Ethereal Experience Joel Miller, Joel Webel, Patrick Pena-ariet, Austin Antwine, CLay Woodward

Idea

  • The Problem: Our target market does not often purchase or have the ability to test virtual reality experiences. Too expensive, new technology changes, not enough information.
  • The Solution: We are creating a new service that allows people to experience the newest technology and best virtual reality experiences.
  • Ethereal experience allows this audience to experience the best VR without breaking the bank.

Business Model

Target Market

DMV

  • Located in Alexandria, VA
  • Also target Arlington VA and Washington D.C.
  • Colleges around that we would target include George Mason, Georgetown University, Howard University, Marymount University, and many others.

Target Age Group

  • 16-25 target age group for experience
  • 26-40 target age group for retail (Oculus)
  • 113,840 aged 16-25 in DMV
  • 284,241 aged 26-40 in DMV

Target Market (cont.)

Penetration Rates

  • 10% of young adults aged 16-25 who see our ads
  • 4% of people aged 26-40 who see our business product (Oculus) ads

Local Business

  • We called local businesses to find out how many people go out for entertainment
  • We will have 225 people on a weekday and 250 on a weekend

4 P's

Product

Service

  • Virtual Reality "experience"
  • Different areas of use (sport, entertainment, education)
  • Solves the issue of inexperience with VR
  • Bridges the gap between people that want to test equipment but not purchase right away.

Retail

  • Areas of use: Entertainment, Education, Business Professional
  • Purchase of equipment saves costs

Price

Service

  • Group rates, individual, and 3 different levels membership
  • Rates - $8 matinee (noon to 4:00PM Monday through Friday) $12 everyday after 5:PM. $10 Group price (weekends and nights)
  • Partnerships with local businesses for coupon referrals

Retail

  • Showcase room for Oculus products due to the strategic partnership
  • Buying all of equipment for the experiences
  • All of retail products will be for free from Oculus
  • Selling virtual reality headsets for $300
  • Gaining 33% of profits from every headset sold

Place

  • Why we are going to DC?
  • Oculus wants to get into the DC area because people will be willing to use Oculus technology in the DC area.
  • Inside layout- concession area, 3 experience rooms, retail room, an office area, main area place where people can sit. 6,000 sq ft.
  • Larger sq ft areas can generate 200-300% higher revenues by attracting repeat business.

Promotion

  • Guerilla Marketing: Creative Billboards, city benches: VR nights on college campuses, VR booths on campus during classes,
  • Internet and Social Media Marketing: Snapchat, Facebook, Twitter, Instagram, Youtube: Snapchat Account, Facebook advertisements, Youtube videos, Virtual Reality Career Fairs
  • Print, Radio, and TV ads before grand opening, winner of specific contests have opportunity to win free experiences, Coupons to refer friends to Ethereal.
  • 3 levels of membership. Bronze, Silver, and Gold. Memberships allow free access to tournaments, merchandise & more
  • Partnering with local restaurants to encourage strategic boost in customers. E.x. After you eat dinner at Joe's Pizza, bring in your receipt for a discount experience
  • Work with local bloggers & other big influences in the DMV area
  • Invest into local listings in Google Places, Yahoo Local, Yelp & more

Profit and Loss

References

  • S. (n.d.). Current Alexandria, Virginia Population, Demographics and stats in 2016, 2015. Retrieved December 01, 2016, from https://suburbanstats.org/population/virginia/how-many-people-live-in-alexandria
  • http://www.indexmundi.com/facts/united-states/quick-facts/virginia/median-household-income#map
  • "Net Present Value and the Internal Rate of Return - CFA Level 1 | Investopedia." Investopedia. N.p., 2008. Web. 14 Dec. 2016.
  • "Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)." Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) Definition & Example | Investing Answers. N.p., n.d. Web. 14 Dec. 2016.
  • "Virginia - The Best State for Business." Business Tax Rate - Virginia Business Taxes – Virginia Economic Development Partnership. N.p., n.d. Web. 14 Dec. 2016.
  • Sugars, Brad. "Four Simple Ways to Find Customers." Entrepreneur. N.p., n.d. Web. 14 Dec. 2016.
  • @steveolenski. "10 Steps To Target And Connect With Potential Customers Effectively." Marketing Land. N.p., 2015. Web. 14 Dec. 2016.

Credits:

Created with images by HammerandTusk - "virtual reality oculus technology" • HammerandTusk - "man virtual reality oculus" • bib.louisemichel - "oculus" • UTKnightCenter - "Virtual Reality Demonstrations" • bib.louisemichel - "oculus" • nan palmero - "Oculus Rift at the Samsung Blogger Lounge" • HammerandTusk - "man black virtual reality" • HammerandTusk - "virtual reality technology reality" • macayran - "sunset sea ​​of ​​clouds clouds"

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