Virtual Culture GmbH: Establishing a new Business Model and a Marketing Plan
Ranging from 3D modeling to the management of databases and website services tailored explicitly for cultural institutions, Virtual Culture GmbH was founded to provide digital solutions to analog archives for such cultural institutions, e.g. museums, associations.
Aaron Huber & Andrija Milosevic & David Dauwalder & Hai Tran & Vincenzo Bellonato & Vural Catalbas, 2024
Art der Arbeit Projektarbeit/Praxisprojekt
Auftraggebende Virtual Culture GmbH
Betreuende Dozierende Schibli, Olga
Keywords Business Model Canvas, Porteres Five Forces, Marketing Concept, 4Ps, Market Analysis, Competitor Analysis
Working with cultural institutions poses its own, unique set of problems: orders are project based, and the demand is unstable and at a relatively low level. Consequently, Virtual Culture has minimal reoccurring revenue streams and is heavily dependent on gaining projects trough bidding processes. To mitigate this issue Vera Chiquet, founder of Virtual Culture, approached FHNW to conduct a student project aiming at delivering a marketing plan to push in other, more commercial, industries and gain customers who regularly place orders and thus, provide a more stable income situation.
This paper has the following three aims.
1. Providing a guide to Virtual Culture to introduce its offering into a more commercial application.
2. Use well-known business models, namely the Business Model Canvas, Porter’s Five Forces, and the 4P Marketing Model, to capture the actual situation of the company and provide a framework for moving towards the goal of stable income streams.
3. Assess the market with its competitors and provide valuable suggestions that can help Virtual Culture gain a competitive advantage.
The key findings were that the company needs to follow a niche strategy by leveraging 3D modeling expertise and its unique knowledge of working at the intersection of culture and digitalization. Virtual Culture should consider a diversified product portfolio to reach a larger potential market and rely on a mix of network and digital marketing to introduce itself to potential customers. Transparent and competitive pricing increases enhances the value proposition, which is based on leveraging strategic relationships. To conclude, a balanced approach of using internal resources and relying on subcontracting helps the company to position itself as a one-stop-shop offering consulting and training as well as providing 3D models and the corresponding digital infrastructure.
Studiengang: Business Administration International Management (Bachelor)