19A - Idea Napkin No. 2

You - This one does not need to change much from my last post. My name is Ashley Andrews and I am a second year Business Administration major and Event Management minor. Throughout my time at UF, I have acquired many new assets to bring to the table in a business. By taking Principles of Marketing, Financial Accounting, and Information Systems, I now have a foundation for each of these areas of study and have acquired my Excel certification. Marketing and accounting have taught me the basics of the financial structure of a business and marketing has enabled me to learn how to segment the market and target the audience that is right for me. This business would be extremely strenuous and would require much of my time, so having these skills will greatly help me to start this business and give it a fighting chance at succeeding.

What are you offering to customers? - I am offering a movie/tv show/UF sports streaming service to students. Students will pay a small monthly subscription fee to the university to get access to hundreds of movies and tv shows as well as Gator athletics. This will greatly reduce their monthly costs for streaming platforms and will consolidate all of their previous subscriptions into one subscription. My streaming service is meant to make students entertainment more affordable and entertaining.

Who are you offering it to? - The target market for my new service is UF students between the ages of 17-24 living both on and off-campus. The things that my customers all have in common are that they are all UF students (meaning they would have a student ID number), they pay tuition, and they have some sort of need for a streaming service (whether they are looking for a new one or are unhappy with the ones they are currently paying for). Another thing I expect my customers to have in common is that they all want to save money.

Why do they care? - Customers will actually make the switch to this service because it will save them money in the future and will provide a vast array of tv shows and movies, as well as access to UF sports. It is valuable because the benefit of saving money will outweigh the costs of switching.

What are your core competencies? - What sets me apart from everyone else is my determination. When I want something to be done, I don't rest until it is complete. No university in Florida is in the streaming business yet and I want to make UF the catalyst for this change. Although there are other streaming services worldwide (such as Hulu and Netflix), many students I talked to complained about the costs that accumulated each month and the disappointment they had in the shows and movies that each offers. The things that set this service apart from others is that we would have the UF sports on our streaming service, we would have monthly surveys that record our customers feedback about the movies and tv shows we should add, and that it would be exclusive to the University of Florida. This along with the variety and lower prices would greatly set us apart from the competition and would create a benefit that greatly outweighs the cost of switching.

I believe these five elements listed above fit together to make a strong business plan in theory. This seems to be the same things that many other streaming services have in common and they are doing very well in the market. The only part I am worried about in this business venture is getting the rights to movies that the customers want to see. I feel that it could be a challenge to please everyone and could result in losing some business. However, I will be having monthly surveys of what the subscribers want to see so that they can have input into what movies and tv shows are on the platform at any given time. 

My feedback was positive for the most part, with many people expressing their support of the idea and that it would be a great addition to the campus life of the average UF student. One of the comments left on my original post talked about how I should talk about that the customer has to live on campus, but as stated in previous posts, they can live on or off campus and utilize this service. So, I clarified this in the "who" section above. Another comment talked about how people who share services will not have a need for this new service, so again, I edited my "who" to include only those who are looking for a streaming service or are unhappy with the ones they are currently paying for.