Assignment 25A

Assignment 25A- What's Next?

Existing Market

Step 1: After the initial launch of this product into the Magic Kingdom park, the next move for my venture would be to expand the product into the three other parks that Disney has. 

Step 2: When I told the three people I interviewed my business idea they said that they really liked it. They told me that by neglecting the other parks I could've potentially been losing out on a lot of business. They also said that they thought testing it out first in just one park , and then expanding to the rest of the parks was a good idea. They said that by expanding business into the other parks they distribution of the magic bands would be easier since the producer would only have to make one magic band from now on with the GPS included. 

Step 3: After the interviews I made I think that just keeping my magic band product localized for a while is a good idea. I think that once people learn that it is easy to use and it is not a hassle to find the machines people will love it. I also think that it will be easy to market this product especially to parents. 

While conducting the interviews I also realized that my next step would keep making sense. Neglecting the three other parks that Disney has to offer makes no sense because you can also buy magic bands in those parks. I think that customers would appreciate being able to use the magic bands that they had originally purchased with the GPS and being able to use them everywhere in the Disney parks. 

New Market 

Step 1: This product might be able to apply to a completely different cause. Instead of using it for lost children in parks, this product might be useful in school settings. As unfortunate as it is right now a lot of school shootings are happening, and this product might help localize the children in these situations as fast and effectively as possible. 

Step 2: I think that this product would be able to create value because the safety of everyone that is in this situation is very important. It would help the rescue of these children in a hopefully more effective manner. 

Step 3: I interviewed two people that were victims of a school shooting in Parkland. I described my product concept to them and told them what it was originally made for. They told me that they thought that it was a great idea. They weren't sure how it would work in a school setting though and the thought that might concept might be better applied as it was originally intended for. 

Step 4: Coming up with a new target market for my product was very hard. This product was intended just for amusement parks and nothing else. I learned from my new market that my product is just very specified to the target customer that I had thought of originally. My assumptions were correct because I didn't think that people would necessarily liked to be tracked while they are in school. However, I think that my existing market was very happy with the product and with the possible expansion of the product to other parks. I don't find the new market as attractive as my original market because like I said, my product is more intended for amusement parks. 

Assignment 24A

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. 

Assignment 23A

Assignment 23A- Your Venture's Unfair Advantage 

1. Connections with people that work with Disney

V: It is important to have connections with the people that you are designing your product for 

R: Not everyone has the opportunity to have connections with people inside the business 

I: It is imitable but it would take time to be able to build the connections and use them 

N: There is no substitute for connections that have been made already 

2. Very accessible product

V: The product already exists, it is very easy for the customer to attain the product

R: The product is only available at Disney Parks and its retailers

I: It has the potential to be imitated by Universal Studios or other amusement parks

N: There is no substitute for this item at any of the parks 

3. Education: Business Admin major with a minor in Entrepreneurship 

V: Being able to apply the knowledge that I have into selling the product 

R: It's not rare, but in some cases, people are not able to get a higher level of education

I: It is imitable, people are able to attend college and pick my major

N: People don't necessarily have to go to college to learn the ins and outs of a business 

4. The product is user-friendly

V: People already purchase magic bands and they don't have to do anything to it

R: I haven't seen a product that offers a GPS system in any amusement park

I: Once the product came out, other parks might be able to imitate it 

N: There would be no other product that offers the GPS in the park 

5. Financial Capital from a company as big as Disney
V: To be able to create the GPS device and install it into the magic band it requires a good financial standing to back it up
R: To have good financial backing from a company this big would be rare
I: Only someone with big financial assets would be able to imitate the product
N: The financial support from Disney would be non substitutable

6. Marketing/Advertisements
V: Magic bands are a product that people already want to buy and Disney's marketing techniques are very well made
R: Its not rare to have a good marketing team but its a big company so they can do things quicker
I: Not imitable because no one else has this product to market
N: No other company would be able to do what Disney does since its their product

7. Technology
V: This product is based on creating a GPS so a good tech team is required
R: Its not rare to find someone that is experienced and would be able to create the system
I: Imitable because already a lot of GPS systems exist
N: This would be no substitutable because the GPS needs to work and needs to be accurate

8. Lack of competition
V: I haven't seen anything like this product yet, hopefully would attract more people to it
R: Its rare because a lot of companies start by imitating or producing a product that's similar to someone else's
I: If the product does well it would most likely be copied
N: As of now there is nothing that would be able to substitute the product

9. Motivation
V: This is valuable because in order to get my product out there I need to stay motivated no matter how many times it gets rejected or the product doesn't work out
R: Motivation isn't rare
I: A lot of people are motivated so its imitable
N: This quality may be interchangeable with others but I think its more important

10. Team Player
V: This quality is valuable because I would not be able to get the product out there by myself
R: There are some people that are not able to work well in a team setting
I: This is imitable
N: I don't think there is a substitute for this quality

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.

Assignment 22A

Assignment 22A- Elevator Pitch No. 3 

The feedback I received from my last elevator pitch was very positive. I only received one piece of constructing criticism. I found myself in the last video as the person mentioned, shifting my weight a lot because I was nervous to film again. With this pitch, I found myself being a little less nervous but I still don't feel comfortable enough to film more than what was asked. I tried to not move too much in this pitch to indicate that I felt more comfortable with filming. 

Assignment 21A

Assignment 21A- Reading Reflection No. 2

Long Tail: Why the Future of Business Is Selling Less of More

1) What was the general theme or argument of the book?

The general theme of this book was to showcase how technological advances have changed how the market works. It showed that products that are smaller can now boost their sales by exposing themselves to selling them online. It also talked about how the diversification of products has been changed because of how many online retailers can offer a lot of different products in the same category. It compared sales in the old days to now, saying that even though there are a lot of products in the market today nothing sells in the way that it did before. Now things are more spread out equally between all of the different products because of all of the options offered. 

2) How did the book, in your opinion, connect with and enhance what you are learning in ENT 3003?
This book connected with what we are learning in this class because it showed how as entrepreneurs we have to keep track of what is going on in the market of our specified service or product. Since a lot of people have much more options now, entrepreneurs need to find a way to market the product in such a way that it is preferred above others. 

3) If you had to design an exercise for this class, based on the book you read, what would that exercise involve?  
Based on this book I would design an exercise that would focus more on the market aspect of things. I would maybe try to find a product that is similar to mine and track how well they are doing in the market. From there, try to make my product more appealing and do a market performance test to see how well it would do against the main competitor. 

4) What was your biggest surprise or 'aha' moment when reading the book? In other words, what did you learn that differed most from your expectations?
I don't think that this book differed much from my expectations because now that we have more technological advances, people are always going to find a lot of products that are in the same category. Before, you only really had the option of buying a few select items because things weren't as readily available as they are now. 

Assignment 20A

Assignment 20A- Growing Your Social Capital 

1) One person must be a domain expert in your industry.

Andres Aleman has a start-up business called shake and share media. He works with photo booths and is constantly finding new innovative ways of appealing his product to the customer. He would be filling my domain expert position because he is constantly finding different ways to use the technology that he is given. He had to differentiate his product from all of the different photo booths that are in the market right now. He has had to prove to different companies that his product is different from others. He has worked with a lot of different major companies ranging from Google to Colgate. I found this person because he is my uncle and it was very easy to reach him. He told me that he liked my idea and that the thinks he would be able to help me show Disney that there is value in this product. He has worked with a lot of different companies so he knows how to navigate reaching and talking to higher-ups in companies. There were no favors exchanged for reaching out to him and he would help make this product come to fruition. 

2) One person must be an expert on your market.

Paola Guevara currently works for Disney World. She has been working for the company for a while now and is currently a manager of one of the hotels at Disney. Paola would be filling the market expert position, she would be filling it because she has been working for the company for a long time. She had to work hard for her current position, starting as working as a character for the park. She had to interact with people from the park and also had to work with people that were higher up in the company. Since she works as a hotel manager now she knows what people enjoy and what makes them tick. I found this person through one of my friends that goes to ucf, she was her sorority sister. I spoke to her about my idea of implementing the GPS tracker into the magic band and she said it would be a great idea. Since she works at the hotel she told me that they give out magic bands to the guests. This would help my product be spread around quicker since a lot of people stay on property when going to the parks. There were no favors exchanged with this idea and her help would be to promote the product to customers. 

3) One person must be an important supplier to your industry. 

The third person that I talked to, Stephanie was a current animator for Disney. She designs a lot of the products that Disney sells in stores. She would be filling my supplier position because she currently works for Disney in the design aspect of it. She has had to communicate with a lot of people in the product development area because she designs some of their products. This would be helpful when it comes to the distribution of the magic bands because she would be able to come in contact with the people who make the product. I found her through my aunt who is friends with her. I spoke to her about implementing the GPS into the magic bands and she thought it would be a great idea. She said that she would be able to put me in contact with people who would like to listen to the idea of this product. There were no favors exchanged but she said she would be able to help me come in contact with people who would probably want a favor in exchange. 

Reflect. 

This experience was out of my comfort zone because it pushed me to communicate with people that I had never talked to before on the phone and ask them for a favor. I am somewhat of an introverted person and I am very shy when it comes to meeting and talking to new people. This networking experience was different for me because I almost never have had to contact someone on a one on one basis. 

Assignment 19A

Assignment 19A- Idea Napkin #2

You: I am currently majoring in Business Management as well as minoring in Event Management. My skills include being able to communicate and work well with others, as well as time management and organizational skills. I've had a lot of volunteering positions where I have had to delegate tasks to people and make sure they are getting their work done. I try to be as organized as I can and make sure that everything gets done in time. I had the opportunity to work at several events where I had to work with a team and complete the tasks at hand. My aspirations if this business idea would ever take off would be to work for Disney. This would play a major role in my life because I would be able to achieve one of my goals by working for that company.

What are you offering customers?: What I'm offering customers is a chance to find their friends and family in an easy way. It provides an alternative to having to depend on your phone while you are at the park. It would cause no inconvenience because the product would already be in the magic band, which is what you would use to get into the park. It would be a product that you could use every single time you went to the park and you wouldn't have to purchase a new one every time. It is also convenient since Disney already has an app and on top of that has machines around the park where you can scan your magic band.  

Who are you offering it to?: I am offering this product to children starting from 6 years old to older ages. My target audience would be families and big groups of people, especially people who have multiple children in their party. 

Why do they care?: Customers using this product would care because they would want to know where their friends and family are in the park. If the can't locate them through calling them, they have an option readily available for them. The longer they stay at the parks, the higher the chances are that the battery on their phone dies. It is very easy to lose a small child at this park when they become distracted and parents would most definitely care to find where their child is. 

What are your core competencies?: What sets me apart from everyone else is that there is no set system in place to find people at Disney. The only "competitor" I would have would be the cellphones that people carry with them. However, not everyone has a cell phone especially tourists that are just coming to visit. 

I think all of these elements fit together because they all complement each other. The people that I would be offering this product to cares about the well being of others. They would want to find their family members and they would want to know they are safe. The demographic for this product complements this as well because it applies to all ages. There are also weaknesses with this such as the product itself and how well it would work in the parks. Price would also be a concern because Disney may raise the prices to apply the GPS to the magic bands. 

Two main points I took away from the feedback was my target audience and the price of the device. I need to make the product available for people at a price that they are willing to spend for the band. I also had to change my target demographic because it was too broad.