The Virtual Reality Museum - Report Example

Introduction

This Virtual Reality Museum offers inestimable opportunities and experiences for individuals and groups through developing mind-breaking artistic contents with Virtual Reality in the world of museums, archives, and galleries. The outbreak of the COVID-19 event has reshaped the entertainment industry with the restriction laws of social distancing, forcing the traditional museums to shut down (VectionCMS, 2020). This Virtual Reality Museum, therefore, comes with a virtual environment of high-end equipment to bring museum, cultural scenes, artifacts, and exhibit to the people from the corridors of their houses (Hu et al. 2017).

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Virtual Reality Museum

• Evaluability – the evaluability of this museum stems from the fact that the local market for the museum industry calls for a change to a more time-saving arrangement to expand the boundaries of modern and artistic entertainment.
• Creativity - The Creativity of this Virtual Reality Museum improves accessibility and pocket-friendly financial capacity to the virtual reality technology despite its resistance in the tech-market (Kersten, Tschirschwitz and Deggim 2017)
• Profitability – The profits associated with this museum would attract more investors in the virtual reality museum industry. This will yield a competitive market advantage that births increased ROI as the first primary mover.

Executive Roles

As the CMO of the company, the following will be carried out to achieve the marketing goals and objectives of this museum. Work hand-to-hand with the Chief Financial Officer to forecast financial plans that best align with the business and market objectives.

Develop marketing strategies to ensure marketing objectives are achieved and customers' needs are served. Create path-breaking contents that customers review, patronage, and willingness to be part of the business narratives.

Business Objectives

To provide a business report to guide and manage the Virtual Reality Museum and a framework for developing a tactical and strategic marketing plan. To provide impeccable service to improve customer retention by 30% by the end of the year. To generate more profits by monitoring customers in the DRM every week to identify customer patronage and opportunities. To become one of the fastest-growing Virtual Reality Museum with a win rate of 7% within the first quarter. To grow the Virtual Reality Museum to receive unlimited patronage from tourists and visitors alike, to increase the monthly revenue by 9%.

Financial Highlights

An initial financial analysis covering the sales, profit, and revenue projections for the next three years show promising and outstanding results. The projected research indicates that the VR Museum can lead the modern entertainment industry and is found to be lucrative in today’s classic world (Parker and Saker 2020).

In conclusion, the chart below indicates the planned projected growth and high profit and revenue margins of the venture over the next three years of operations. Proper implementation of this plan will make the Virtual Reality Museum, one of the fastest-growing ventures globally.

Special Benefits

The Virtual Reality Museum intends to offer two options for visitors who want to explore the virtual reality museum without traveling.

Customer Relationship

As part of the objectives of offering unlimited support for users of the virtual reality museum, the following customer relationship services would be employed to keep the drive customers reviews and aid users experience. Personal assistant services via email, phone, or in-person discussion. Personal guides for groups of more than five people. In-house automated service to give the users the best artistic entertainment.

Key Innovative Features

As part of the objectives to keep its services running for unlimited users’ satisfaction, the Virtual Reality Museum intends to allot about 35% of each year's revenue towards expanding the technical space, providing more sophisticated equipment and software to keep the services running.

Competitive Comparison

Although the Virtual Reality Museum market is still evolving, there exist some in-house virtual reality consultants that are hired by large corporate organizations that can afford salaried pay for their employees.

Nevertheless, this Virtual Reality Museum will fit into the largest growing group as a sole proprietorship. The following reasons are why customers should patronage Louvre Virtual Reality Museum rather than the competitors.

Lean Business Model Canvas

The business model canvas is a strategic framework used to develop new and existing business plans (Miletic, 2018, p. 68). This is a visual chart with several sections that describe the firms' customers, resources, value propositions, finances, and infrastructure. The canvas helps the firms to align the organisation by showing potential trade-offs. The key partners are people that are associated with the institution either directly or indirectly. The value proposition canvas is, therefore, the question that the audience answer regarding why they should work with the Museum. The cost structure evaluates the various expenses that the business incurs and is typically composed of variable and fixed costs.

The key partners are people that are associated with the institution either directly or indirectly. The value proposition canvas is, therefore, the question that the audience answer regarding why they should work with the museum cost structure evaluates the various expenses that the business incurs and is typically composed of variable and fixed costs.

Key Partners

The key partners are the relationship that the Museum has with other non-consumer, governmental, or business entities to help build the business model. These can be the relationships the Museum has with its supplies, business partners, and manufacturers.

Conclusion

The Virtual Reality Museum intends to expand the way culture is viewed beyond the boundaries of the modern entertainment industry by creating a platform and a virtual environment that gives users unrestricted access to modern entertainment, virtual tours, cultural objects, scenes, and stories to life anytime and anywhere.