Paradise Park
Paradise Park is a theme park that was developed by Francis "Fritz" Hoover. Hoover wanted a place where people could enjoy life and spend quality time together with family and friends. With nineteen convenient locations, Paradise Park was very successful. After markets had moved on to more popular locations, Hoover chose to keep his parks and investments very small so real-estate prices would remain low. In the late 1990's, Paradise noticed that they were losing money. Profits had remained slow and the cost of building new rides sharply increased along with tax and wage increases. The company would have to make changes quickly to avoid filing bankruptcy or become overwhelmed by their competitors. A significant change needs to take place in order for Paradise Parks to stay in business.This poses the question: Should Paradise offer a different type of service to overcome their financial difficulties?Situation Analysis: SWOT- (Strengths and Weaknesses, opportunities and threats) The SWOT analysis helps managers gain a better understanding of the internal and external environments and helps to evaluate the firms fulfillment of its mission. Below is a list of information stating ideas about the SWOT analysts for
Low unemployment rates and insurance rates soared after a series of industry mishaps. In conclusion, if Paradise Parks uses the preferred customer plan, the business will be able to bounce back into sales and continue to make profits. Finance would be responsible for determining the cost of implementation and budget. Under the Preferred customer plan, visitors could pay an additional fee to get free entrance in the park. Another opportunity for Paradise parks was upgrading the souvenir shops to gift boutiques, with more appealing displays and higher-priced merchandise. Raising prices across the board: If the prices were raised across the board no one feels as if they are having any worse of an experience than anyone else. No one would want to go to a theme park and see people who paid more getting to cut in lines for rides and dining. incomes were now accounting for more that 48% of the total entertainment spending, Paradise Park wanted to tap into family's discretionary income to aid to their profits. The plan would also include a separate entrance and a behind the scenes tour, which would include a tour of the facilities, an exhibit of the history of the park, better seats at the theatrical performances and a change to take pictures and talk on the set with the cast. Nathan used a lot of marketing research methods to support his suggestion. Implementation: After careful evaluation of the alternatives, the best alternative was to implement the Preferred Customer Program. Selling the business / Moving to different: Selling the business would probably be a last resort for Paradise Parks but is still an option they must consider. Will Paradise Park customers think the preferred plan is over rated and chose to go to other theme parks? Has Paradise Park scanned the environment and checked into other theme parks to see what their charges are or if they even have a preferred customer plan? If other parks do not have preferred plans, Paradise would have a competitive advantage over the other theme parks. Environmental Factors:Economic Environment - The economic environment was affected by the shift of income distribution and cost increases.
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