Conduct a Literature Review. A systematic review of all commonly known business models, business plans for at least two industries relevant to your case project for example, Software development, IT, Construction, etc.
Challenges faced by the construction industry
The construction industry, for instance, the open theater designing and building are established after determining of the favorable factors. Open theater building has been stimulated by the technological advancements and developments in the field of arts. It is evident that some challenges are associated with running a business like that of constructing theaters. The efficient management of the operations of the company leads to the high performance of the firm (Construction, 2014). Also, the incorporating of competent staff has resulted in the diversity of the company. Stiff competition in the market has made the open theater's construction companies more vigilant in coming up with policies that will make the company more competitive in the market. Total customer experience should be a priority in the industry. Customer relations are importance for retaining of customers, and thus more profits are made.
Challenges in any given organization are expected. However, there are ways to ensure that the challenges do not affect the operations of the theater and if they do, the management will have the best strategies to get out the problems. There are different ways to make sure that a theater meets the expected standards and at the same time attracts a big number of clients. Such is made possible by introducing unique features that are above the features in other theaters. For many years, people have taken theater as just a place where people go to watch live plays and movies. However, the project will be looking into ways of changing the perception. The theater will be different from others because it will have three different stages at the same venue. There will be a performance stage for other forms of art other than acting. The availability of modern three dimensions goggles and screens will also be a consideration. The security of the place will be taken good care of. At the same time, in the same building, there will be restaurants and hotels that will take good care of the hungry.
The industry and market Environment.
The major focus will be on St. George Open Air Cinema. The theater focuses much on showing movies in an open ground. The company is in the entertainment industry and deals with movies of different genres. The market environment is uncontrollable, and thus the industry must devise ways of curbing the threats posed by the competitors.
Uniqueness of the Opportunity
The company presents itself in the market in an admirable way. This is seen by the utilization of modern technology infrastructure. The organization has capitalized on the norms of the market. The theater industry is known for building structures and serving the clients from the structures (Horwood & Stewart, 2015). The company has a huge screen which is mounted in the open air which makes it different from others.
The key strategies for success
The organization’s strategies of success are to ensure that people are served in a unique way through the unique environment, and people are given different products from what they are used to.
Unique features for a successful theater
The company is one of the best performing organizations in Sydney. Good performance in any given organization attracts more finances. By the organization providing unique services, it gets to increase the number of its customers thus becoming financially stable and independent.
The management team of the company is comprised of people who are innovative and risk takers. The company has been able to attract a big number of clients by doing what other organizations would fear to try (Rothaermel, 2015) Therefore, there is no doubt that the management in place does not fear to take a risk or to try to introduce a new service in the competitive entertainment industry.
Currently, the organization is in a better financial status. That has been attributed to the fact that the company has been doing well and has been able to raise enough capital that can cater for the expenses and wishes of the organization. However, the organization is still in need of more funds that will take the services that it offers to a higher level as far as the quality is concerned. The human resource department needs to be funded so as to motivate the employees to continue making sure that the services provided to the clients are at their best (Dangelico et al. 2013).
The History of the concept
St. Georges Open Air Theatre has been in existence for many years. The theater first opened its doors on December 4, 1929. The architect behind the wonderful job was Eugene De Rosa. The first movie that the clients enjoyed after the completion of the theater was ‘so this is college' in 1929. Since then, the theater has been attending to many clients both from Sydney and from other parts of Australia (Birdgen & Milner, 2015).
What markets the business will serve
The company ensures that all its clients are provided with entertainment. The company is not selective when it comes to providing services, and that has made it control a big market share in the entertainment industry (Robbinson & May 2017).
What kind of business it is
The nature of the company is business service. There are different days in which the company operates. There is a movie to be watched on each and every day (Vogel, 2014). At the same time, the company offers open air dining services which attract a wide variety of clients.
What the product or service is
The services provided are watching a movie and dining.
Why people will use it
Most people prefer the company because one gets to enjoy the nature and the same time enjoys the film. The services are provided out in the open air, and that makes the whole process enjoyable and satisfying.
The financial status of the company is good; there are no debts from financial institutions. The creditors are also fully compensated. The gearing and the liquidity ratios are favorable for the operations of the business. The business is stable, and thus it can run its operations smoothly.
Financial potential of St. George Open Air Cinema
Business Environment Analysis
The environment consists of the internal and the external factors. The internal environment majorly is affected by the availability of enough resources to meet the needs of the clients. The other controllable factor that is affecting the industry is the business culture that is not formed yet (Van den Eynde et al. 2015). When the entrepreneurial culture is adopted, the operations of the company will be run smoothly. The external environment consists of factors such as the competitors that have the same products. The major threat is from the competitors that have been in the business for a very long time. Lastly, the political factors can also affect the business. When there is political instability, operations will be ceased thus small profits for the company.
Moonlight cinema industry is situated in the cosmopolitan city of Sydney in Australia. The market environment consists of other market players that have been in the business for as long time. In this view, the market is very competitive for the business starters (Artkinson & Kennedy, 2016).
The special and unique business opportunity
The business opportunity is unique because of the quality of services that the company renders to its clients. Customers are guaranteed of services that will make them discover that they are respected and valued. There has always been a gap between professionalism and ethical standards.
The business ensures its survival through formulating of the most viable objectives that will make sure that the business operates efficiently. Also, the company has competent staff so that they can give quality care services to the clients (Brand & Todhunter, 2016). The business also ensures that the technology is integrated into its operations.
The company can make high profits through simply retaining most of its customers. Customers are retained because of the excellent services offered then the business will improve its performance. The ability to raise profits will increase the credit rating of the firm, and thus it will be able to collect funds with ease.
The management team
The management team is composed of committed and skilled professionals. The professionals are committed to the primary objectives of the business that is giving of quality service as and when it is required. With a capable management, policy making will be easy and relevant to the operations of the business.
Skilled human resources are the primary requirement of the business. The business has adequate employees that are ready to attend to the expected large number of clients. The human resource should have right qualifications that will help in the achievement of the objectives of the business (Glova et al. 2014).
What the history of the concept
With the viable policies in place, the business is destined for success (Page, 2014).With the required resources the business will be able to diversify its operations for the good of the clients. The business will stabilize with time and command an enormous market.
What markets the business will serve
The business is deemed to serve the clients all over Australia because of the large size of the company (Bailey, 2015). When the company acquires the resources, it will better serve the clients. The services are well priced, and thus customer inflow will be so high in return.
The company falls under service business. The service industry majorly encompasses the one on one interaction because the services cannot be separated from the service provider.
The company only provides movie services. The services help the customers to have the value of their money back.
The clients prefer the services of the business because of they are the best amongst the providers. Also, the services are closer to them and thus very convenient. It is also ideal to note that the services are affordable and thus the clients are comfortable with the prices. Lastly, the level of satisfaction that the customers get makes them loyal to the business.
What the financial status is
The business so far has no debts, and the suppliers are adequately compensated. The fixed assets are available but not still adequate for the large target population (Glova et al. 2014). It is evident that the business is stable for it can cater for its obligations.
Business Environment Analysis
The entertainment industry majorly is affected by the technological factors. The organization must have the best technological machines to be able to provide excellent services. The other factor is the competence of the employees. The caregivers must have the right skills that will help to offer the best care to the patients. Lastly, there is stiff competition from the other market players that offer the same services (Bocken et al. 2014).
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Page, T. (2014). Notions of innovation in healthcare services and products. International Journal of Innovation and Sustainable Development, 8(3), 217-231.
Rothaermel, F. T. (2015). Strategic management. New York, NY: McGraw-Hill.
Atkinson, S., & Kennedy, H. W. (2016). Inside-the-scenes: The rise of experiential cinema. Participations, 13(1), 139-151.
Brigden, C., & Milner, L. (2015). Radical theater mobility: unity theater, UK, and the New Theatre, Australia. New Theatre Quarterly, 31(04), 328-342.
Horwood, C., & Stewart, F. (2015). World stage. 40 [degrees] South, (78), 50.
Robinson, D. A., & May, J. (2017). Current Management of Abdominal Aortic Aneurysm in Australia. In Vascular Surgery (pp. 21-26). Springer International Publishing.
Van den Eynde, J., Fisher, A., Sonn, C., & Assist, E. (2015). Pride, passion & pitfalls: working in the Australian entertainment industry.
Vogel, H. L. (2014). Entertainment industry economics: A guide for financial analysis. Cambridge University Press.
Brand, J., & Todhunter, S. (2016). Digital Australia 2016.
Bailey, M. (2015). Shopping for entertainment: malls and multiplexes in Sydney, Australia. Urban History, 42(02), 309-329.
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