Assignment 29A- Venture Concept No. 2
Opportunity.
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 parent's 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 parent's 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 by selling the magic bands at a slightly higher price than they were before. The price of the magic bands depends on the design that's on them, so the 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 the 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.
2) All of my feedback on the venture concept was positive. No one said anything that was negative about it and they all said they liked my idea. I then went to look at my what's next feedback and a lot of people were intrigued by what my new market was. They said that it would be interesting to have some kind of GPS system for emergencies. I really didn't know what to do next because I didn't receive any kind of constructive criticism on my assignment.
3) Overall, since I didn't receive any negative feedback on my venture concept I really didn't change it. I do believe that maybe one of the negative things about this product is still the accuracy of the location and the price point that Disney may put on this band.
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 parent's 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 parent's 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 by selling the magic bands at a slightly higher price than they were before. The price of the magic bands depends on the design that's on them, so the 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 the 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.
2) All of my feedback on the venture concept was positive. No one said anything that was negative about it and they all said they liked my idea. I then went to look at my what's next feedback and a lot of people were intrigued by what my new market was. They said that it would be interesting to have some kind of GPS system for emergencies. I really didn't know what to do next because I didn't receive any kind of constructive criticism on my assignment.
3) Overall, since I didn't receive any negative feedback on my venture concept I really didn't change it. I do believe that maybe one of the negative things about this product is still the accuracy of the location and the price point that Disney may put on this band. 
Hi Juliana!
ReplyDeleteI think you have really done a wonderful job explaining your venture concept. I think that having GPS to make sure your kids are safe is something I could absolutely see Disney using in the future. Also, I agree that the technology probably will be a little inaccurate in the beginning but I think with time this product is something that could be in all the arm bands sold at Disney.
Juliana, as you know from other posts, I really like your idea. You have designed it in a way that is hard to give feedback that makes it better! I really do hope to see your product in Disney's amusement parks in the future. I will gladly say that I knew this idea from scratch!
ReplyDeleteHey Juliana! I enjoyed reading about venture concepts. I can see that you took into consideration the feedback that you received last time and made the necessary adjustments. You are a very creative individual and the way you explained your ideas was clear enough for me to understand. I hope someday that your business comes into fruition. You deserve it! Good luck!
ReplyDelete