Table of contents

Executive summary .............................................................................................................. 4

1. Analysis of business model ......................................................................................... 7
A.
Customer segments .............................................................................................. 8
B.
Relationships ............................................................................................................ 8
C.
Channels................................................................................................................... 9
D.
Value proposition ................................................................................................. 10
E.
Key activities .......................................................................................................... 11
F.
Key resources ........................................................................................................ 11
G.
Key partners ........................................................................................................... 12
H.
Cost structure ........................................................................................................ 13
I.
Revenue streams .................................................................................................. 13
2. Market analysis ............................................................................................................ 14
A.
Rivalry among competing sellers .................................................................... 14
B.
Potential new entrants ....................................................................................... 15
C.
Threat of substitute products ............................................................................ 16
D.
Bargaining power of suppliers .......................................................................... 16
E.
Bargaining power of buyers .............................................................................. 17
3. Target market .............................................................................................................. 17
4. Marketing objectives ................................................................................................. 18
5. Marketing strategy ..................................................................................................... 20
A.
Product/service strategy ................................................................................... 20
a.
Name ................................................................................................................... 20
b.
Slogan .................................................................................................................. 20
c.
Logo ..................................................................................................................... 20
d.
Packaging: bundling ....................................................................................... 21
e.
Price ...................................................................................................................... 21
f.
Place .................................................................................................................... 22
g.
Promotion ........................................................................................................... 22
h.
People ................................................................................................................. 23
i.
Procedures ......................................................................................................... 23
j.
Physical environment ...................................................................................... 24
k.
Personalization .................................................................................................. 24
B.
Value Chain Strategy ........................................................................................ 25
a.
Primary Activities ............................................................................................... 25
b.
Support Activities .............................................................................................. 27
C.
Pricing ...................................................................................................................... 28
a.
Factors that affect pricing ............................................................................. 28
b.
Pricing approaches ......................................................................................... 29
c.
Pricing tactics and adjustments ................................................................... 30
D.
Promotion Strategy .............................................................................................. 30
a.
Communication Objectives .......................................................................... 30
b.
Promotion Components ................................................................................. 31
c.
Promotion Budget ............................................................................................ 32
6. Financials ....................................................................................................................... 33

A.
First year .................................................................................................................. 33
B.
Second year .......................................................................................................... 33
C.
Third year ................................................................................................................ 33
Conclusions .......................................................................................................................... 34
7. Appendix....................................................................................................................... 35
Appendix I: Customer segments ................................................................................ 35
Appendix II: Relationships ............................................................................................. 35
Appendix III: Channels .................................................................................................. 35
Appendix IV: Key activities........................................................................................... 36
Appendix V: Revenues.................................................................................................. 37
Appendix VI: Research on Entertainment and Media. ....................................... 37
Appendix VII: Rivalry ...................................................................................................... 37
Appendix VIII: Potential new entrants. ..................................................................... 38
Appendix IX: Bargaining power of suppliers ........................................................... 38
Appendix X: Bargaining power of buyers ................................................................ 39
Appendix XI: Target market ......................................................................................... 39
Appendix XII: Logos ........................................................................................................ 40
Appendix XIII: SWOT analysis ....................................................................................... 41
Appendix XIV: Registration form ................................................................................. 42
Appendix XV: B2B proposal ......................................................................................... 43
Appendix XVI: Clues (examples) ................................................................................ 52
Appendix XVII: General Financials ............................................................................ 53
Appendix XVIII: Personalized event financials........................................................ 56
Appendix XIX: Mass Market event financials .......................................................... 58
Appendix XX: Survey - new activity ........................................................................... 60
Appendix XXI: Survey - treasure hunt activity ......................................................... 60
Appendix XXII: Survey - needs..................................................................................... 61
Appendix XXIII: Survey - passive vs. active people .............................................. 61
Appendix XXIV: Survey - time ...................................................................................... 62
Appendix XXV: Survey - prices .................................................................................... 62
Appendix XXVI: Survey participation ..................................................................... 62
Bibliography.......................................................................................................................... 63

Executive summary
Treasure hunting is a business which was shaped starting from the proven need of a
new activity in Bucharest. The survey which was built around the treasure hunt concept
confirmed some assumptions and revealed important information regarding consumer
behaviour. This also lead to including treasure hunting in the entertainment market and
identifying the target group as being 18-35 year old socially active people.

The value

proposition of treasure hunting is unique for the targeted segment and combines having fun
with education. This events are usually organized outdoor and in order to make this service
more entertaining and continuous, the business will expand into the online environment and
serve several categories of people (passive people and passionates of treasure hunting)
thus, leveraging the concept.
Direct competition in this sector and for this target group is close to inexistent. Few
events are organized for the mass market, but with the role of fund-raising or raising
awareness towards an issue. In business to business, treasure hunts in Romania are organized
on demand with few companies having this service in their portfolio.
Being such a customizable product, treasure hunt allows expanding into different
customer segments (like children education, business events, tourism, etc.) and developing
new products which integrate technologies like Augmented Reality or geo-tagging in order
to satisfy diverse needs and complex ideas.
Entry barriers in this business are low and competition is expected to increase once
the awareness of treasure hunting increases, but this can represent an advantage in building
the market. Treasure Hunt Team will benefit from the first move advantage and the strategy
will help build the brand image so that people associate the treasure hunting activity with
the business name. This marketing efforts will be supported by personal funding, crowd
funding and governmental support. In a later stage, investment will be attracted in
exchange for 30% of the company. This investment will be fully spent in marketing, giving it a
push so that will move on profit starting with the third year.
The business is organized into two sections: a mass market and personalized events.
The mass market consists of individuals which will register for treasure hunt events which are
organized periodically by Treasure Hunt Team. The participation fee will be set strategically so
that will cover the event costs, be attractive so that many people can register (lower price
range identified in the survey) and drive business awareness. The main revenues will come
from personalized events which will have around 50% profit margins.
One of the most important pieces, if not the most important one in order to be
successful, is the marketing strategy and the implementation of it. A key component in this
plan is social media and how the message is transmitted further on: photos, experiences,
impressions, feelings, community, online game, videos, everything represents a piece of this

puzzle that it needs to be fitted and adjusted permanently so that it becomes viral. Offline
marketing and partnerships are also important to have. As many channels as possible
distributing the message, the better.
Treasure hunting is a concept that can change behaviour, education and outdoor
entertainment. Treasure hunting is a business of passion for the founders and the passion is
based on experience.

Introduction
Peoples daily lives in present, are not the same with 20 years before. The
computerized world has changed almost everybodys lifestyle in two ways: First one is
making information easy to access via devices. However, this led information become
superficial and intangible. Second one, digital world made communication between people
easier and this lowered face to face relations and minimized real life interaction.
Nevertheless, the needs and demands for information remains the same, but all these
should be blended with fun and made ready to serve in todays impatient, amusement
seeking people. Treasure hunting is a business that delivers information to the customer right
in the exact way mentioned above. Additionally, it includes the requirement of cooperation
in real life, which will improve relationships.
Although treasure hunting is already being performed for businesses and special
communities as part of team building activities in other places of the worldworld;
treasurehunting.ro serves for every individual who would like to experience it. It addresses the
mass market in another way.
This paper aims to test marketing feasibility of the business idea via several manners,
and especially having a closer look at the marketing strategy of the business idea.

1. Analysis of business model

A. Customer segments
The treasure hunt business model includes customers from both the offline game and
online game. The online game besides creating a pool of users for the offline game it will be
a tool for building awareness and generating revenue.
The primary customer segment are socially active people aged between 18 and 35
years and that live in Bucharest. Socially active because this group enjoy this social games
and spending time with other people, especially outdoor. Socially active people are also
people that have or develop a large network. If they can be transformed into supporters
then they will become influencers and promoters of such kind of events. A special category
within this age group
are women. They are
strong influencers within
groups and especially
over men. Results of a
research by FleishmanHillard

proves

that

women

believe

that

they are the essential

decision maker in their
home. 79% consider themselves the primary decision-maker in their financials related with
their family (Richard Miller et al., 2013)
More information regarding customer segments is available in Appendix I: Customer
segments.
B. Relationships
A well-designed strategy which aims to build strong relations with individuals, is the
key to building strong brands (Rust Roland T. et al., 2010). In todays world, relationships are
vital. If a business doesnt try to build a more personal relationship with the buyer than that
business will have bigger chances of losing those customers. The business model involves a
strong component of social media and building a community around treasure hunting,
leveraged by the online game. This represents the primary approach.

Facebook is a good channel through which people can be targeted, not only due to
the population size which is
present but also because
treasure hunting is a social
game

and

Facebook

represents a social platform

which integrates games as
well. It is a place where
people can expect to find
such

games and

receive

ads. For professional groups

or thematic treasure hunts,
LinkedIn may represent an
edge as well. Although the
community of Twitters is not a
large

one

in

Romania,

communication with them can be easily targeted and its easier to get inside the group and
channel messages towards them. Google Adwords is also a tool that the business will use in
order to generate traffic, leads and raise awareness for treasure hunting in Bucharest. More
information regarding Relationships is available in Appendix II: Relationships.
The vital ingredient of building a social commerce: online communities; provide an
environment which people can interact and share their ideas and observations (Chen et al.,
2011; Hajli et al., 2014).

C. Channels
The primary channel used for reaching and maintaining contact with customers and
leads will be online. Social media helps the business raise awareness, brand image and build
the user base. Strengthening social media actions in customer relationships can increase the
firm's performance

and

provides a

stronger relationship with customers,

thus the company can have more
chance to interact with customers other
than formal processes and provide itself
a community (Karr, 2011; Arman S.,
2014).
Google Adwords represents a good
and cheap lead for traffic (320 searches per month with no competition).

The online game will be used for addressing some of the businesses value propositions
and making users interact with treasure hunting. It is also a tool which combined with the
community concept will increase awareness and get new ideas for treasure hunts. An
inventive firm which is about to come up with a new output, needs to establish a community
to engage customers to tell what they feel/know about the product/service on these social
spheres, so that they will provide a data source for probable future customer (Hajli et al.,
2014).
In recent years, in order to avoid perplexity that traditional marketing methods,
companies focuses more on guerrilla marketing to reach customers and make them have
outrageous experiences with their brands (Nardali, 2009).

More information regarding

channels is available in in Appendix III: Channels.

D. Value proposition
The value proposition of the treasure hunt experience addresses a wide set of needs.
Treasure hunt is a social experience, a networking experience which involves people:
meeting

and

working

with

new

people, interacting with strangers

and a chance to gather with friends.
Treasure hunt is an experience which
develops abilities and knowledge
while people get to know themselves.
Nonetheless, treasure hunt is an event
which creates shared experiences
and memories.
In a phrase, treasure hunting is

social activity where you get to know people and alongside them you discover yourself
better, develop your knowledge and abilities through a fun, memorable experience.
Another advantage is that treasure hunting allows you to address through the
activities involved different sets of needs for different target groups - Appendix XXII: Survey
needs.

10

E.

Key activities
Minimum viable product has been introduced by Frank Robinson in 2001. It changes

the ordinary way of ''design, build and sell'' in reverse way. In this way, the new product can
be experienced by a small group, and this allows the company to have an idea about what
its customers desires are. This avoids unnecessary
investments on products which customers may not
want to buy (Weinberger 2014). Primary key
activities involve building the minimum viable
product in order to address the market, get out
there with the concept, receive feedback and
iterate. In

order

to build

those events,

law

documentation is required: laws regarding public

property use and what the restrictions are.
Another

important

step

is

building

minimalistic website where people can register. This

also includes:
-

Create minimum visuals (logo and a brief design) in order to brand the business and
increase attractiveness;

A marketing campaign to make the events visible and let people test this kind of
events.

Further information regarding the online game is available in Appendix IV: Key activities.
In the beginning, business faces with various troubles and skills so company needs may
differ in every case. Because of that, having people who are able to fulfil every position
required is much better for a startup. Once the firm becomes more complex, it will be better
to hire experts to deal with specific duties (Agarwal 2010).

F.

Key resources
Treasure hunting is a service so the

primary resources are the people behind this

business. This includes:
-

Treasure hunt designers: they will be

the people acquiring information and
putting it together in order to build an appropriate treasure hunt;

Community developer: is the person that will keep people close and make them feel
that they are part of a group;

11

Supporters/ambassadors/endorsers: are people that will promote the events and will
drive word of mouth;

Developers: they will be the people behind the website and the application;

Marketers: are the people in charge with making the events visible and reaching out
to people in order to make them buy treasure hunts;

Volunteers and collaborators: they will be the resource which helps in organizing the
events.
The secondary resources which play a vital role in development are partners and

funding. The partners will spread the news about treasure hunt events (media partners) or
give out prizes, discounts or other products (sponsors).

G. Key partners
The primary partners with a constant
connection will be:
-

Local administration: the business will

rely in using public space; being
informed
restrictions
relationship

about

the

and

keeping

with

regulations,
the

close
local

administration is important;
-

Participants: the experience that they had and the way they speak about it essential
in business growth;

Endorsers: trust-transferors;

Human resources: treasure hunt designers, developers, community builder, marketers;

Social media (Facebook, LinkedIn, Twitter) and Google have an important role in
reaching out to people and build awareness;

Partnering businesses will help deliver the message through, help the business by
trust/image association by partnering with them and/or give-aways;

Government: different laws, regulations, taxes and funding (different governmental

financing programs);

Funding partners: bank and 3F (family, friends and other fools).

12

H. Cost structure
The biggest costs will occur with setting
up the company. The online game is predicted
to be the biggest investment that the business
model will put into play at first. The website can
be setup as a minimum platform to support the
business needs and will be designed in a
minimalistic and attractive way.
Building and marketing the events will
require some materials like different consumables, printouts, costumes, etc. A business which
makes money and hires people also generates taxes. In organizing treasure hunts there will
be other event organizing costs which refer to people that will be needed during the events
or different logistics that may be rented-out. Other costs regarding marketing are banners,
flyers, posters, guerrilla marketing (like stencils) and different materials used.

I.

Revenue streams
For the offline game the main revenue
stream is the participation fee. Other revenue
streams are:
-

Sponsorships:
sponsorship
campaigns

companies
budgets
which

and

support

with
CSR
different

events;
-

Marketing: being an outdoor event this

will attract public and will benefit from a large exposure and visibility for partners who
support the business;
-

Product placement: different products can be marketed during an event;

Crowd funding: Crowd funding platforms offers visibility and there have been treasure
hunts in Bucharest funded by this method.

More information regarding revenues is available in the Appendix V: Revenues.

13

2. Market analysis
The treasure hunting business is localized in the entertainment market. It is a business
that combines having fun, networking, education and surprises, all in the same place. This
concept would revolutionize what people do in their free time by combining fun, networking,
education and surprises.
Information regarding the entertainment market from Ernst&Yound and PwC can be found
Appendix VI: Research on Entertainment and
Media.
According

to

Dan

Petre

(2011),

managing partner of D&D Research and

professor at SNSPA, Romania doesnt offer
much opportunities for spending free time.
Neither the state nor private companies have
a various offer of activities and events that
address

people,

especially

the

young

generation. In an interview given for Business Review, he takes the example of the local
seaside and says that the opportunities are very much alike and limited compared with the
demand.
Results reported from National Institute of Statistics showed that an average budget
for households is 2559 RON from which 90.6% goes on food and living expenses. 1.5% of their
budget goes on hotels, bars and restaurants while 0.5% for education. This represents an
opportunity for the younger generation to start to spend more on leisure activities and their
education while salaries increase.
The qualitative research director of GfK Romania, Oana Mirila (2011), says that
Romanians value their free time and the recreational activities. Even if they dont have
enough money, they find activities that they enjoy.
The 5 forces analysis helps gain a wider perspective on how the product stands on the
market and what are the opportunities and threats in the current positioning.
A. Rivalry among competing sellers
The market research revealed that there isnt
any organization that does such events regularly.
There are two organizations (a student organization
and an NGO) who organize a treasure hunt per year.
Their next moves will most likely not be influenced by

14

the treasure hunt business. Further on, a partnership can be created so that the NGOs can
benefit from Treasure Hunt Teams experience and knowledge and also increase the
businesses authority in this field.
In past years, there were such events organized in Bucharest as part of different
projects, openings or charitable events in order to raise money for projects.
In a different target group, there are different teambuilding companies which
organize treasure hunts for companies. On demand, there are 4 companies which can
organize treasure hunts in the outskirts of Bucharest as part of a teambuilding event for a
company.
As indirect competitors, there are all the other entertainment companies which offer
alternatives for spending free time. Amongst them there are: cinemas, theatres, billiard, ping
pong, bowling, paintball, laser tag and golf. These companies will probably not react
towards the market entrance of treasure hunting since the business is totally different and a
price war would not be a valid countermeasure.
Information regarding the potential market, teambuilding companies and witching costs is
available in Appendix VII: Rivalry.
B. Potential new entrants
Entry barriers in this field are low.
Anyone who knows how to organize events
and knows this kind of activities can organize
treasure hunts. Being a general, non-standard
activity, there arent any forms of legal
protection so that access in this market can
be restricted. The brand represents the main
asset and the only one which can be
protected. Also, another advantage is the first
mover advantage. Exploited strategically, people can associate treasure hunting with this
business further on. Being a service built around creative activities, there isnt any capital
pressure over competitors and economies of scale dont apply in this case. Regarding
product differentiation there are many options and possibilities to diversify and differentiate.
More information regarding potential new entrants is available in Appendix VIII:
Potential new entrants.

15

C. Threat of substitute products

Being

in

the

entertainment

industry, where is a huge market, there

are many substitute products and even
more will be offered to the public. Some
substitute activities include: paintball and
laser tag for outdoor active people,
cinema and theatre for passive people,
billiard, ping pong and bowling for social
games.

Nonetheless,

each

of

this

activities offer a unique value proposition

to their customers and a unique set of benefits. Treasure hunting combines physical activities
with logic, knowledge and intuition, competitivity alongside a networking component.
According to the survey, the price people are appreciating to pay is between 21-30 RON for
32% of respondents and between 31-50 RON for 31% of respondents (Appendix XXV: Survey
prices). In this price range, the substitute activities have similar pricing but for less hours of
activity.
D. Bargaining power of suppliers
Treasure hunting doesnt rely on any specific suppliers. The local authorities are the
only ones that could say they have a monopoly in giving out access and rights to use for
different public spaces. Besides that, the consumables
for building treasure hunts can be bought and
replaced from a large number of suppliers.
There are some things that can affect the
treasure hunt business: personnel used during the
treasure hunt, developers and the marketing agency.
Solutions can be found with a good risk management.
More information is available in Appendix IX: Bargaining power of suppliers.

16

E.

Bargaining power of buyers

In the first period when the business is
launched

there

wont

be

any

direct

competition so this is why is important to

establish the brand name on the market. Get
as much people as possible to know about
the company and the services. After this
service becomes popular and others see that
money can

be made, competition will

probably become more intense and the bargaining power of buyers will increase. Regarding
how many times this service would be consumed, 45% of the respondents said that they
would participate in such an event once in 2-3 months and 40% said that they would
participate to such an event once per month - Appendix XXVI: Survey participation. More
information regarding the bargaining power of buyers is available in Appendix X: Bargaining
power of buyers

3. Target market
The primary target market that would benefit from such a service are 18-35 socially
active people. As professor Dan Petre mentioned in the Business Review interview, young
people dont have too many options when it comes to having fun. More than that, the
alternatives dont bring too much added value in their life. They represent methods of
relaxing or having fun with friends, but with no or very low educational benefits and this is
why Treasure Hunts Team value proposition is unique. More information regarding the target
market is available in Appendix XI: Target market.
In
accurate

order

to

information

provide
and

more
confirm

some of the hypothesis a survey was

built and 87 people responded. All of
the respondents considered that there
is a need for a new activity in the city
and that treasure hunting is a good
idea. (Appendix XX: Survey new
activity)

17

4. Marketing objectives
The 5 forces analysis demonstrated
that the environment can become extremely
competitive but also the market potential is
huge. Ansoff believes that diversification is the
most important one and can be achieved
only after an extremely effortful analysis of the
incoming sales of markets which already exist.
He also pointed that even though sales
forecasting of existing markets are promising,
diversification may still be required because of
such unforeseeable event like technological
developments (Financial Director 2012).
The proper strategy in the present situation would be market penetration followed by
diversification. The concept is new in a
market

that

needs

such

services

(according to the survey and research).

The first customers can be regarded as
early adopters and is a phase when the
products are being designed, customers
and needs are being researched and
processes are being put into place. The
scope is to place as market leader on this
specific

niche

while

constantly

customizing products and differentiate from other competitors

Thus, the strategy selected is growth strategy and to follow that strategy 4 objectives
have been set:
1. In one year time (from January to December 2015) have 370 people that have
participated in offline treasure hunt events.
In order to gain more information, get more experience and build awareness an event
portfolio is needed. A 370 testers of this service is a good number to analyse, and make
adjustments where is necessary and confirm some hypothesis. A distribution per quarters of
the number of participants is reflected in Appendix XIX: Mass Market event financials

18

2. In 12 month time, starting from when the game goes live in beta version (the target is
September 2015), have a user-base of registered players of 1000 accounts.
The target is to refine the idea and get the minimum resources to start the online game
project until February 2014. The selection process to pick a company or a team of
developers to build this project will last approximately one month and afterwards 6 months
will last to develop the beta version. Once the beta version will be out, through word of
mouth and minimum advertising the business will grow its user base, test the online game, fix
the errors and bugs that appear and update the game according to suggestions and
feedback from users.
3. In 12 months (January-December 2015) the business needs to reach the following
KPIs:

2000 likes on Facebook

500 comments on Facebook

10 articles written on the blog with 6 videos integrated

10 media partners

This KPIs will be used to measure the impact of the project and the social engagement
that this will bring. The goal is to have this statistics reached without paid advertising and only
with organic, natural engagement with people. By posting relevant content, pictures from
events, have quality materials, content the business plans to attract people and want to
engage with the brand. In the last quarter of 2015 the online game will also be out and that
would represent a plus in building awareness and having a new born community to support
an increasing interest in treasure hunting.
4. In 5 years to reach 60% activity awareness in Bucharest
Even though some blue oceans are created in completely different areas than existing
markets, most of them are created by diversifying the current industries (Kim Mauborgne
2005). Some local activities have been organized but such type of events are not something
popular. The business will rely on early adopters who have already done such kind of events
in Romania and abroad in order to build a user base and have people to speak about it.
Benefiting from the exposure that such activities provide and combined with marketing, the
target is to reach 60% awareness in 5 years time. Interaction during the events with locals,
engagement through social media, posts, music, videos and TV will help reach 1.1 million
people.

19

5. Marketing strategy
Treasure hunting is a business that can be framed in a
blue ocean strategy. The base of the company and a core
value is that the organization will be customer driven.
Treasure hunt activities blend in perfectly with a customer
driven strategy. Through a solid communication and
constant feedback, events will be designed starting from
the participants needs and having a built-in process of finding out how to design the treasure
hunt accordingly. This type of relationship will emphasize a two way communication turning
the attention to the value delivered and satisfaction metrics instead of profitability

A. Product/service strategy
a. Name
Treasure hunt Team is the proper name for this business because it is also a general name
that allows expansion into different segments and also a very specific name that says exactly
what the business does. The name contains the keywords "treasure" and "hunt" which gives a
strategic position in online searching.

b. Slogan
The proper slogan for this business is: "We make learning, fun". This slogan comprises the
key elements from the value proposition: "learning and education" and "having fun". A future
diversification or addressing certain niches would allow the slogan to adapt as well. For
example, if the business will focus on B2B and start offering treasure hunt team buildings, than
the slogan will adapt to businesses: "We make corporate learning, fun". On the other hand, if
the business will expand to offering treasure hunt events for children, the slogan will adapt to:
"We make children education, fun".

c. Logo
The logo is sometimes the first thing that a customer sees and according to Labrecque
and Milne (2012) it determines the brand personality. The businesses logo is set to catch
attention and redirect the customers mind to treasure hunting. This will help associate the
business with the concept and make him think at Treasure Hunt Team when he hears about

20

treasure hunting. This will contribute

also to reaching the marketing
objective

of

60%

awareness

Appendix XII: Logo.

According

to

the

Color

Emotion Guide and in claims with

Labrecque and Milne (2012), blue
represents

trust,

intelligence,

strength and efficiency which is

something that the business wants
to transmit. Famous companies which have a blue logo are: HP, J.P. Morgan, Dell, all strong
online companies like Twitter, Facebook, LinkedIn, Skype, Intel and so on.

d. Packaging: bundling
A great advantage that the business
has and which can be regarded as a key
success

factor

is

the

online

game.

According to Jim Barskdale (2014) in an

interview for Harvard Business Review there
are two ways of making money: bundling
and

unbundling

products.

This

can

leverage the business and also be a

differentiator

compared

with

other

businesses. The online game can be set as

an individual standalone adventure or it
can combine the online game with the real world, adding bonuses, treasure maps,
supplementary challenges and others. The online game exploited in this manner may
constitute as a cannibalizing product for the segment of people which are not that active
but are curious, a lead creator for people who just want to have a taste of treasure hunting,
an awareness creator and also a continuous experience for passionates of adventures.

e. Price
The pricing policy will adapt according to the event complexity and the price
expectations of customers. The survey made revealed that people have a price expectation
for an average 3-5 hours event in between 20 and 50 RON. Pricing will go according to the

21

marketing objectives framed for each event and number of

participants expected. For events at which logistics don't play an
important role and the resources necessary are not that many, the
focus will be to capture as many participants as possible, having a
price in the lower range (15-25 RON) - Appendix XXV: Survey prices.
The target is to make cheap and fun events that raise interest,
cover the costs and build the brand. After this marketing events come the custom events.
These ones are personalized events according to the customer needs. This events are the
money makers which operate with margins above 50% profits depending on the
requirements and complexity.

f.

Place

Treasure hunts can be organized both indoor and outdoor. In an indoor environment
such as hall rooms (openings of events, conferences, workshops), birthdays, office space, the
activities are more passive and they rely more on knowledge
and discovery. In an outdoor environment the variety of events
and activities expands. The target group is located in Bucharest
but on request treasure hunts can be organized in different cities.
Special places like beach cities in the summer and snow cities in
the winter are possible target and where a large audience can be reached.

g. Promotion
Treasure hunting alongside the online game allows a
wise set of promotional activities. Bundling, special offers
(like buy 3 and get one friend on the treasure hunt
challenge), discounts, social media challenges with prizes,
special events organized, social media engagement
recognition

(distinctions

for

brand

ambassadors

an

supporters) are some of the tools that will be utilized.

Community building plays an important role in catching
organic

growth

and

make

people

talk

about

treasure

hunting.

The

website

treasurehunting.ro plays a vital role in catching traffic and be a central knot in centralizing
and redirecting. The online games also has an integrative role in capturing leads and convert
them into buyers. The biggest efforts are to start making people join and talk about it. After
the marketing ball starts spinning the businesses goal is to only maintain it because treasure

22

hunting is the kind of social activity that creates a fuss around it and makes people talk
about it and share experiences.

h. People
The core team is comprised by the two founders. Taking into consideration that is a
startup, these resources are enough for setting up the business. The experience in organizing
treasure hunts is a main asset for the business. Both founders have experience in working with
international teams, managing projects and creating events. Besides the founders,
collaborators are an important resource during the treasure hunts. For that, the business
already has a pool of people to select from and which will help during the treasure hunt.
Their presence is to play a certain role in the treasure hunt story and to assist them further on
in their journey. In later stages, a community builder and a developer will be key figures in
increasing awareness and developing the online game. They will be hand-picked according
to the company values and the specific skills required.

i.

Procedures

Although it is a startup procedures are important for setting

up a healthy base for the company. This comes into claim with
what Eric Ries (2011) said that a start-ups success can be
engineered in a process and thus it can be thought and
learned. There should be enough procedures to ensure a
homogenic approach towards things but not too many so
that creativity will be inhibited. A good concept to follow is
that after all necessary procedures are examined and implemented, for any new procedure
added to remove another one so that the structure will not become too rigid. Ares where
procedures will be put into place are:

sales: contacting new prospects for partnerships and/or clients, the offer, responding
to partnerships

recruitment: how a person will be hired, integrating a new employee

motivation: how people will be rewarded

organizing: the steps in pre-organizing an event, follow-up, contracting necessary

people, accepting people into treasure hunt Appendix XIV: Registration form

other: like how vacations are being assigned

This are just some examples of procedures that are already put into place or are being under
development

23

j.

Physical environment

Treasure hunts are organized inside and outside. The environment and the factors are
very important to take into consideration when organizing an event. Especially outdoor, the
weather conditions are critical when it comes to organizing a 4-5 hours event, representing
an important threat Appendix XIII: SWOT analysis. Besides that, the locations picked are
important so that they fit and ensure the safety of participants. Treasure hunt activities may
promote environmental activities by including as part of certain treasure hunts challenges
that involve cleaning green spaces, planting trees or other as such. Regarding indoor
treasure hunts it is important to assure that participants know the risks regarding the space
where they will perform the treasure hunts and use the equipment (if necessary) accordingly.

k. Personalization
According to Yonggui (2013) implicating customers into the personalization process is
important for firms. All events organized are completely personalizable. Depending on the
amount of information that will be gathered from participants events can be adapted on
certain criterias like age, interests, comfort levels, education and other. The level of
personalization can be split in two main groups according to the nature of events:
a. Mass events
In this kind of events it is difficult to create a profile for participants. Being a public event,
registrations will be open to anybody who wishes to participate in a treasure hunt. The
registration form (Appendix XIV: Registration form) will have
some questions to establish a profile and to have an
overview of participants but will be difficult to fully satisfy with
one product a wide set of needs and people with different
personalities.
b. Custom made events
This events will be on-demand events where more
information about the participants will be available. Based on that information which will be
gathered directly or indirectly, events can be custom created to satisfy the job to be done
(Appendix XV: B2B proposal).
Treasure hunts allow a very high degree of personalization but the actual implementation will
depend on the amount and quality of information available.

24

B. Value Chain Strategy

Value chain strategy
is

method

primary

to

and

identify
support

activities which creates the

firms

final

product.

This

classification is being used

by firms to clarify the way to efficiency and avoid redundant expenses. According to this
analysis and considering the conditions of the market, either product cost can be lowered or
differentiation can be increased. Here is the value chain strategy of treasurehunting.ro:

a. Primary Activities
Inbound Logistics
Clothing for teams is an attractive item for
incoming adverts. In this way, customers will be walking
banners of firms who gives advertising to treasure hunting
business.
General equipment required for games are the
necessary items for every game such as pen, paper,
envelope et cetera.
Special goods for thematic hunts are diversified
equipment for special games. Their short term usage may lead the firm to renting
rather than purchasing. Chests, costumes, ropes, any other kind of goods required for
the specific game.
Operations
Treasure hunts are the main operations. Scheduling, designing, performing treasure
hunts stand as the primary activity of the organization - Appendix XVI: Clues (examples).
Aiming profit aside, treasure hunting online game is also designed to build awareness
about real life treasure hunting experience.
Outbound Logistics
Website treasurehunting.ro is the operation which intervenes between the firm and its
customers. There, information about the upcoming events; videos, photos and comments
related with previous activities will be accessible.

25

Marketing & Sales

Treasurehunting.ro will be the main marketing tool of the organization. Detailed
information will be found and customer experience will be highlighted for potential
customers.
Diversification, as specific characteristic of treasure hunts, already gives the business
an advantage considering general entertainment market. Be that as it may, price will be
held in 20-30 RON range according to the survey (Appendix xx: Survey prices).
Service & Support
Having fun aside, one of the main purpose of this activity is making people avoid their
prejudice and start interacting with others. So the main service aim is to make clients feel
entertained and increase communication with others.
Pre-application via website is a tool to ease application process of the activity. In this
way, potential customers will have a chance to ask related to the activities they would like to
have, desired concept, number of people, when they wish to play, etc.
Customer feedback on the forum & the website
It

has

some

major

benefits

both

for

the

customer

and

the

business.

Comments/experiences shared on the website reduces doubts of potential customers.

Likewise when a satisfied customer will share his feedback on the forum, it will promote the

26

service to future customers. When an unsatisfied customer criticizes the service, he/she
receives his money in return, thus showing his/her importance for the organization. On the
other side, the company benefits from this unwanted situation and takes measures.

b. Support Activities
In procurement, there is acquisition of necessary goods in order to perform the
business.
Technology development
Is as important as it is in every branch of every business. Smartphones/tablets,
developing new technologies should be considered as a chance to diversify games, likewise
a source to attract more people. Smart-watches are a promising equipment which works
with smartphones and tablets. They can be given to every single attendee to track each
other so that they can do individual tasks separately.
Human resource.
Employees should desire to work entire weekend for the purposes other than financial
benefits. In this way the company would be able to retain talent in hard times (Agarwal,

27

2010). For a company which performs in entertainment market, having motivated and
devoted employees brings synergy that will surely impact the customer.
Entertainment market's high competitiveness has already been mentioned in earlier
titles. Also considering the value chain model applied to treasurehunting.ro above, it can be
said that the service being offered is already diversified via different themes.

C. Pricing
The pricing policy and positioning has a
strong effect on how customers will perceive
the brand. Pricing is a strategic instrument
which can affect in a decisive matter the way
you do business according to Cravens and
Piercy (2013).
a. Factors that affect pricing
In treasure hunting, pricing is strongly correlated with the level of costs. The higher the
costs, the more expensive a treasure hunt is to organize.
Fixed costs in the startup phase include: the founders salaries, office space (hub), utilities,
and website maintenance costs.
Variable costs which affect the price of a treasure hunt are split according to two main
factors:
-

The level of complexity influences variable costs and the time needed to be
prepared and implemented: special approvals, duration of the treasure hunt,
number of people necessary to organize it, time at disposal for organizing the event;

The logistics required during the event: costumes, locations to be rented, technology
implied (video-projectors, tablets, GPSs, etc.), transportation, other equipment that
may need to be rented.

Besides those internal factors, there are external factors that need to be taken into
consideration:

Demand according to the survey (Appendix XXI: Survey - treasure hunt activity),
people think that treasure hunting is a good idea and they are willing to spend
money on it. Also, the price is set according to substitutes as well. The prices paid for
other entertaining activities are around 10 RON/hour/person (cinema, billiard,
bowling, ping pong, theatre and golf) and more for other services like laser tag;

28

Customers which are in the target group identified, need a new entertaining service
in the city with a different value proposition that is already offered - Appendix XX:
Survey new activity.

Competition the direct competition right now is irrelevant but once this service will
become popular, it is expected to increase;

Channels of distribution social media is the main channel but also there are
alternative channels to reach the target segment. There are no intermediaries
included but the business will rely on partnerships to promote events;

Regulations there are regulations which apply to the use of public space and public
order.

b. Pricing approaches
There are two types of offline events and both of them require the money in advance.
For the mass market treasure hunts, registration will be made upon payment of the ticket. The
custom events will require either payment in advance (for companies) or full payment (for
individual events) before organizing the event.

The prices will be set as mark-up pricing at first with a 50% mark up for personalized
treasure hunts and lower for mass market treasure hunts and after competition will come into
play the strategy will go towards going-rate pricing for mass market treasure hunts.

29

c. Pricing tactics and adjustments

Depending on the budget available, there are different options on how an event
can be organized. Treasure hunting is
a flexible activity in terms of organizing
it,

so

based

accumulated

on

the

solutions

experience
can

be

provided to satisfy the clients needs

and

also

have

profit

margin.

Nowadays price becomes more dynamic which comes in claim with RADB
(2011).
Two tactics will be implemented in order to leverage the business:
-

Promotional pricing which is very popular in Romania and according to DAVIS (2013)
they have a stronger effect in summer time when there are lower promotional activities.

Bundle pricing allowing the combination of offline and online treasure hunts, addressing
different targets with a combination of value propositions.

D. Promotion Strategy
Promotion is a process with vital importance. Considering the business is a startup, the
way promotions are planned to be done, should carefully be categorized under appropriate
subjects and promotion components.
a. Communication Objectives

Communication objectives specify the way the promotion strategy basics are used in
the marketing program.
Need recognition defines making people
realize the need of the product/service; another
way, provoking the need. It is important
especially for new products/services. People
may never know if they need the service unless
somebody makes them realize. In treasure
huntings case, discovering the omitted
beauties of everyday life is the most important
need. History of the city, an old church or

30

house Emphasizing that most of the people missing the beauties of this historical city even if
they pass in front of them every day. Yet all those can be learned and experienced with
treasure hunting while also being entertained.
Despite the fact that the most important channel for promoting treasure hunts is online;
we believe in customer retentions power here. Interaction with customers after the service is
another way of promoting the game. Thus, at the end of the activity, questionnaires will be
given to have a feedback; Former customers will be informed via e-mail or phone call about
coming campaigns (bring three friends and get one game free, etc.) for regularly.

b. Promotion Components
In order to specify every promotion strategy, prioritizing the promotion components is
very important. Another critical thing to do is to decide which promotion components will be
responsible from which communication objectives (BOOKCITATION).
Here there are promotion components and their strategies with timing icluded.
ADVERTISING

A game with celebrities, releasing it on TV later

(starting from 2nd year)(need recognition/
creating awareness)

Special activities and games for public events &

festivals (1st year festivals nearby Bucharest)
(need recognition/creating awareness)

Promoting games in crowded places such as

supermarkets, shopping centers, museums,
historical monument, etc.(spring & summer of the 1st year) (need recognition/
creating awareness)

Social Media (need recognition/ creating awareness)

Radio directed game will be with actual players on the streets but directives via
sponsoredstarting from 2nd year) (need recognition/ creating awareness)

Fliers Banners. (need recognition/ creating awareness)

Guerilla Marketing will be performed as stencil painting around the city starting
immediately. (need recognition/ creating awareness)

Barter Partnership

31

INTERNET MARKETING

Website (increasing sales)

Forum (increasing sales)

Online Game (increasing sales)

DIRECT MARKETING

Feedback activities, campaign notifications via phone or mail (Customer retention)

c. Promotion Budget
While deciding the appropriate budgeting technique, a set of budgeting methods
have been considered and objective and task method has been found as the applicable
one. Since the company is a startup and does not have specific departments, management
should decide the tasks, promotion components and other issues related with promotion.
In percent of sales method, the promotion budget is calculated as percent of sales
and it is not an suitable method in treasure hunting case. The reason is fluctuation on sales.
Number of customers are expected to be different for every season due to the weather.
Thus, the seasons which the business is expected to be stagnant, the company may not even
have enough sales to promote.
Competitive parity method refers defining the budget according to competitors. In our
case, taking direct competitors into account may not allow the firm to achieve its
promotional plans which is available in financials section.
All you can afford would avoid the establishment from investing and developing more
to its actual business.
To comprehend the efficiency of promotion strategy, effectiveness of each promotion
component will be tracked as promotion activities start. (Promotion activities and their
estimated performing times are given above in promotion components list.)

32

6. Financials
A. First year
It is known that most start-ups fail in their first three years of existence. This is why is
important to pay close attention to event financials.
For setting up the company and first months cash burnout, the business will apply for
governmental funding of 10.000 RON and for which a good business plan is enough to get
that money. For organizing the treasure hunts in the first year crowd funding is a good source
of income and other treasure hunts in Bucharest were organized based on funding from
there. The amount which was obtained was around 7000 RON.
The P&L for the first year will register a loss of 42.720 RON which will be money
covered from personal funds, family, friends and other fools. Due to the loss registered, the
taxes will also be lower. As backup solution, a bank loan will be contracted (line of credit).
Detailed information is available in Appendix XVII: General Financials.
B. Second year
The first year will be to test the market, gain knowledge and prepare for taking on
investment. Starting with the second year, the business will take on investment of 300.000
RON in two instalments. This investment will be entirely for the marketing budget and
developments. The first instalment will be of 200.000 RON and will be made in the first quarter
and the second will come in the third quarter with 100.000 RON. The investor will receive in
exchange 30% of the company. This investments will assure that the years end will be on a
profit of 9.205 RON according to Appendix XVII: General Financials.
C. Third year
Starting with the third year, the company will start monetizing the online game as well
and the marketing budget will be also be adjusted. From an aggressive marketing budget,
the business will move towards sustaining and strategic investment. Thus, the year will finish
with a plus of 158.770 RON according to Appendix XVII: General Financials.
Detailed information regarding the general P&L sheet is available in Appendix XVII:
General Financials. Personalized events financials are available in Appendix XVIII:
Personalized event financials and Mass-market event financials are available in Appendix
XIX: Mass Market event financials.

33

Conclusions
Treasure hunting is a business with a large potential in terms of profits and driving
consumer behaviour. Treasure hunt challenges will nurture social interaction and education
by combining proven needs with game principles.
As it was proved in the research and in the survey that people from Bucharest like to
spend time in outdoor activities, making the city an appropriate environment for treasure
hunting due to its rich historical and cultural values. The hypothesis regarding lack of
'spending free time opportunities' has been verified alongside identifying the proper target
markets, assessing the price and determining the promotion activities.
In this paper it was presented why the treasure hunt concept can be framed as a
blue ocean strategy idea. Competition will surely intensify once the concept has been
proven successful but this can be exploited as an advantage if the fight is on increasing
treasure hunting awareness and capturing new markets instead of trying to capture each
others market share.
The marketing mix revealed strengths and weaknesses of the product, but with a
large possibility of customization and differentiation through launching new products and
addressing new markets.
The marketing strategy identified key areas that require investments and a strong
observation in order to constantly adapt. Social media represents the main channel where
the target can be reached and the proper way to engage people in treasure hunt activities.
The online channel is also leveraged by the online game developed which may cannibalize
and create leads for the business, depending of the customer profile (passive/active
person).
The financials have also proven feasible, with the business going on profit in three
years of activity, relying on personalized events to bring cash and on mass market events to
increase awareness and achieve marketing objectives.
According to all the data that has been collected, analyzed and combined with
proper marketing strategies; the business proved to be profitable and bringing social value in
the community.

34

7. Appendix
Appendix I: Customer segments
Besides the outdoor game, this business has an online component. This will be a
game that will run on online and which addresses the mass market. Everyone can play this
game and interact with treasure hunting. Thus it becomes a good tool for generating leads
and increasing the community.
Secondary customer segments include people who want to meet others and network
(e.g. people who are bored and want to do something interesting, people who dont have a
girlfriend and dont know where they can meet girls, etc.). Treasure hunt events can be
organized for birthday parties as well: either in the house garden for the kids or in the city for
adults. Such events can be organized for different interest groups like a treasure hunt for
people interested in personal development (where to apply principles of personal
development and step out of their comfort zone experiential learning) or people interested
in architecture (to observe the different architectures of Bucharest) and so on.

Appendix II: Relationships

The community plays an important role in the businesses development. People will gather
here to share opinions, ask questions, propose improvements, share experiences and so on.
Incentives will be an integrated component, contests, prizes, discounts will make people
more active and using the online game there will be a constant connection.
A secondary approach will be the treasure hunt website where besides the events and
the game it will include a section for blog. There will be shared participants stories of treasure
hunts, fun facts and other useful informational. The website will allow to build an e-mail base
in order to keep in contact with participants (events, discounts, etc.).

Appendix III: Channels

Social media can represent a non-invasive method to reach people in a place
where they expect to see such events. A good targeting of the population for the paid
campaigns are the secret for cost effective quality prospects.

35

Partners, supporters and brand ambassadors play an important role in transmitting

the businesses message further on and making more and more people get in contact with
treasure hunts.
A secondary channel that the business will address is offline marketing. Banners and
guerrilla marketing will be at the core of offline marketing. This methods are representative for
treasure huntings non-formal, creative way.
Stencils or maps (with clues which lead to treasurehunting.ro website) placed in high
traffic areas are some of the methods which will be implemented. The term of guerrilla
marketing shortly refers

an impact effect which is provided with low budget and

extraordinary methods.
The offline game by itself represents a good tool to raise awareness for treasure
hunting and build the brand in this market. Marketing materials such as wearing branded Tshirts or give-aways are simple and easy to do things which can be implemented in treasure
hunt demos. Besides demos, treasure hunts will be made in collaboration with bloggers and
influencers (key, respected people) in different niches. For example, in the personal
development area there will be an event organized in collaboration with the main 5
bloggers and speakers in Romania, personalizing that event with challenges according to
their suggestions and teachings. The business will benefit from endorsers and a transfer of trust
and the bloggers will benefit of an increased prestige.

Appendix IV: Key activities

Secondary activities refer to start building partnerships. They are important for several
reasons:
-

They contribute to building awareness;

Association with well-known, strong brands that the business will benefit from a
transfer of trust;

The business may gain discounts, products or other give-aways for participants.

An important step in developing the business in the early stage is creating the online
game. This will build traffic and awareness and help creating a community around the
treasure hunt concept. The online game represents the method which the business has 24/7
contact with people delivering the concept anytime and anywhere. The community's role is
to bring people together and make them feel that they are part of a group.
Attracting funds is also important to assure the necessary resources for developing the
platforms, hire the right people and prepare for a solid marketing campaign. For the start-

36

ups, it is better to employ the ones who may perform in several different positions, and
professionals to perform in specific areas later.
Appendix V: Revenues
When the online game will gain enough user base, besides attracting leads to the offline
game it can also represent an important revenue stream. The online game can attract
advertisement on the platform. By having a profile in the online game offers the business can
make targeted advertisement. By having a custom game and a developer, treasure hunting
can make product placements and create online challenges dedicated for a certain
product. When the game will develop a large user base added bonuses can be inserted
and for which the players can pay money (hints, clues, treasure hunt maps, objects, etc.)
and also personalized gifts (like t-shirts and real treasure hunt maps).

Appendix VI: Research on Entertainment and Media.

In monthly Capital Confidence Barometer of Ernst& Young, a survey has been
conducted (October 2014) between Media& Entertainment executives. Results compared
with the ones obtained 6 months ago revealed that the number of executives which believe
that the global economy is declining is around 3% while it was 11% half a year ago. The ones
who believe the economy is stable for the moment rose up to 45% from 25%. A report issued
by PwC Romania in early 2013 revealed that the market will be the third on Central Eastern
Europe by 2017 with a rate of increase of 7.7%, right after Turkey (11.4%) and Russia (10.1%).
Global Entertainment and Media Outlook 2014-2018, a report of PwC emphasizes the
increasing importance of expenditures of the middle class in entertainment and media
market.

Appendix VII: Rivalry

The events made by teambuilding companies are already prepared and the
companies buy them already made with very few options to personalize them. Being in a
different business (B2B), they will probably not modify their behaviour too much until treasure
hunting will tap into their sector and start seeing it as a threat. In that case, they will most
likely see the potential and start offering more of this service with a stronger customization
part.

37

Regarding the market potential that is huge (approximately 3.7 million in Romania
and 400.000 in Bucharest according to National Institute of Statistics) and such activities and
the business itself can be easily replicated in other areas/cities. The costs regarding treasure
hunts are pretty much variable costs. They depend on the level of complexity, the activities
which will be organized and the number of participants. With enough creativity, the lack of
budget can be compensated by hard work and innovative ideas. In this business there are
no exist barriers and no strategic stakes. It is a social event addressed open to the mass
market. This implies low switching costs for customers and a big palette for differentiation
opportunities for new entrants and established businesses.

Appendix VIII: Potential new entrants.

The government doesnt regulate treasure hunt activities but he regulates the policy of using
the public space. Every law which is passed in this field affects the players in an almost equal
measure. Although distribution channels are almost general there is a possibility to restrict
access with some distributors. The business may sign exclusivity contracts with some partners,
especially suppliers (e.g. costumes for example). Although this represents a tool, its not
something that would keep competitors away from entering this field.
Even though the environment can become very competitive, there are large
opportunities to diversify and extend the product line. Permanently integrating new
technologies, going into different niches, developing the online game and integrating it with
the offline game, etc. are just some of the offerings that make retaliation only a matter of
choice.

Appendix IX: Bargaining power of suppliers

Materials can be bought from every depots, costumes can be made or rented from
several places, personnel services for the event can be easily acquired for the businesss
needs and the companies which can create the online game are also numerous. This are
just some examples of the most commonly used resources during the conception and
implementation of treasure hunts. There isnt any strategic resources that is being offered by
only one provider or to which it cannot be found a replacement. Regarding promotion and
brand building, the offer is vast as well and social media usually works with fixed predetermined budgets that you set.
The personnel which will be mobilized during the event is essential in respecting the
guidelines and having a proper attitude. The loss which may result in this case is hard to

38

recover. The work of developers and the marketing agency are also very important because
any breach in quality may result in delays and improper implementation which costs money
and time. Switching costs are low in most of the cases. Difficult situations are:
-

Switching developers it may require new project;

Marketing agency it may result in a new strategy;

Replacements for volunteers at the event are also hard to find if they announce prior
to the event.

Appendix X: Bargaining power of buyers

This frequency of participation will apply in the first months, until people would start to
get familiar with treasure hunting. Afterwards, depending on the offerings they might
consider doing something different in the entertainment area resulting thus, in a lower
frequency of participation, in higher number of people participating and a bigger
awareness for treasure hunting. The dependency on the buyers is critical for the businesses
revenues. Once the awareness increases, the services can expand into other, more
customizable sectors, where the level of personalization increases and with it, the price. Such
sector are: team buildings for companies, birthdays and special events. Switching costs for
buyers are low and as competition expands, more possibilities for them arise. A threat which
arises in this case regards the possibility of customers to transform into competitors. Once
they participate at an event and see how it is organized, they can start creating their own
events. This can be regarded as threat but also as an opportunity for building awareness
regarding treasure hunting.

Appendix XI: Target market

Besides this target group, other segments would be interested in such an activity.
There are people who want to extend their network and meet other people. They dont
have too many options for networking events and such an activity would represent the
proper framework to achieve that and also have fun. Such activities can be extended into
more customizable events like parties or surprises. They can be organized in the city or at
home, in the garden, for kids. Such services can be offered also for different interest groups
as an extension for programmes in order to assess key takeaways, before networking events
or follow-up sessions.

39

Appendix XII: Logos

White background

Blue background

Cover

40

Appendix XIII: SWOT analysis

Strengths

Weaknesses

experience in organizing treasure lack of certifications in organizing

hunts

events

NGO experience

funding

creativity

depend on the weather

P.R. and marketing experience

dependency on law restrictions

domain name

first

business

regarding public space

on

the

market

specialized in such kind of events

not a franchise

combination between online and

offline game

events adaptable to budget size

easy to diversify offer and/or

create spin-offs

Opportunities

Threats

governmental funding for start- no barriers for entrants

ups

public space

self-marketing: word of mouth

low switching costs for buyers

not affected by crisis

buyers

one

on

the

fastest

growing

markets

can

transform

competitors
weather conditions

low switching costs for suppliers

unique value proposition

no competition

huge possibilities for expansion in

both the current market and
other markets

41

into

Appendix XIV: Registration form

Registration Form
First Name
Last Name

Country
Email Address

My Passion
By completing this form, I agree to begin a unique adventure in Bucharest, along with my
team and Treasure Hunt Team.
I also agree to have a lot of fun while discovering Bucharests secrets. On my way, I also
promise to learn things about Romanian people and Romania in general.
Through this experience, I want to exit my comfort zone and express my creativity and my
abilities to interact with new people. Yet, if, for any reasons, I find impossible to complete
any of the tasks that will arise on this adventure, I will pass to the next one, leaving my team
mates to solve that task.
Nevertheless, I am aware that today I will enjoy every moment and gain memories for a
lifetime.

May, 2012

Adventurer,

42

Appendix XV: B2B proposal

43

DATE GENERALE
Client: PepsiCo Romnia
Data evenimentului: 31 octombrie 2014
Durata programului: 4+ ore
Numrul de participani: 18-20
Structura participanilor: 3 doamne i 17 domni / 1 cetean grec
Media de vrst a participanilor: 30-35 ani
Obiective:
- Creterea coeziunii echipei
- mbuntirea comunicrii n cadrul echipei
- Relaxarea participanilor

44

POVESTEA
Secretul ielelor
Povestea i plaseaz pe participani ntr-un peisaj mitologic romnesc. Acetia vor porni mpreun pe urmele
ielelor, pentru a afla secretul acestora. n cltoria lor, vor ntlni diferite personaje i vor avea de ndeplinit
diferite sarcini i provocri menite spre a-i pregti pentru ntlnirea cu fpturile supranaturale.
De le vor depi, acetia vor afla secretul ielelor (piatra de temelie a succesului este lucrul n echip) i vor
ctiga comoara acestora.

45

ACTIVITI PROPUSE 1/4

Activitatea 1

Beneficii
stimularea chimiei echipei (lungime de und, gradul
de toleran la ideile celorlali, deschiderea ctre
compromisuri, nelegerea din priviri

Este o activitate prin care echipa va construi un obiect,

utiliznd un set de materiale oferit de organizatori. Pe
parcursul activitii, comunicarea va fi limitat la limbaj nonverbal i onomatopee.

creativitatea n comunicare
exersarea abilitii participanilor de a comunica prin
limbaj non-verbal
dezvoltarea unei contiine comune

Activitatea 2

Beneficii

O plas cu mai multe ochiuri va fi construit ca perete

despritor ntre dou zone. Fiecare participant va fi trecut
pe partea cealalt prin cte un ochi diferit, fr a atinge
plasa.

46

dezvoltarea unei strategii comune de aciune, care va

fi pus apoi n aplicare
o mai bun cunoatere a membrilor echipei
stimularea creativitii i a gndirii analitice

ACTIVITI PROPUSE 2/4

Activitatea 3

Beneficii
atingerea unui obiectiv prin comunicare i lucru n
echip

Participanii vor trebui s formeze o stea cu cinci coluri

utiliznd doar sfoara. Acetia nu vor mai avea voie s
vorbeasc ci doar s comunice utilizndu-se de limbajul
nonverbal. Dac o persoan ncalc aceast regul, va fi
pedepsit ntreaga echip.

aducerea participanilor n situaia de a elabora un

plan ntr-un timp limitat
abilitatea de a comunica prin intermediul limbajului
nonverbal
evidenierea importanei dobndirii aceleiai viziuni

Activitatea 4

Beneficii

Membrii echipei vor lucra n perechi. Acetia vor fi legai la

ochi i vor avea de parcurs un traseu prestabilit presrat cu
obstacole, fiind ghidai doar de ctre partener.

47

stimularea ncrederii n coechipieri

dezvoltarea ateniei
stimularea comunicrii eficiente i concise

ACTIVITI PROPUSE 3/4

Activitatea 5

Beneficii
dezvoltarea abilitilor de comunicare

Participanii vor fi aezai ntr-un ir, fiind desprii doar de

un balon. Acetia vor trebui s se deplaseze mpreun, fr a
pierde baloanele dintre ei.

Activitatea 6

dezvoltarea abilitilor de coordonare

contientizarea importanei unui lider

Beneficii

Echipa va rspunde la un set de ntrebri, apelnd la

cunotinele tuturor membrilor echipei.

48

dezvoltarea abilitilor de argumentare

dezvoltarea empatiei

ACTIVITI PROPUSE 4/4

Activitatea 7

Beneficii
dezvoltarea capacitii de a simi coechipierii

Membrii echipei vor fi aezai ntr-o linie, legai la ochi.

Acetia vor avea de parcurs o distan, scopul fiind acela de
a se deplasa n sincron cu coechipierii, fr a folosi nicio
form de comunicare. La final, se va observa msura n care
participanii au reuit acest lucru.

Activitatea 8

dezvoltarea ateniei
contientizarea ritmului echipei

Beneficii

Fiecare participant va mprti pe baza unui jocule cteva

lucruri despre el. Acetia vor lucra apoi n perechi i fiecare
va forma o strof despre coechipier, folosindu-se de
informaiile obinute. Rezultatul va fi o poeziei a echipei.

cunoaterea mai bun a colegilor

dezvoltarea ateniei
dezvoltarea creativitii
dezvoltarea identitii echipei
dezvoltarea spiritului de apartenen la echip

49

OFERT
Pachetul oferit include:
traseu i probe personalizate
materiale (consumabile, badge-uri, printuri etc.)
resurse umane
fotografii (format digital)
premii

Preul pachetului este 500 .

50

V MULUMIM
Alin Claudiu Apostu:
Tel: +4 0726 872 575
E-mail: alin@treasurehunting.ro
E-mail: apostu.alin.claudiu@gmail.com

Dorin Laureniu Moraru:

Tel: +4 0726 051 385
E-mail: dorin@treasurehunting.ro
E-mail: moraru.dorin.laur@gmail.com

V mulumim pentru atenia acordat.

Treasure Hunt Team este singurul organizator specializat n dezvoltarea de programe de teambuilding prin
treasure-hunt n Bucureti. Treasure-hunt-ul este pasiunea noastr, iar fiecare eveniment este personalizat i
unic.
51

Appendix XVI: Clues (examples)

52

Appendix XVII: General Financials

RON
Q1

Q2

Revenues

400

2,000

- Personalized events

- Mass-market events

2015
Q3

2016
Q3

Q4

Q1

Q2

36,720

35,720

7,500

101,690 116,690 53,345 41,770

172,860 236,280 115,240

33,720

33,720

81,690

81,690

40,845

27,270

138,060 184,080 92,040

400
160

2,000

3,000

2,000

7,500

20,000

35,000

12,500

14,500

34,800

80

11,520

11,320

120

28,110

28,830

13,975 28,030

140,010 187,050 93,280

160

11,240

11,240

27,230

27,230

13,615

27,270

138,060 184,080 92,040

80

280

80

120

880

1,600

360

760

1,950

2,970

1,240

Recurrent direct costs

15,270

15,270

15,270

17,270

20,270

23,270

27,270

23,320

25,400

33,400

49,400

39,400

- Hub space rent

720

720

720

720

720

720

720

720

800

800

800

800

- Founders (2) salaries

7,200

7,200

7,200

7,200

7,200

7,200

7,200

8,200

8,200

8,200

8,200

8,200

- Utilities

300

300

300

300

300

300

300

350

350

350

350

350

- Website maintenance

50

50

50

50

50

50

50

50

50

50

50

50

- Taxes

7,000

7,000

7,000

9,000

12,000

15,000

19,000

14,000

16,000

24,000

40,000

30,000

Recurrent indirect costs

3,500

3,500

3,500

3,500

3,500

3,500

3,500

3,500

3,750

3,750

3,750

3,750

- Office consumables
- Online game development

300

300

300

300

300

300

300

300

350

350

350

350

Profit from events

- Personalized events
- Mass-market events
Costs

53

Q4

Q1

Q2

2016
Q3

52,200

Q4

23,200

3,000

3,000

3,000

3,000

3,000

3,000

3,000

3,000

3,000

3,000

3,000

3,000

- Other costs

200

200

200

200

200

200

200

200

400

400

400

400

Non-recurrent costs

3,900

500

500

500

1,300

1,600

500

500

2,000

6,000

9,600

2,500

- Printer

600

- Photo camera

1,100

- Video camera

700

- Website building

1,000

- Other costs

500

500

500

500

500

500

500

500

500

500

- Costumes

1,500

1,500

800
1,100
1,100

- Other rentals

500

500

4,000

8,000

2,000
45,650

Total cost
Profit/loss before marketing
budget

22,670
22,830

19,270
19,190

19,270
7,750

21,270
9,950

25,070
24,950

28,370
260

31,270
2,440

27,320 31,150
13,345 3,120

43,150

62,750

96,860

124,300 47,630

Marketing budget
- Celebrity event in collaboration
with TV
- Radio directed game (in
collaboration with a radio)
- Social Media budget

128,700

40,700

48,700

40,700 22,200

35,000

34,500

75,000

5,000

5,000

5,000

5,000

5,000

5,000

+ Facebook

Organic

Organic

Organic

Organic 5,000

5,000

5,000

5,000

3,000

3,000

+ Twitter

200

200

200

200

100

100

+ LinedIn

1,500

1,500

1,500

1,500

200

200

54

1,000

23,200

2,000

- Google Adwords

SEO

SEO

SEO

SEO

2,500

2,500

2,500

2,500

1,000

- Thematic historic game

4,000

4,000

4,000

4,000

Collab.* Collab.*

- Supermarket event

8,000

8,000

- Guerilla marketing
- Marketing materials (flyers,
banners, etc.)
Salaries
- Website development: part time
job

6,000

3,000

3,000

3,000

1,000

1,000

4,500

2,500

2,500

2,500

3,000

3,000

2,500

2,500

2,500

2,500

500

- Online game development

12,000

12,000

12,000

12,000

16,000

16,000

16,000

16,000

- Community builder: part time job

Other sources of income

2,500

2,500

2,500

2,500

4,200

4,200

4,200

4,200

- Governmental funding

10,000

1,000

1,000

1,000

1,000

1,000

1,000

1,000

1,000

63,860

91,800

26,430

- Crowdfunding

7,000

- Advertisement & sponsorships

500

- Investment

200,000
12,830

12,190

2,000

1,000

Collab.*

Collab.*

7,000

- Online game monetization

Profit/loss

2,000

7,750

9,950

225,450

500

500

500

100,000
760

109,940 53,545 23,320

*Collab. = events which will be organized in collaboration with other partners (if the partnerships will not be made, the events will not take place)

55

Appendix XVIII: Personalized event financials

RON

2015
Q1
Cost
(RON)/
piece

Number of personalized events

Number of participants

2016

Q2

Total

Cost
(RON)/
piece

Q3

Total

Cost
(RON)/
piece

Revenues
Costs
People
Costumes
Consumables
- Office supplies
- Branded clothing
- Print-outs
- Transportation
- Backpacks
- Entrance fees
- Other materials
- Other giveaways (diplomas,
personalized bracelets, food)
Profit/loss

0
6*30
RON
6*50
RON

6*30
0 RON
6*50
0 RON

6*30
RON
6*50
RON

10
50
20
20
50
50
40

0
0
0
0
0
0
0

10
50
20
20
50
50
40

0
0
0
0
0
0
0

200

200

0
0

10
50
20
20
50
50
40

Q4

Total
1
50

Cost
(RON)
/piece

Q1

Total
1
50

33720

33720

22480

22480

6*30
180 RON
6*50
300 RON
500
2500
1000
1000
2500
2500
2000

10
50
20
20
50
50
40

Cost
(RON)
/piece

Q2
Cost
(RON)/
Total piece
0

6*30
180 RON
6*50
300 RON

12*30
0 RON
12*50
0 RON

500
2500
1000
1000
2500
2500
2000

15
50
25
25
50
60
60

0
0
0
0
0
0
0

15
50
25
25
50
60
60

200 10000

200 10000

250

250

11240

11240

56

Q3

Total
2
100
8169
0
5446
0

Cost
(RON)/
piece

12*30
360 RON
12*50
600 RON
1500
5000
2500
2500
5000
6000
6000
2500
0
2723
0

15
50
25
25
50
60
60
250

Q4

Total
2
100
8169
0
5446
0

Cost
(RON)/
piece

40845
27230

6*30
360 RON
6*50
600 RON
1500
5000
2500
2500
5000
6000
6000
2500
0
2723
0

Total
1
50

15
50
25
25
50
60
60

180
300
750
2500
1250
1250
2500
3000
3000

250 12500
13615

RON

2017
Q1

Number of personalized events

Number of participants
Revenues
Costs
People
Costumes
Consumables
- Office supplies
- Branded clothing
- Print-outs
- Transportation
- Backpacks
- Entrance fees
- Other materials
- Other giveaways (diplomas,
personalized bracelets, food)
Profit/loss

Q2

Q3

Cost
(RON)/piece Total
1
50
27270
18180
6*30 RON
180
6*50 RON
Own

Cost
(RON)/piece Total

15
50
30
25
50
70
120

750
2500
1500
1250
2500
3500
6000

15
50
30
25
50
70
120

2250
7500
4500
3750
7500
10500
18000

250 12500
9090

250

37500
46020

18*30 RON
18*50 RON

Q4

Cost
(RON)/piece Total
4
200
184080
122720
720
Own

Cost
(RON)/piece Total
2
100
92040
61360
12*30 RON
360
12*50 RON Own

15
50
30
25
50
70
120

3000
10000
6000
5000
10000
14000
24000

15 1500
50 5000
30 3000
25 2500
50 5000
70 7000
120 12000

250

50000
61360

250 25000
30680

3
150
138060
92040
540 24*30 RON
Own
24*50 RON

57

Appendix XIX: Mass Market event financials

RON

2015
Q1
Cost
(RON)/
piece

Number of participants
Revenues
Costs
People

Total
20
20
400
560
3*30
RON
90
3*50
RON
150

Q2
Cost
(RON)/
piece

Total
100
20 2000
1920
4*30
RON
120
4*50
RON
200

2015
Q3

Cost
(RON)/
piece

Q4

Total
150
20
3000
2720
4*30
RON
120
4*50
RON
200

Q1

Cost
(RON)/
piece

Total
100
20 2000
1920
4*30
RON
120
4*50
RON
200

Costumes
Consumables
- Office supplies
3
60
3
300
3
450
3
- Branded clothing*
50
0
50
0
50
0
50
- Print-outs
3
60
3
300
3
3
- Transportation
2
40
2
200
2
2
- Backpacks*
50
0
50
0
50
0
50
- Entrance fees
3
60
3
300
3
450
3
- Other materials
5
100
5
500
5
750
5
- Other giveaways (diplomas,
personalized bracelets)
0
0
0
0
5
750
0
Profit/loss
-160
80
280
* they will be given in case of sponsorship agreements with FMCG, beverage companies, etc.
(partners)

58

Q2

Cost
(RON)/
piece

Total
300
25 7500
7380
6*30
RON
180
6*50
RON
300

Cost
(RON)/
piece

Total
800
25 20000
19120
9*30
RON
270
9*50
RON
450

Q3

Q4

Cost
(RON)
/piece Total
1400
25 35000
33400
15*30
RON
450
15*50
RON
750

Cost
(RON)
/piece Total
500
25 12500
12140
8*30
RON
240
8*50
RON
400

300
0
300
200
0
300
500

4
50
3
3
50
5
5

1200
0
900
900
0
1500
1500

4
50
3
3
50
5
5

3200
0
2400
2400
0
4000
4000

4
50
3
3
50
5
5

5600
0
4200
4200
0
7000
7000

4
50
3
3
50
5
5

2000
0
1500
1500
0
2500
2500

0
80

900
120

2400
880

4200
1600

1500
360

RON

2016
Q1

Q2

Q3

Q4

Cost
(RON)/piece Total
500
29 14500
13740
8*30 RON
240
8*50 RON
Own

Cost
(RON)/piece Total
1200
29 34800
32850
15*30 RON
450
15*50 RON Own

Cost
(RON)/piece Total
1800
29 52200
49230
21*30 RON
630
21*50 RON Own

Cost
(RON)/piece Total
800
29 23200
21960
12*30 RON
360
12*50 RON Own

Number of participants
Revenues
Costs
People
Costumes
Consumables
- Office supplies
4 2000
4 4800
4 7200
- Branded clothing*
50
0
50
0
50
0
- Print-outs
3 1500
3 3600
3 5400
- Transportation
4 2000
4 4800
4 7200
- Backpacks*
50
0
50
0
50
0
- Entrance fees
6 3000
6 7200
6 10800
- Other materials
5 2500
5 6000
5 9000
- Other giveaways (diplomas,
personalized bracelets)
5 2500
5 6000
5 9000
Profit/loss
760
1950
2970
* they will be given in case of sponsorship agreements with FMCG, beverage companies, etc. (partners)

59

4
50
3
4
50
6
5

3200
0
2400
3200
0
4800
4000

4000
1240

Appendix XX: Survey - new activity

Appendix XXI: Survey - treasure hunt activity

60

Appendix XXII: Survey - needs

Appendix XXIII: Survey - passive vs. active people

61

Appendix XXIV: Survey - time

Appendix XXV: Survey - prices

30
25

20
15

People who are willing to pay

10
5
0
<10 RON

11-20 RON

21-30 RON

31-50 RON

>50 RON

Appendix XXVI: Survey participation

How often would you like to attend a treasure hunt ?

One day per week

One day per month

One day per 2-3 months

One day per 4-6 months

Curious

62

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