Executive Summary
American old west world is a tourist attraction venture that will be situated at Kai Tak airport and targets the entire population in Hong Kong and visitors to Hong Kong as its market. The market ranged from people of high income to low-income earners who are holiday lovers. The idea of a theme park not only is very cost-effective for our firm but will result in significant profits which will increase the shareholders.
The market for tourism at Kai Tak airport is already existent and people are much more conscious about leisure and recreation, which in return, a theme park promoting leisure and recreation is one of the best investment opportunities. One in 5 visitors using Kai Tak airport are holidaymakers and lovers of themes. With such kinds of visitors, demand for theme park collections will be of paramount importance as the market is large and is growing.
The market is existent and existent in high demands. Our main competition is mainland tourist resorts, themes, and other sites and will remain to be our competition, so this will be a test of our determination and what we can actually provide and offer to our customers.
Our plans are to advertise and market significantly through TV commercials, newspaper ads, bi-weekly newsletters, flyers, and becoming team sponsors, website selling shops, and advertising. The focus when advertising and marketing are to be personable with our customers through our advertisements at all times. People need to relate to what is being sold and to the opportunities that are being conveyed with the ownership of theme park services.
There are immeasurable opportunities for growth in Kai Kai, by becoming an international attraction within the next 7 years and creating co-parks worldwide for the tourist attraction in other countries around the world. With exclusive and convenient facilities, the customer is the first priority by making the customer stay as easy and self-efficient as possible. The park is divided into two sections: family holidaymakers, foreign visitors.
Introduction
We are a firm operating in the hospitality industry established in 1997 based in the USA with international business connections. We boast steady growth in all aspects over the last 10 years and we are willing to contribute to better tourism and recreational activities in the world. Our company objectives include:
- Open and operate theme parks and other related facilitates the local and international market and contribute to the growth of the sector in the world.
- Prepare feasibility studies for companies in the local and international market
- Participate in congresses to adapt to different market segments
Organization and staffing
The firm has seen growth in recent times because we adopted a policy of admitting into senior management younger and energetic persons with proven capabilities at the international level.
The firm is divided into functional divisions in order to accommodate expertise in various themes levels and ensure the efficiency of services to our clients. The firm has three directors with academic qualifications in the areas of tourism management.
American Old West World
American old west world is an attraction park that will be based in the Kai Tak airport with the main theme being American old west. We have chosen Kai Tak airport formally known as Hong Kong international airport because it is reported to have the highest number of visitors who visit Hong Kong for holidaymaking. The visitors are important consumers for our service (the theme park) because these people are more concerned about their leisure as compared to the locals.
Again the majority of the visitors are people who are enjoying their retirement benefits and therefore they are interested in healthy lifestyles and free from insecurity this is found easily near the airport. They cannot travel long distances in the airport, local visitors who want to go abroad will patronize the place before boarding an airplane.
The other reason why we chose Kai Tak airport is that the airport attracts all its used by people with high disposable income. This is because as described above people who are already retired are the people with money, with little ambition of investing. The other reason why we chose Hong Kong is that it is an economic power base. As the United State of America is facing a subprime crisis most people have chosen to go for a holiday somewhere else where the economy is still stable.
Moreover, the aging population is likely to be high, customers of our services that provide leisure and prevent boredom. However, other groups like traveling executives will patronize our park regularly. The theme park is more about lifestyle choice than a theme aligned with one specific democratic profile.
It is important to recognize that some of these services offered by our company to the locals and international community visiting Hong Kong are spilled in almost a divisions manner, for example, take the Indian leisure activity where people gather at the park to laugh at anything after making a joke. However, it is an important segment within the aligned population today.
Another theme about leisure makers, they are attracting modern cultural and moralistic approaches towards holidaymakers. This can be demonstrated by the concert about security where visitors are nowadays fearing interior places for fear of their security; another issue is the emergency of terrorists. The terrorist talk in the world is making whole thing makers choose places where there is less fear for a thug.
Ways to operate the theme park.
The theme park to be operated into three units, which will include a food store or restaurant or old American Treasures, the current American treasures, and a section of animals available in America. Each department has a manager. Each manager will manage his department as a profit center, not a cost center. That is they will independently operate fully with staff in all departments and there will be a consolidated account at the end of the year.
Strategic planning
Before carrying out a plan for this venture, we shall analyze the strengths, and weaknesses, threats, and opportunities available for us before jumping to this venture. We shall also carry out environmental analysis, therefore SWOT analysis, and our SWOT analysis will be as follows
- Strength- our strength will be the type of services we will offer, the visitors we will be visiting and the locals. Those people who have never visited America and have been yearning to know about American history and have a feel of it will have an opportunity. We will not forget that kai Tak airport itself is a strength to us since it is a superb occasion for leisure and tourism attractions. Being American business persons we shall also go with our name for respect, we shall also remain concentrated on customer satisfaction than ever.
- Weaknesses – there are so many weaknesses that we shall encounter among them there are so many tourist attractions in Hong Kong and the people of that country are business-minded leaving less time for leisure. The product that we shall be promoting in that country will be less attractive to many since many do still not know it.
- Hong Kong is an enlarging target market for tourists and other holidaymakers. Currently, people faced Hong Kong elephant fighting which is a major attraction for most Americans and other people from Europe. We shall increase awareness of people in Hong Kong and this will create a huge market. We have also the potential of informing more locals and international members about our services in Hong Kong and other parts of the world through our website.
- Threats- While carrying out our strategic plan we shall look at our threats in that market which among them is the raising the standard of living in the world due to economic downturn due to the subprime crisis in the U.S.
Analysis
In our case since we are opening a theme park in Hong Kong and are still at an earlier enterprise, we shall deal with our weaknesses, as our business will be established sooner than later. Concerning our threats, we cannot control them because if we try to control them at this stage, our business operations will be hindered. Another issue is we shall look at the environment that is PESTLE. While carrying out the PESTLE of this company we shall look at the following.
- Political- it has been seen that Hong Kong is based in a country where there is political stability and there is the highest culture of morality. In Hong Kong, it is better you die rather than being accused of corruption or immorality. Being based in such a country, the business will be smooth with little fear of political interference.
- Economic Trends-Currently the whole world is facing an economic crisis because of the subprime crisis in the U.S. this has been felt in the global financial market and this could affect consumers of all goods and services worldwide. The consumer index and the purchasing power of the people have come down. At first sight, it could appear that it is a U.S problem but the performance of various stocks in the world. Every country except a few is exposed to the U.S debt.
- Technological trends- With nearly half of the world’s population who are holidaymakers have access to internet connections in their offices or in their homes, then marketing of this venture will be easier. We shall create a website with our facilities being input to attract customers. I have been researched and found that half of white color and business executives use the internet before incurring any experience is a trend to be taken seriously. Therefore when carrying out promotions, online information is important for this kind of venture.
- Legal- we shall encounter different legal obstacles in Hong Kong which we are not facing in our country. These may include- Taxation law, land ownership, legal obstacles, different accounting rules, and other legal which we will need locals to assist us.
- Demographics- American old west will be stated in Hong Kong airport, and which is a capital city with a population of over one million people. The population changes at, 1.2 % and they are an economic powerhouse. It is interesting to note that over 80 % of the visitors and the locals who use the airport are people with extra income to spend for leisure. This is the population we are targeting.
Target market
We are calling visitors to the airport as our target market. These people have extra disposable income, which is our target.
First, to analyzing the Kai Tak Airport, the market is to look at competitive rivalry thus considering the other parks. If they find out that opening branches in the Jbeil market is easy then competitive rivalry will likely be high. If it is easy for university students to move to other restaurants without discriminating then again rivalry will be high. Generally, the competitive rivalry will be high if: There is little differentiation between the food sold between customers,
Competitors are approximately the same size as each other, If the competitors all have similar strategies and It is costly to leave the area hence they fight to just stay in.
Visualising the Theme Park
While designing the theme park we shall ensure that it has the proper lighting to enhance in seeing. In order to enhance the sense of hearing a good sound should be in place. Lastly, we should have a proper feel of taste to cover all human senses.
Marketing Plan
Planning is exercising foresight regarding the anticipated outputs of an organization in order to maximize the inputs available. If the required inputs in terms of advertising, promotion, production, and personnel are beyond the firm’s capability then the goal is modified to reflect available resources.
For our marketing plan to be effective, the following should be implemented:
- Investigate the present situation,
- Consider alternative causes of action, and select one of the alternatives
- Provide both human and material resources,
- Communicate with everyone involved so that each knows his or her particular role in the process and evaluate progress periodically in order to ensure that action is taking place according to the plan.
Mission and Strategy
Our mission is to deliver competitively priced, value-added public accounting, tax advice, consultancy, and related services that respond to the particular needs of our clients through superior capability, innovation, and team approach. The client is paramount and the focus of our activities.
Our strategy is concentrated on all clients, mainly through industry knowledgeable representatives, as well as teams who specialize in respective industries within our client portfolio.
Marketing Strategy
In order for us to achieve these objectives, we shall hire well-respected advertising consultants to assist us in marketing our services to the customers. It has allocated some funds for marketing”
Sales, Advertising, and Promotion
Our main objective to increase our income fees to a level that will sustain us for a period of fifteen years and this is through a study growth rate of 10% for the next 10 years. To be able to achieve this we need to be able to make income fees of 20 million per annum. This will be possible through proper advertising and promotional activities.
We have hired a renowned consultant in advertising to give us insights on how to advertise and have good promotional techniques. The consultants have advised us to make advertisements on television, offer an executive retreat for corporate clients, put billboards and one-page flyers in the town center.
Public Relations and Customer Service
We have very attentive customer care and all our customer’s complaints are taken care of and all questions answered. Our services are custom-tailored that is order is processed for customer specifications. Once the customer complaint has been received, it is handed to the customer’s service officer who forwards it to the concerned department.
Charges
Our services are charged at a reasonable rate, which is acceptable, by our customers. The charges are not too high or too low but meeting the customer’s needs and satisfaction.
Budgeting Methods Used
The budget is prepared using the overall objective of the firm in order for the firm to raise funds for its survival, the budget allocated to marketing is very important. We have allocated 2 million for marketing. The amounts will be used as follows: –
Advertising – 500,000
Printing of T-Shirts – 200,000
Organizing a walk – 700,000
Organizing retreats – 100,000
Organizing seminars – 300,000
Leisure developments – 100,000
Tournament sponsorship – 100,000
Marketing Mix
While coming up with the marketing mix for our firm, we have considered the following:-
- Existing service providers -We have looked at other firms’ activities and performance and known the reasons why they are not doing so well in terms of marketing. We have put more effort into profit objectives for the common good of the company.
- Survey – In selecting the market mix we carried out a survey of our target and the information we got helped us to know what our competitors are offering and we have come up with a strategy on how to beat our competitors and attract more holidaymakers. The competitor’s fees are also analyzed and we have known how to charge a reasonable fee but attract more visitors.
Conclusion
From the underlying discussion, we can deduce that the attraction of the theme park at Kai Tak airport is also expected to take off from the day of operation. In terms of our collections and attractions, shall increase as time goes by without much difficulty since we are the first in the airport to create such facilities. While the demand for leisure and recreational facilities will continue to grow, we are unlikely to see a movement towards a 100% market share.
Indeed, it is already apparent that while recreational are sought after in national parks and national zoos, travelers and family members who are on recreational and leisure will enjoy coming to our facilities. The equilibrium will lie in which recreational activity can simultaneously meet the various holidaymaker’s concerns. In this regard, our company does really have a wide target market that is consistently growing.