Opening a Korean Style Photo Booth Business in Florence

Abstract

This thesis analyses the viability of opening a Photo Booth business in Florence, the idea is inspired from the Asian and more in particular South Korean models. With the vast blend of cultures and the constant inflow of tourists, the thesis analyses the possibility of entering the competitive market of souvenirs in Florence and creating an emerging business that provides both a physical souvenir, the photo strip, but also an experience. The reason for this new business idea originates from the growing popularity of Asian products and the authors interest in photography and entrepreneurship. A competitor analysis clarified the gap in the market by researching the competitors’ weaknesses, and this opening is shown in a SWOT analysis that emphasises how the new business can be a relevant threat to the existing companies. The marketing mix and further research done on the target group and market segmentation highlight the various reasons that could lead to the success of the product in the congested souvenir market. Following the Blue Ocean Strategy, the ideal business prospects is to open a new path with the creation of an experience tied to a physical product. The research was conducted through a combination of qualitative and quantitative methods, the data gathered confirms the gap in the market and the interest of possible future customers.