that's on them, so price would increase slightly accordingly to what their price is.
Venture Concept.
My product would solve the unmet need of lost children and just wanting to know the location of your friends and family in a park. It is a very simple solution to a problem that many parents may encounter while going to the park. Even though technology is very prevalent in today's society, phones can run out of battery. The magic band would never run out of battery and it is a quick way to access the location. With Disney's extensive resources the device can be as accurate as possible with no glitches. Customers would switch to this product instead of resorting to their phones because it is something that they have very easy access to. With this device they don't have to worry about losing their tickets. All the information that they would need during their stay at the park is accessible through their wristband. I don't think it would be hard to switch to this alternative because so many people have the magic bands already or want to purchase them. As of right now there are no competitors to this product. Some weaknesses or vulnerabilities that the product might have would be the accuracy of the locations. I think that design, price as well as customer experience play an important part in my business model. Since the magic band is a kind of accessory I think design is something that people are bound to care about. Price is a given, since magic bands are not something that is absolutely necessary it is important to keep the price attainable for customers. I also think that customer experience is important because they must be able to use the product successfully for it to continue to sell. Customers must see this product as something helpful to them or else they won't purchase it.
The three minor elements
I think that my most important resource is that this product is very accessible. For a product to succeed, customers must be able to buy the product anywhere they would like. It is easy for them to purchase it while they are at the park. It is also sold online and they ship internationally so this makes it easy access for everyone.
The next step for this venture would be to expand to the different parks that Disney has. If it becomes a success at magic kingdom and if the product is developed well and it works then that would most likely be the next step.
In 5 years if this venture were able to launch successfully I would like to keep working for Disney. I really like their company and I think that since I was part of something that launched at their parks I would want to continue to work for them developing new concepts and ideas.
When I was little I went to Magic Kingdom with my family. We were in a large group and we went during one of the peak seasons for the park: December. During the night parade we lost my brother and my dad. My mom tried calling his cellphone multiple times and he wasn't answering. Everyone in the group started panicking thinking that my brother could've gotten lost without my dad. Thankfully at the end of the night when everyone was leaving the park we were able to spot them and find them again. I believe that there is an opportunity to find lost children and other people that you go with to the park. Even if people aren't necessarily lost, it would be easy to keep track of people in your group. The potential customers for this product would be children starting from ages 7 and adults of all ages. The forces or changes creating this opportunity is mainly children who get very easily distracted and don't follow their parents orders when they are at a young age. The market for this product is mainly for Magic Kingdom since this is their more popular park. However, this need also applies to any other amusement park. Customers are satisfying the need right now by just using their phones and making their children memorize their parents phone numbers. I've seen that groups of people also assign a certain spot of the park as their meet up spot. There is also a solution that is provided to meet this need in the park. Disney has a place in the front of the park designated for children who get lost to go there. I think that this opportunity is very big because it would be beneficial to a lot of people. I think the window of opportunity is pretty big because this need isn't something that will go away.
Innovation.
To solve this unmet need, I would use several items that Disney already sells and provides. The first item that I would use would be the magic band. This band can be bought at any of the parks as well as online. This band can be linked to the tickets and all of the information you need if you are staying at any of the hotels in the park. In addition to all of the information that it provides you with, if you stay at one of their hotels you would get one for free. To solve this unmet need I would create a GPS device that would have to be installed into each magic band. With this magic band you would be able to scan them in a machine. The machines that Disney already provide as their fast pass system would be changed into a map of the park and it would be able to show you your current location and also the location of the people that you came with to the park. In other words, I would be selling the new magic bands with the tracker in them. I would be making money through selling the magic bands at a slight higher price than they were before. The price of the magic bands depend on the design that's on them, so price would increase slightly accordingly to what their price is.
Venture Concept.
My product would solve the unmet need of lost children and just wanting to know the location of your friends and family in a park. It is a very simple solution to a problem that many parents may encounter while going to the park. Even though technology is very prevalent in today's society, phones can run out of battery. The magic band would never run out of battery and it is a quick way to access the location. With Disney's extensive resources the device can be as accurate as possible with no glitches. Customers would switch to this product instead of resorting to their phones because it is something that they have very easy access to. With this device they don't have to worry about losing their tickets. All the information that they would need during their stay at the park is accessible through their wristband. I don't think it would be hard to switch to this alternative because so many people have the magic bands already or want to purchase them. As of right now there are no competitors to this product. Some weaknesses or vulnerabilities that the product might have would be the accuracy of the locations. I think that design, price as well as customer experience play an important part in my business model. Since the magic band is a kind of accessory I think design is something that people are bound to care about. Price is a given, since magic bands are not something that is absolutely necessary it is important to keep the price attainable for customers. I also think that customer experience is important because they must be able to use the product successfully for it to continue to sell. Customers must see this product as something helpful to them or else they won't purchase it.
I think that my most important resource is that this product is very accessible. For a product to succeed, customers must be able to buy the product anywhere they would like. It is easy for them to purchase it while they are at the park. It is also sold online and they ship internationally so this makes it easy access for everyone.
The next step for this venture would be to expand to the different parks that Disney has. If it becomes a success at magic kingdom and if the product is developed well and it works then that would most likely be the next step.
In 5 years if this venture were able to launch successfully I would like to keep working for Disney. I really like their company and I think that since I was part of something that launched at their parks I would want to continue to work for them developing new concepts and ideas.
Wow, the situation you described at the beginning of this post seems terrifying! Being a native or Orlando, I have been to Disney World plenty of times throughout the years. I also have two sibling myself, and I cannot imagine how worried I would have been if myself or either of my siblings had gotten lost. With that being said, the product you are trying to create seems to have great value. It would ease the worries of many families who come to Disney World day after day. I am very interested to see where you take this product from here. Great job!
ReplyDeleteHi Juliana! I absolutely love your idea, I think it is a very necessary product, I don't know why Disney doesn't already do this! I have a friend who shut down Disney when she was three because she ran off and her parents couldn't find her. This product could end the hassle of having to do that to find missing children. It also is helpful for families or friend groups who don't want to carry their phones around but want to be able to find each other if they split up to do different things. Great ideas here!
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ReplyDeleteWow , this venture concept is just great i like where your head is going for sure having had about 3 start up companies in my college carrier and I know when I hear a real entrepenuer man. Keep up the good work cant wait to see where this goes, keep up the good work and continue you to work hard on what it is that you believe in. Do not ever give up this is a great idea.
Hi Juliana, I think the venture concept you presented could be really helpful in magic kingdom, a lot of other amusement parks, and festivals. I personally have lost my friends at Islands of Adventure and music festivals before so I know what that hassle is like! This could be a great business in the future if you ever decided to actually become and entrepreneur.
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