reflection paper

Team Members:

Ahmed Al-Raqum

VU: 4353344

Ahmed Al-Bannay

VU: 4209782

Balsam Bahbahani

VU: 4428737 Mohammed Al-Randi

VU:4430363

Fahad Al-Saad

VU: 4209844

Amani Al-Azmi

VU: 4124252

Project Title & Company Name:

Start-up: Establishing the Video Production Company of Kuwait (VPCK)

Project Background

The main focus of this business venture is to make video production services available to small to medium sized businesses. The market niche will concentrate on the acquisition of corporate/business clients requiring the production of short videos for purposes, including but not limited to training, advertisements of products and services, and overall promotion of their business. Based on preliminary research, this Company will be groundbreaking in Kuwait in innovation.

The videos produced by VPCK will be top quality and innovative based on the most advanced technologies and scripting used. Profits will be generated through aggressive marketing campaign. Success in the field of film and advertisement has been evident in Dubai, which has a similar assets and cultural norms to Kuwait. From conceptualization and scripting to shooting and post-production, these services are extremely profitable in the Arab region (ALCHEMY FILMS 2014).

There will be two available options to provide the clients with the VPCK’s products; one is a more client controlled product and the other is independently made by our staff. The first option is a way to crystalize a solid vision that our client has, by using a compilation of materials given to VPCK by the client for video production purposes. The second option would entail the use of professional photographers and filmmakers that are provided by VPCK. The compilation of materials is then sent to the producers and film editors to producethe client’s specified video.

VPCK allows posting of the films, commercials and photography on any public means of exhibition, including the web, billboards, business catalogues, etc. VPCK can make the works as detailed and specific as desired—we have resources to incorporate animations, voiceovers, music, and much more.

Project Purpose:

VPCK’s purpose is to take someone’s imaginary vision and make it visible to a wider audience. This is in line with the company’s mission “to provide best quality video production maximizing return and investment for its stakeholders”. To achieve success, VPCK will, through aggressive marketing campaign, seek new clients and will work intensely for the retention of clients. The positioning strategy of the company will be to target medium-sized local businessesrequiringvideo producing services. “By outsourcing your video production, you leave the content creation process to a more experienced team” (ALCHEMY FILMS 2014).

Industry Overview

The Global Movie and Video Production Industry is highly competitive, nonetheless, very profitable on a global scale. “The global motion picture production and distribution industry generates $120 billion annually, according to estimates from the Motion Picture Association of America and PricewaterhouseCoopers”(ReportLinker 2014). It is not difficult, with the availability of advanced technology at a reasonable cost, to start an independent video production company. However, the sustainability of the business from a business feasibility and financial perspective based on education, equipment, advertising, creativity and marketing is critical to both short-term and long-term success. The key is market-savvy and a well-defined market strategy coupled with technical expertise. (Videomaker 2014). Regionally, in the Middle East, Dubai is a benchmark when it comes to video production success, generating unprecedented profits(ALCHEMY FILMS 2014).

However, and in Kuwait the video production industry is at its infancy. Thus making it a prime opportunity for VPCK to carve a market niche and succeed.

Smart Objectives (specific, measurable, attainable, realistic, timely)

· To acquired 10% of the target market through the acquisition and retention of corporate client’s contracts by 2017. The Products and services delivered to the client will include but will not be limited to training videos and promotion of corporate client’s commercialproducts and services.

· To invest in cost-effective yet innovative technology including but not limited to video cameras, sound and videoequipment’sfor the purpose of producing best in-class video productions by 2015.

· Identify for recruitment minimum of 10 experiencedprofessionals potentially from competitors 5 individuals with extensive market-savvy and 5 who excel in technical video production expertise by 2015.

· To generate 25% profit through acquired and retention of customer contracts by 2017.

References

Alchemy Films 2014, Alchemy Films background, viewed 12 June 2014, http://www.alchemyfilms.net/films/read_more.asp>.

All Advertising Agencies 2014, Television Advertising, viewed 12 June 2014, <http://www.alladvertisingagencies.com/resources/television-advertising.html>.

Report Linker 2014, Global Movie & Video Production Industry, viewed 12 June 2014, <http://www.reportlinker.com/ci02094/Movie-and-Video-Production.html>.

Video Maker 2014, Video Business: The state of the Video Production Industry, viewed 12 June 2014, <http://www.videomaker.com/article/17137-video-business-the-state-of-the-video-production-industry>.

Scope – Where your responsibilities lie

Project Title: Establishing the Video Production Company of Kuwait

Scope/Objectives Model: a Kepner-Tregoe Approach

Is in the project (we have responsibility)	Is not in the project (we do NOT have responsibility)
Decision to have a diversified strategy to include many range of video services	Usage of video production post-released by the company to the client, that is disclaimer by company for any improper use
Identify a segmented client base	VPCK is not responsible for client profitability based on expectation of produced video
Identify marketing position strategy	Detailed competitors’ analysis, as information is not readily available
Design and implement an aggressive and effective marketing campaign by which to promote the company’s services and products	Latest technology for video production may not be known as it is out of the scope of expertise of the project team
Identify potential risks which could threaten the financial sustainability of the business	Precise financials will not be provided as financials will be based on benchmarks and cost estimations
Conduct extensive research for purchase of most innovative yet cost-effective technology for the production of videos	Quality control plan will not be included in the project
Identify potential risk regarding licensing for video production and publication(i.e. possible governmental censorship and/or policies)
Identify to be able to recruit key personnel in the areas of marketing and technical area of video-production
Research and complete financials to identify operating costs and be able to ascertain break-even point for profitability purposes
Unsure (we do not know if following are within the responsibility of the project
Regulations or procedures for attaining license to operate company	Investment in equipment to be long-term or short-term with maintenance cost that could prove to be high
Ascertain demand for this type of service in Kuwait	Unsure about competition based on strong regional competitors (i.e. established Dubai video production companies)
Location and environmental requirement for storage and operation of video production technologies	Availability of required expertise to rendered envisioned quality of service and products

Other factors impacting on the project scope

Assumptions (these are the things that you believe will be available during the project)

The project assumes operating licences by the various government ministries will be grated.

Expert staff both in marketing and technical i.e. video producing and scripting is available locally.

Estimations of financial will be based on benchmarks regionally e.g. Dubai as information in Kuwait willbe scare if at all available.

There is a an un-explore market for this type of business.

Relative insurance will be available and affordable to the business

Require technology will be available and delivered within target Project timeframes

Supplier of required technology available in place.

Affordable and reliable maintenance contract will be in place for technologies required by the business.

Constraints (these are the things that you KNOW will impact on the projects performance) Describe known resource limits in terms of people, money, time, and equipment.

Government censorship policies could pose potential constraint to business success.

Cost of required innovative technology and operation of the business will be high impacting desired profitability included in the SMART financial objective.

Adequate location with suitable environment to store the technologies will not be available thus posing a threat to malfunction or breakdown of equipment.

Performance of business will be hindered if repair of technology cannot be done immediately or in a timely manner; cost will be incurred impacting profitability of the business if technical equipment or parts need to be shipped or requested from outside supplier

Resignation or unavailability of any key personnel from the Company; CEO, COO, expert technical staff