Subject: Environmental influences on our business and the role of Market Research. As Marketing Assistant, I have observed very closely the pattern of business and the factors influencing it, at Lindsay Theme Park, and hereby, with your permission, put forward my observations in the form of a report. I have attempted to study the environmental influences on our business and the role of Market Research in understanding them and taking the business forward more effectively. The study is divided into four parts- the Objective, the Environment, the Role of Market Research, and finally the Conclusion.
I look forward to your comments and valuable inputs. Best Regards, Marketing Assistant Report on Environmental influences and Role of Market Research at Lindsay Theme Park. Objective Our business essentially belongs to the entertainment category, and the success or failure benchmarks are very subjective. We are not dealing with a product, or commodity- we are selling an experience to the people who come to us- both national and international.
The entertainment needs of our customers are the driving force of our business plans and initiatives. Our single source of revenue is the ticket money we charge per customer. Our success is determined by the number of customers who wish to experience our theme park for their own reasons. This is the demand side, with its peculiarities. “Physics and Biology have come a long way, but there has been no comparable development like a science of Human Behaviour”. (Skinner. 2002. Page 5).
In addition to what the customers are looking for, our business is also heavily dependent on environment factors, which again, can be local or global. These influence the supply side- that is, what kind of experience are we able to give our customers, for the money they pay. We therefore need to understand the environment better in order to address the business better and read the dynamics of business demand and supply more accurately. The economic, social, seasonal, ecological, psychological, ethnic, cultural and legal and regulatory influences constitute the environment.
We can call them environmental factors. It has been observed over our 14 years of existence that each one impacts our business in a specific manner, and needs to be addressed independent of others. There is no thumb rule- innovation and value for money to customers is the key driver for success. To understand the extent of impact of these factors on our business, we need to gauge the environment using specific tools. Market Research is an important tool for assessment of the market which determines the success or failure of any business decision.