Sea Treasures – Business Model

An examination of consumer views on marine aquarium trade in fish indicates that there is need to educate and inform lobbyists and consumers towards creating demand for organisms caught sustainably. Further, there is need for such campaigns to connect the consumer information to human health effects and environmental impacts in a way that is honest and still not offending such a crucial industry. The venture in aquarium fish retailers on the online market has made 'impulsive purchases by lobbyists' a common occurrence (Mccollum, 2014).

The growth of the aquarium industry has encouraged more lobbyists to emerge. The increased success of private aquariums and the heightened interest in keeping aquariums as a hobby have also led to a higher demand for aquarium fish. Such fish is now commonly available both on the online market and retail physical stores. Larger chain stores have also joined in the trade. They haul simple aquariums packs along with livestock products in the hope that they will cash in on the ever-rising demand for aquarium fish products (Mccollum, 2014). The idea of running a service firm, as opposed to retail trade, is not new to many industry players. The service sector is a rich source for employment creation. This is a basis for studying consumer choices and preferences; including the current market strategies used by aquarists (Selvarasu & Sankaran, 2011).

Short-Term Plan

The growth of the commerce system around the world; especially electronic business, has triggered an increase in demand for ornamental plant and animal species taken into a diverse range of ecosystems. As a result of the novelty and poor regulation of trade in live animals through e-commerce, it would not be mistaken to imagine that other non-native species that are commercially appealing will present similar public health and environmental risks such as the poisonous fresh water stingrays. There is need to assess the threats and influence posed by the virtual and ecommerce communities that participate in the trade of ornamental fish varieties, and pursue measures for control of such trade (Jacobi & Magalhaes, 2010).

Social marketing and digital media, is, perhaps the most revolutionary change that has occurred in the business world. Purchase decisions are now influenced by informed choices provided on a business website, product reviews and information shared on social media sites. The changes are revolutionary. One must follow suit or lag behind in the marketing and sales competition (Bradley, 2016).

It is suggested to marketers that in order to attend to aquarium needs by households in the short-term (Selvarasu & Sankaran, 2011) by retaining aquarium features, they should

i. In the case of lobbyists, aquarium need has to be met by aquarium business service offer

ii. The need for aquarium for business enterprises should be offered on the basis of value-for money in the aquarium business service offer.

iii. The aquarium business service should be provided by infiltrating the interest realms of the customers because they hardly show interest in training workshops. The hobby is nurtured by experience acquisition in phases.

iv. Aquarium traders need to stay focused on the differences in style, form and content

v. It is strategic to target male customers

Long-Term Plan

Vision: "empower people for action" The long-term action steps below have been suggested (Consultecon, 2008).

Revenue Plan

Revenues earned

i. Memberships

ii. Retail iii. Admissions iv. Food Service

v. Programs

vi. Miscellaneous, i.e. donation boxes, locker rentals, parking etc.

vii. Facility rentals and special events

Revenue- non-earned

i. Gifts in kind

ii. Donations iii. Corporate membership

iv. Sponsorships v. Research grants

vi. Educational programs vii. Operating and replacement reserve account balances viii. Proceeds from Endowment

Attractions:

i. An exhibit of a wave crush that can be sensed from an acrylic walk-through that is vaulted

ii. An extended aviary that should include a bat ray pool iii. A wiggly-looking looking touch-pool to allow families to cluster together and avoid shouting from across the pool.

Action Plan

Good Location and Site:

Visibility, adequate parking and accessibility aspects are all important in the success of projects. Great site views and land uses that are supportive in the surrounding areas, strong links to water sources all work to enhance the quality of a location for such use.

Critical Mass of Attraction Elements:

Aquariums must contain enough to attract the residents around and those from distant places. Aquariums that struggle to draw visitors tend to have poor attractions and infrastructure for visitors.

A Strong Theme

New aquariums tend to focus their programs for exhibit on a full story line that extends beyond its sum of the individual exhibits.

Broad Audience Mix:

There is need for exhibits that attract a wide audience. The audience is diverse in terms of age and education levels, and more importantly in its entertainment expectation and learning experiences

Offers Multiple Visit Opportunities:

Aquariums need to develop a custom of repeat visitation in the resident markets. Suggestions to achieve such a pattern include changing of exhibit galleries, special programs, events, and membership programs that are attractive and organizing events.

Future Prospects include:

Prospects for the future

i. Small markets with high potential for small aquariums

ii. Large untapped markets in urban areas and tourist destinations iii. Combining with zoos, nature centres, museums of natural history and other assorted use facilities

Future Challenges include:

i. Fear of the high cost of building aquariums

ii. General harsh economic conditions iii. Although marine mammals are liked by many, there are issues pertaining to keeping them in captivity and perception by the public

iv. Competition from outside sources including being located in a destination for tourists dependent on international air-travel

References

Bradley, L. (2016). What I Learn About Running a Business from my Melbourne Aquarium Visit. Retrieved from Lollipop Creative: http://lollipopcreative.com.au/what-i-learn-about-running-a-business-from-my-zoo-visit/

ConsultEcon. (2008). KEYS TO ECONOMIC SUSTAINABILITY OF AQUARIUMS. Consultecon, Inc..

Jacobi, C., & Magalhaes, A. (2010). E-commerce of freshwater aquarium fishes: potential disseminator of exotic species. Acta Scientiarum. Biological Sciences, 243-248.

McCollum, B. (2014). Consumer perspectives on the "web of causality" within the marine aquarium fi sh trade. SPC Live Reef Fish Information Bulletin, (pp. 20-30).

Selvarasu, A., & Sankaran, A. (2011). Marketing Strategies vis-a-vis Consumer Preference for Aquarium Business Service. Int. J Latest Trends Fin. Eco. Sc., 23-29.