Business Plan for Chinese Players - Case Study Example

?Group business plan Introduction The group developed a business plan for a Game Prepaid card business that mainly targets Chinese players. The Prepaid game card is a top up card for Chinese internet gamers. The main reason for targeting Chinese players is due to the low penetration of internet banking, despite the availability of high population that is interested in purchasing entertainment services online. The game prepaid card will allow Chinese game players the opportunity to download the online games in their personal computers and enjoy the entertainment service for the subscription duration. The players will be required to buy the card from the retail distributors, sign in to their accounts and enter the code in order to enjoy the gaming services. The company will also create an online meeting place for the players to play against each other or just participate in different tournaments depending on their ranking. A Fair Play policy will be enacted and implemented in order to ensure all customers are satisfied with the gaming experience and receive the games in a fair manner (Minniti, 2007). Some of the benefits of the game prepaid card include the convenience for the Chinese customers who do not have bank accounts or credit cards such as VISA. The card will also allow the redeem gifts such as energy packs, air travel tickets and household equipments thus enhancing the customer experience. The game prepaid card will ensure customer privacy and reduce the chances of online fraud since customers will not necessarily need a credit card in order to subscribe to the games (Minniti, 2007). The players will have the opportunity to select their own gaming mode. For instance, there will be an option of tutorials, custom games, ranked games and normal games. The ranking will be done according to individual player’s performance whereby highly ranked players will have an opportunity to play for a $ 1,000,000 global final. Idea generation Business idea generation entails the process of generation, developing and communicating new business ideasThe business idea generation process was the most challenging for the team. However, we maintained a clear focus and creativity through reviewing different ideas. Accordingly, our idea generation approach followed a entrepreneurial approach since we were interested in coming up with new and innovative ideas that could meet the needs of Chinese game players with no access to domestic online gaming products. As a group, each individual was tasked with doing a market research on the gaps in consumer needs in the online gaming industry (Minniti, 2007). We held several brainstorming sessions whereby each member was supposed to provide numerous suggestions on business opportunities that could be viable within our budget. For instance, several methods recommended establishment of online ticketing business while other preferred the establishment of food chain restaurants. However, our criteria in reviewing the several ideas was aimed at ensuring the viability of the business, minimal capital infrastructure and innovative idea that is exciting to the customers in order to ensure quick market penetration. The team considered the several strengths and weaknesses of each business idea including the consumer market trends and demand. The idea generation process also considered the competitors products and human capital requirements for the prospective business. The second phase of idea generation was screening the benefits that the targeted market would receive from the business and the growth prospect of the business idea. Other issues that were considered include the technology requirements and legal framework surrounding the business idea (Minniti, 2007). The next step involved product development and testing in the market. This involves understanding the consumer purchasing behaviour for the game prepaid card and costs of marketing the prepaid game card. In this stage, we outlined several perceived benefits that could be used in the marketing campaign in order to facilitate faster market penetration. We also estimated the market price that was set as $ 10 per 30 days of usage and the target sales volume that was set at 1 million customers per month. The final step entailed commercialization of the game prepaid card through launching the product in retail and placing advertisements in media. In the start up process, we prepared a website that can enable the customer communicate with the staff online and request for product information. The sales staff was also trained on the gaming products and excellent customer service. We also prepared supply agreements with thousands of retail suppliers in China and appointed regional sales leaders. Team work Working as a team was interesting to all members of the team. In order to ensure the success of the project, we took enough time to ensure all team members were committed to the team goal. The first step was the familiarization stage and planning the team meetings. In the planning stage, we clearly outlined the team goal and ensured all members were committed to attaining the goal. The next step was developing the group procedures such as the meeting hours, the communication process and conflict handling mechanisms between the team members (Minniti, 2007). In the second meeting, we outlined the roles, tasks and responsibilities of each team member. Each member was assigned a clear responsibility and roles to play in the team. For instance, I was assigned the task of making notes on members suggesting. The third step was performing stage whereby team members provided different suggestions on different business ideas. In this stage, the team encouraged and rewarded cooperation and treated each individual in the group equally. The team leader encouraged free expression and tolerance of each member’s views and ensured that no power struggles were involved in the performing stage. The last step was adjourning after the attainment of the team goal (Minniti, 2007). Some of the advantages that I experienced from working as a team include faster accomplishment of tasks and variety in talents. The team was cohesive and followed the project schedule. Presentation experience In my preparation of the presentation slides, I included the business idea logo and arranged the slides according to the chronology of the topics. I used graphics when possible and ensured the font size was enough for the audience to follow the presentation keenly. The presentation process was required effective interpersonal and public speaking skills. I was tasked with the idea presentation before the audience. My self-confidence, effective interpersonal skills and non-verbal clues helped me convince the audience that the business idea was innovative and viable. I selected an appropriate presentation structure by categorizing the different topics covered in the business idea. I divided the presentation report in to three parts that included introduction, main body and the conclusion. I anticipated several questions from the audience thus I ensured that I had enough time to answer the questions. I allocated about 10 minutes for answering the questions from the audience. I also included my contact details in the last slide of the presentation and materials that we used in preparing the team presentation (Minniti, 2007). In order to communicate effectively, I used plain language and provided practical concepts and examples of how the business idea would generate revenues and ensure customer gaming needs satisfaction. I used varying pitches and notes in order to emphasize several ideas. I also slowed by speech in order to allow the audience to grasp the concepts, but also ensured that my voice was louder enough. I maintained direct contacts with the audience and made sure that my gesturers such as arm movements were in accordance with the mood of the audience. I managed to make my presentation within the allocated time and used humor accordingly in order to keep the audience keenly engaged during the audience. In my view, the presentation was logical in structure and interested since I displayed confidence and enthusiastic while outlining my presentation points (Minniti, 2007). Alternative scenario There are several alternative scenario to the growth trajectories. For instance, the company will employ technologically savvy staff thus making it possible for the company to sell the prepaid game card online. Accordingly, we assumed that thousands of suppliers would be willing to sell the cards to the customers. In this regard, we did not factor the price of the game prepaid card to the suppliers and their bargaining power in the market. In addition, we assumed that the players would be faithful players for a game, but there are chances that customer privacy and confidentiality would be compromised due to numerous instances of online fraud in Chinese market. Lastly, we assumed that the target market would only be the domestic Chinese market, but an online business has the opportunity of overcoming the location barriers in the market (Minniti, 2007). Conclusion The game prepaid card will enable Chinese Players access gaming services from foreign servers. The prepaid card will enhance the gaming experience and allow the customers to participate in tournaments and redeem prices. The company will ensure that customers are satisfied through prompt address of customer complaints and ensuring customers receive value for their money. The product is cheap and innovative thus facilitating market penetration in a market whereby the internet technology is much controlled by the government. Reference list: Minniti, M. 2007. Entrepreneurship: the engine of growth. Westport, CT. Praeger Publishers. Read More