SECTION 1: Market 1. Industry and Competition Analysis SWOT Analysis of X-Culture Kids Strengths ● ● ● ● X-Culture Kids offers a uniquely structured program that has no direct competitors. Because of its original program, XCulture has a good reputation, is credited by participants, and has the proper set of resources and skills to become as successful with XCulture Kids From the start, X-Culture Kids will have good exposure because there are already so many current participants that are familiar with the company and have used it. Pre-Project training is offered before the students begin to work on the projects with their teams Weaknesses ● ● ● ● Opportunities ● ● ● With technology constantly improving and advancing, X-Culture Kids could expand their platforms by potentially creating a website or app that could be used for their program Incorporating technology into education systems is becoming increasingly normal, so X-Culture Kids may grow to be more appealing to schools’ curriculums X-Culture Kids can expand beyond working with schools. They can also partner with after-school and summer programs as well X-Culture Kids operates fully online, and not every school in every country has the proper technology for the program. Because the participants of the program are young, it will be difficult for them to work with the time zones differences This is not a free program, there may be children who want to participate but do not have the funds to do so There may be students that want to participate but do not know English well enough to do so, or may still be learning English at this young age Threats ● ● Although there are not many current competitors, it may not always be that way. There is a lot of potential for other companies to develop similar programs in the future There is also big potential that new companies to enter this market, as it is fairly new Comparison to Competition ● Product ○ While all companies offer business-focused learning programs, X-Culture Kids is the only one that provides the experience to work with students from around the world, giving them direct experience with international business. ● ● ● Price ○ X-Culture Kids does incur a fee. A the moment its potential price point is $75 for individuals, and $250 for groups of 3-30 students ○ BizKid$ has no charge ○ Venturelab has a few options ■ Non-commercial use programs: no charge ■ Commercial Programs: $250 per curriculum (3 total: Grades 1-2, Grades 3-5, and Grades 6-12) or $650 for the full curriculum (Grades 1-12) Strengths ○ X-Culture Kids offers four weeks of pre-program training, to give the kids a better understanding of the business world before the start. The other two programs do not have prior training to their programs ○ Unlike its competitors, X-Culture Kids does have good exposure because it is linked to a successful, widely used pre-existing program ○ X-Culture Kids does not have to market as much as the other companies because they have many current participants and alumni that can spread exposure by word of mouth Weaknesses ○ X-Culture Kids does not currently have a website for their program 2. New Market Selection and Analysis Analysis of Competitor (Bizkid$) Strengths ● ● ● Bizkid$ offers lessons for teachers, an parents free of charge Each episode has specially designed courses, including activities, reviews, and tests, that meet the standards of the National Financial Education The lesson plans provided use games for learning, which is an a more engaging and appealing way for kids to learn Weaknesses ● ● ● BizKid$ offers lessons, but not any interactive exercises. Thus, children do not get firsthand experience with what they have learned There is a lack of brand exposure. Bizkid$ is not well-known and does not have a large presence in the media Bizkid$ runs remotely online, thus they are missing a whole market of participants who may not have such easy access to the Internet Analysis of Competitor (Venturelab) Strengths ● Venturelab has multiple curriculums specifically designed for different age groups; elementary, middle school, and highschool. Weaknesses ● There is a lack of brand exposure. Venturelab is not well-known and does not have a large presence in the media ● ● Venturelab offers a sample available for download as a free trial of their program Participants are given two program options, one that is free of charge and one that has fees. ● Venturelab’s program is self-ran. They provide lesson plans, but require someone to teach those lessons to the students, and there may not always be someone available to teach them Pricing and Promotion Strategies of Competitors ● BizKid$ runs free of charge ● Venturelab offers two programs, one free of charge and one with a fee. The programs with a fee can be bought individually or as a package deal. ● BizKid$ is active on Youtube, Facebook, Twitter, and Instagram ● Venturelab is active on Facebook, Twitter, and Instagram Promising New Markets for X-Culture Kids ● Digital Market ○ Website and App ■ Easier access to the program ■ With an app, children may use phones and tablets and do not require a computer ■ Children tend to associate an app with games, they may be more inclined to participate and not view the program as something like extra homework ● Education Systems ○ Schools: The program can be incorporated into some schools’ curriculums ■ If schools can pay for the program, the program for would be free for parents ○ After-school programs ■ Can provide a qualified supervisor to run the program for students whose parents cannot. ○ Summer programs ■ Some kids may not have the time or money during the school year, they may have other extracurriculars. A summer program would offer them a chance to participate at a more convenient time Factors Relevant to Success ● Need for the product ○ There will always be a need to learn ○ Kids are beginning to learn more at younger ages, and being exposed to more mature, real life topics ○ Technology is up and coming and this program runs remotely online which is right on track ● Multiple marketing channels ○ Being connected to X-Culture already gives this program good exposure ○ But the company needs to tap into more online marketing ■ Creating a website or app ■ Maybe a blog for parents to share their experiences ● Knowledge of competition ○ While currently there is not much competition, X-Culture Kids must be aware of any upcoming competitors or companies in this industry. ● Affordability The company should consider trying to find ways to be available to everyone, not just those who can afford it. This could involve partnering with third party programs that can cover the fee of X-culture Kids and offer it for free to those who cannot cover