Ecological environment: Last but not least, I highlight the burning issue of the hour- maintaining ecological balance. Proper attention to this environmental factor can win us the world’s attention and appreciation. To be known as the theme park with a positive ecological and environmental promise, will say a lot for our popularity and enhance customer interest. In addition, while it is important to be in sync with the industry with regard to charges, ticket rates etc.
, we must be sure of offering them value for money through the experience we provide- it needs to be superior to our competitors to make us the preferred choice of the customer. Linkages with other countries and tourism and travel destinations are another important factor which impacts our business. If our theme park is easily accessible, business grows easily; we have seen that Brighton being networked with a good transport system through the airlines, tube and road, attracts far more customers than our smaller parks in interior United Kingdom. Role of Market Research to support the company’s decision making process
“Every marketing plan desperately needs a healthy dose of reality. ” (Ries & Trout. 1989. Page 55). Keeping in mind that we need to take into account, the environmental factors as mentioned above, it is important to be updated and clued-in to the trends on both the demand and the supply side. Market Research is emerging as a powerful tool for assessment of influences, preferences, and any kind of subjective analysis. We just have to be careful of our parameters for interpretation and data analysis matrix, because “… Numbers never speak for themselves.
They almost always require some sort of interpretation, some sort of explanation or context… ” (O’Rourke. 2006. Page 11). Market Research helps us to scan the environment and establish our needs, customers’ needs and what needs to be done to satisfy both sets of needs. It is important to recognize the rapidly changing trends in any kind of business, and move in step to maximize advantage. Market Research helps us in the following ways: Facilitates constant touch with our customer and helps us understand his emerging or changing preferences and needs, and innovate accordingly.
Provides competition analysis and highlights our strengths, opportunities, weaknesses if any, and threats to our business. Identifies opportunities and creates avenues for growth. Helps us in identifying problems and working towards solutions well in time. Provides clear and focussed direction for strategic growth through an objective environment scan. We can thus, on a continuous basis, relate our business imperatives to the needs of our customers and have a win-win situation in hand- this makes a successful ongoing business strategy.
“The first person with the new idea has a pretty easy time. That person’s goals set the bar for the next… ” (Welch & Byrne. 2001. Page 293). Facilitated by real time inputs, it makes strategic planning more focussed. Market Research (primary) can be done by various formal methods including focussed group discussions, questionnaires, dipstick surveys, sample surveys, random sampling experiences, or informal methods like meetings, one on ones, telecalling, etc.
Industry analysis and customer analysis and satisfaction surveys are two market research imperatives that come to mind immediately; other environment scan surveys follow, to support the strategic business initiative. We can access secondary data by subscription to Ministry publications, Industry Association Reports and Bulletins, journals, white papers, reviews, etc. Conclusion Once the relevant environment factor variables are identified and current status is determined, conclusive market research can help us do wonders for our organization.
Having worked on this, I would be happy to chart out a market research schedule in order of priority for Lindsay Theme Park. I recommend using an external, professional market research agency for best results. Post the market research exercise, I would also be in a position to provide inputs for a marketing and communications calendar in sync with business objectives, and highlight the difference it can make to our bottom line. “Many companies have become expert at making strategy, but unfortunately few have become good at making their strategy work…
The bottom line is that companies must realign and integrate their organizational [environmental] influence systems to support their growth plans or even the best-planned strategies will not work. ”(Galpin, Timothy, J. 1997. Page 143). Bibliography Clave, Salvador, Anton. 2007. The Global Theme Park Industry. Translated by Andrew Clarke. Published by CABI, UK. Galpin, Timothy, J. 1997. Making Strategy Work: Building Sustainable Growth Capability Published by Jossey-Bass Publishers.
USA. O’Rourke, James, IV. 2006. Management Communication: A Case-Analysis Approach. 3rdEd. Published by Prentice Hall. USA. Ries Al, & Trout J. 1990. Bottom-Up Marketing. Published by Plume . USA. Robbins S. P. & Coulter, M. 2006. Management. Published by Prentice Hall. Hardcover. Skinner, B. F. 2002. Beyond Freedom and Dignity. 1st Edition. Published by Hackett Publishing Company. Welch, Jack, & Byrne, John, A. 2001. Straight From the Gut. Published by Warner Books. USA.