Innovative Idea For A Hip Hop Dance Company – Venture Plan

Product Analysis

In this modern, the dance form has changed significantly, and some new dance forms have come into place. The introduction of Hip Hop style, Locking and Pop styles of dance have captured the imagination of younger generation.  In recent times, the culture is changing and the media and music which people follow are also changing drastically (Gai & Steenkamp, 2014). The generation nowadays are more attached to hip-hop, pop and rap form of music and the dance style which is followed for such kind of music is also new such as B-boys, break dancing, locking are some examples. Therefore, it can be said that the services provided by the business is feasible considering the interest of the younger generation and vast changes which are coming in dancing style. These cultural events require appropriate funding and the business aims to provide innovative ideas

The target market of the business is the younger generation which are boys and girls from the age of 10 who want to learn the modern dancing style. The hip-hop dance company aims to provide such candidates proper exposure and a chance from learning the selected dance form from best professional available. The target market will be attracted with the help of advertisement and also by showcasing the dance style in an exhibition.

The benefit of the service which is provided by the business is related to an advancement of the new culture among the people. The services provided by the business also helps in spreading the modern dance forms and thereby ensuring that the new generation gets what they want out of dancing. In addition to this, the modern hip-hop style or urban dancing style involves lots of quick movements and stamina and therefore it is one of the best ways to keep an individual fit.

The business plans to provide dancing lessons to candidates and also provide such candidates with appropriate exposure. The modern dancing style and the Hip-hop style cannot be learned by individuals or even cannot be taught by parents. In the market, a lot of businesses have been established providing the same services and therefore, it is clear that the level of competition in the market is high (Doherty & Terry, 2013). The plan of the management of the company in regards to making the services different from its competitors not only provides services with respect to dance but also organize and conduct competition in order to sharpen the skills. The company will also provide appropriate exposure to the candidates and provide better opportunities to the dancer to built a career out it if the candidate so wishes (Horta & Camanho, 2014). The management of the business also has an opportunity for innovation by introducing the badging system.

The management teams of the company will comprise of senior most management which will be the owners and senior executives. Then there is the middle level management who are the instructor, supervisors, support staffs, choreographers and health experts. The lower level management would be the clerks, cleaning staff and other support staffs.

Target Market

The analysis of the external environment and the market of the business porter’s five force model is conducted.

• Bargaining Power of the Customers: The customers of business are dancers who associated with the business for classes, competitions, group performances and similar other activities. There are not many businesses in the industry which provides such services to customers and therefore, the bargaining power of the customers are low. Another reason is that the product which is offered by the business is not dynamic in nature and therefore, it can be switched easily by customers.
• Bargaining Power of Suppliers: The suppliers of the business are in a position for bargaining which can be mitigated by establishing appropriate relationship with suppliers. The suppliers provide the business with appropriate platform and therefore, the bargaining power of the suppliers is high.
• Threat of New Entrants: The venture has innovative approach in respect of collecting funds in the form of Sponsor Pool and the business is looking attractive and therefore the new entrants would be interested in the concept. The low costs of membership in such industry can further encourage the new entrants (Dobbs, 2014). In the industry barrier can be established by getting patents rights which would make it impossible to imitate products offered by other businesses in the industry. Another method pf creating barriers to entry is by differentiating the products offered by businesses in the industry.
• Industry Rivalry: As per the recent situation in the market, there are not many businesses in the industry which provide such products and therefore the rivalry in the industry is low. The market is rapidly growing and therefore the few businesses which are already established in the industry do not necessarily need to compete for market share. The competitors in the market is very much limited and therefore, the overall level of competition in the market will be low.

The attractiveness of the industry can be appropriately determined with the help of Industry attractiveness tool which is shown below:

The above table shows the attractiveness of the Industry and shows that overall level of competition in the business is high. The business is also at its growth phase and the culture is also appropriate for expansion. The business also has long-term prospects and is considered to be helpful for individuals (Hair et al., 2015). The company tends to provide support to dancers and their families in financial terms and also help such dancers to develop their future effectively. The business intends to held exhibition and competition with the help of which talents will be recognized and proper exposure can be provided to talented individuals.

The target market of the business are normally the teens who are mostly attracted towards developing a hip-hop style dances and plus dance groups and teams are also potential targets for the business. The target market attractiveness tool which is shown below would help the management to develop an appropriate target market assessment:

The above table shows that the new style of dance has significant response from the society and therefore there is a high probability of growth in the target market of the business. The method of generating revenues from such is through competition, grants from governments and there is a wide range of scope and the company also aim to appropriately promote the candidates and also provide them with appropriate exposures. The hip-hop dance and modern dance forms are getting a lot of buzz in the market and among the target market and therefore, the business seems to be feasible.

The market is favorable for the such a venture as the market condition allow the business to effectively and for the purpose of making assessment for a target market, target market assessment tool is shown below:

The above table shows that the buying mood of the customers are moderate as the project is still at is developing stage. The momentum of the business is showing development and slowly growing. Therefore, it can be said that the overall momentum of the business is appropriate.

The above table shows initial cash requirement of the business and the same is shown to be $ 430,000. The above estimates which are shown in the above table are taken on the basis of estimation. The wages are taken on the basis of estimation and the average number of employees which will be taken into employment is considered to be 10 employees and the average wage rate is considered to be $ 2,000. The initial assets requirement of the business is shown to comprise of vehicles, machinery, equipment and other assets.

Conclusion

Thus, from the discussion which is conducted in the above paragraphs the innovative strategy of the business is appropriate and feasible in nature. The market is also shown to be favorable and the industry is attractive in nature. The target market of the business is also shown to be favorable and there is appropriate buzz in the market for the product which is offered by the business. The initial cash requirement of the business is shown in the table above and the business would be requiring certain resources in order to appropriately run the business.

Reference

Doherty, N. F., & Terry, M. (2013). Improving competitive positioning through complementary organisational resources. Industrial management & data systems, 113(5), 697-711.

Dobbs, M. (2014). Guidelines for applying Porter’s five forces framework: a set of industry analysis templates. Competitiveness Review, 24(1), 32-45.

Gai, K., & Steenkamp, A. (2014). A feasibility study of Platform-as-a-Service using cloud computing for a global service organization. Journal of Information Systems Applied Research, 7(3), 28.

Hair Jr, J. F., Wolfinbarger, M., Money, A. H., Samouel, P., & Page, M. J. (2015). Essentials of business research methods. Routledge.

Horta, I. M., & Camanho, A. S. (2014). Competitive positioning and performance assessment in the construction industry. Expert Systems with Applications, 41(4), 974-983.

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