24A - Venture Concept No. 1

Opportunity: The group of customers with under-met needs are middle-to-low class Tampa Bay Buccaneers living in the Greater Tampa Bay Area. These are the fans who are very loyal to the team, but don't have the money to consistently go to the games. These are the fans always weighing the pros and cons of going to the game versus staying home, saving the money, and watching the game on the couch. These fans feel as if going to the games is not a great value, especially in the past decade where the team has not made the playoffs one time. These fans feel like the ticket and concession prices are a little too steep for what they are getting. These are the fans who are yearning for a little more when they are sitting in the stadium watching their team play. Forces that are creating this opportunity include disposable income and the decision of how to spend it. These fans live in suburban neighborhoods and make enough to live comfortably on limited budget. They debate whether to spend their disposable income on a day of going to the game which entails costs of the tickets, tailgating, and concessions at the minimum or staying home to watch the game from the comfort of their couch without spending any of that money. I believe this is a huge opportunity that can be exploited because many fans would ideally like to go the games if they are getting a better intrinsic value. I believe the window for this opportunity will remain open for a long time because each season brings hope and anticipation that always keeps fans coming back.

Innovation: My innovation for my venture is an improved fan experience in Raymond James Stadium for Buccaneers fans. The improved fan experience will first slightly decrease ticket prices and offer ticket incentives and promotions throughout the year. Another component is reducing the prices of food and drinks at the concessions. Despite lowering the prices which in theory reduces profit, this will sell out games and lead to more expenditures at the concessions which will cover that loss and more. For example, a 20% off discount for nosebleeds for Ronde Barber's induction into the Ring of Honor (Ronde Barber wore #20 when he played for the Bucs). Another example is reducing the cost of a hotdog and soft drink from the concession stands from $7 and $10 to $5 and $7 respectively. Another component of improving the fan experience is creating an in-stadium app. This app can give up-to-date wait times for lines at the restrooms and concession stands, host giveaways or drawings such as a 50/50 drawing, allow mobile purchases to be made at merchandise shops to be picked up at a certain time, and has activities that can keep fans engaged during television timeouts. This app will allow fans to enjoy their experience at Buccaneers games staying engaged in the game and connected with the whole fanbase with the utmost convenience.

Venture Concept: An improved fan experience will tilt the scale for the fans on the fence about deciding whether to go to the game or stay home. These fans will perceive a higher intrinsic value for a day at the game as it would be cheaper than any other game they've attended while receiving more benefits than ever before. Customers will go to more games when the tickets are cheaper and concession prices are lower. Fans looking for something more in the stadium will love the app as it allows them to spend their time more effectively and stay engaged throughout the game. Customers will buy this because they are spending less money for a more a valuable experience so it will be easy to get fans to switch. There is not really any competition as Bucs fans would not be able to enjoy an experience at the stadium if they don't get tickets. Packaging and distribution are not key role players in my venture. Price points are very important because the lowering of the ticket prices and concession stand prices has to be precise where money can still be made on the reduced markup costs. The price has to be set across the board at price point where the fans feel they are saving a significant enough amount of money while still making profits. Customer support and their fan experience will be the most important element of this venture because the whole business strategy is developed around satisfying the fanbase's needs. In order to achieve this, it would require help from other departments within the organization. Marketing, food and beverage services, ticket office, and technology departments among others would have to play a large role in making this happen for the fans. At the minimum, I would require at least one person from each department to coordinate their respective roles in delivering this superior experience to Bucs fans.

Three Minor Elements
1: Once again I think my passion for my work and intense focus on improving the Buccaneers organization gives me an advantage because I care so much that nothing can get in my way. This is something I have always wanted to do so I possess an unwavering determination.

2: I believe the next step in my venture is spreading this idea of an ideal fan experience to different NFL teams and other teams across professional sports making fan appreciation a staple of all professional sports. Also, I would like to add more ways to improve the fans' experiences once more opportunities arise within the market to further tailor to their needs and bring in more revenue as a result.

3: Within the coming years, my goal is to have every Buccaneers game sold out with a very happy fanbase. Hopefully, multiple trips to the playoffs are in store as the Tampa Bay Area becomes known as one of the best fanbases in the league. In the distant future, if this ideology is utilized across other sports, I hope their organization has a fan-oriented culture for almost every team. If I am successful, many other teams would follow suit seeing the positive results.