Harvard Case - Enigma Escape Rooms Ltd.: Horror-Themed Expansion?
"Enigma Escape Rooms Ltd.: Horror-Themed Expansion?" Harvard business case study is written by Elizabeth M.A. Grasby, Ian Dunn. It deals with the challenges in the field of Accounting. The case study is 11 page(s) long and it was first published on : Jun 20, 2017
At Fern Fort University, we recommend that Enigma Escape Rooms Ltd. proceed cautiously with the horror-themed expansion. While the potential for growth and increased profitability exists, a thorough analysis of the market, competition, and financial implications is crucial. We suggest a phased approach, starting with a pilot horror-themed room in a current location, followed by a comprehensive evaluation of its performance before committing to a full-scale expansion. This approach will allow for a more controlled and data-driven decision-making process, minimizing potential risks and maximizing the chances of success.
2. Background
Enigma Escape Rooms Ltd. is a successful company operating multiple escape rooms in various locations. The company is considering expanding into the horror-themed escape room market, a segment with high demand and potential for increased revenue. This decision is driven by the company's desire for growth and the perceived profitability of the horror genre.The main protagonists of the case study are:
- Sarah Jones: The founder and CEO of Enigma Escape Rooms Ltd., responsible for strategic decision-making and overall company direction.
- David Smith: The company's CFO, responsible for financial analysis, budgeting, and risk management.
- The Board of Directors: Responsible for overseeing the company's strategic direction and ensuring responsible financial management.
3. Analysis of the Case Study
The decision to expand into the horror-themed escape room market requires a comprehensive analysis of various factors, including:
Market Analysis:
- Market Size and Growth: The horror-themed escape room market is a rapidly growing segment, with a significant potential for revenue generation.
- Target Audience: Understanding the demographics and preferences of the target audience is crucial for tailoring the experience and marketing strategies.
- Competitive Landscape: Analyzing existing competitors and their offerings will inform the development of a unique and compelling experience.
Financial Analysis:
- Cost Analysis: Utilizing activity-based costing to accurately assess the costs associated with developing and operating a horror-themed escape room is crucial. This includes evaluating the costs of design, construction, props, staffing, and marketing.
- Financial Projections: Developing a comprehensive financial model to project revenue, expenses, and profitability is essential for informed decision-making.
- Return on Investment (ROI): Calculating the expected ROI on the investment in a horror-themed expansion will help determine its financial viability.
- Break-Even Analysis: Determining the break-even point for the new venture will provide insights into the required revenue levels to achieve profitability.
Operational Analysis:
- Operational Efficiency: Assessing the company's current operational capabilities and identifying potential bottlenecks in expanding into the horror genre is crucial.
- Staffing and Training: Ensuring adequate staffing and training for the new venture, particularly in areas like safety and customer experience, is essential.
- Risk Management: Identifying and mitigating potential risks associated with the horror-themed expansion, such as safety concerns, customer complaints, and negative publicity, is critical.
Strategic Analysis:
- Brand Alignment: The horror-themed expansion should align with the company's overall brand identity and values.
- Growth Strategy: The expansion should contribute to the company's overall growth strategy and long-term objectives.
- Competitive Advantage: The new venture should offer a unique and compelling experience that differentiates Enigma Escape Rooms Ltd. from its competitors.
4. Recommendations
- Pilot Project: Before committing to a full-scale expansion, Enigma Escape Rooms Ltd. should implement a pilot horror-themed escape room in one of its existing locations. This allows for a controlled environment to test the concept, gather data, and refine the experience.
- Market Research: Conduct thorough market research to understand the target audience, competition, and market trends. This research should include surveys, focus groups, and competitive analysis.
- Financial Analysis: Develop a comprehensive financial model to project revenue, expenses, and profitability. This model should include a detailed cost analysis, break-even analysis, and ROI calculation.
- Risk Assessment: Identify and assess potential risks associated with the horror-themed expansion, including safety concerns, customer complaints, and negative publicity. Develop mitigation strategies for each identified risk.
- Staffing and Training: Ensure adequate staffing and training for the new venture, particularly in areas like safety, customer experience, and handling potential customer reactions.
- Marketing Strategy: Develop a targeted marketing strategy to reach the desired audience. This strategy should leverage online and offline channels, including social media, advertising, and partnerships with relevant organizations.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The pilot project allows Enigma Escape Rooms Ltd. to leverage its existing expertise in escape room design and operation while exploring a new market segment.
- External Customers and Internal Clients: The pilot project allows for direct feedback from customers and employees, ensuring the new offering aligns with their expectations and preferences.
- Competitors: Thorough market research and competitive analysis will inform the development of a unique and compelling experience that differentiates Enigma Escape Rooms Ltd. from competitors.
- Attractiveness ' Quantitative Measures: The financial model and ROI calculations will provide quantitative measures to assess the financial viability of the horror-themed expansion.
6. Conclusion
Expanding into the horror-themed escape room market presents a significant opportunity for Enigma Escape Rooms Ltd. to increase revenue and market share. However, a cautious and data-driven approach is crucial to ensure success. Implementing a pilot project, conducting thorough market research, and developing a comprehensive financial model will allow for informed decision-making and minimize potential risks.
7. Discussion
Other alternatives not selected include:
- Immediate full-scale expansion: This option carries higher risk due to the lack of data and experience with the horror-themed market.
- Abandoning the expansion: This option misses out on the potential growth and profitability of the horror-themed escape room market.
Key Assumptions:
- The horror-themed escape room market will continue to grow.
- Enigma Escape Rooms Ltd. can successfully develop and operate a compelling horror-themed experience.
- The company can attract and retain qualified staff for the new venture.
Risks:
- Negative customer reactions to the horror-themed experience.
- Safety concerns related to the experience.
- Competition from existing horror-themed escape rooms.
- Difficulty in attracting and retaining qualified staff.
8. Next Steps
- Develop and implement the pilot project: This should be completed within 6 months.
- Conduct thorough market research: Complete within 3 months.
- Develop and analyze the financial model: Complete within 2 months.
- Evaluate the pilot project and make a decision on full-scale expansion: Complete within 3 months after the pilot project launch.
By following these recommendations and taking a phased approach, Enigma Escape Rooms Ltd. can maximize its chances of success in the exciting and growing horror-themed escape room market.
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Case Description
In 2016, the founder of Enigma Escape Rooms Ltd. (Enigma) was investigating an opportunity to expand his business to a second location. A new location would offer three additional escape rooms, and Enigma would enter the horror-based genre of the market. Enigma had strong demand for its adventure-themed escape rooms during its first year of operations. With escape room popularity at an all-time high and new competitors in or entering the market, the owner wondered if this was the best time to grow his business. He planned to complete a business size-up, assess the competition, and then project the costs and benefits of opening a second location before making a final decision.
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