Theme park report Assignment Example | Topics and Well Written Essays - 2500 words

Theme park report - Assignment Example Major reasons identified in the research are – world economic crisis, stiff local competition, low level of differentiation of services and negative image of the company regarding safety standards and bankruptcy filing. A discussion of possible solutions followed by recommendations concludes the paper. The major recommendation is to restructure the organization to enable a flatter structure for faster decision making and more employee empowerment. Introduction Theme park industry has evolved immensely over time. With a handful of theme parks concentrated within US during the beginning of the 19th century, the industry has grown tremendously. US itself has 600 entertainment parks and attractions as per recent studies while Europe houses 300 of them (Woodside and Martin 2007). The industry is cyclical and is heavily dependent on weather conditions. For example, in US, 46% of the people prefer going to theme parks during summers, 21% prefer spring while 18% prefer autumn season ( Woodside and Martin 2007). ... The company has exclusive rights to sell products bearing these characters as well as use them for advertising and promoting the â€Å"Six Flags† brand (Six Flags Annual report 2010). The theme park has been through turbulent times and had to file for bankruptcy because of the decline in visitors across its various sites. Three main reasons for this situation are as follows: Deterioration of the US and European economies (yahoo.brand.edgar-online) Excessive competition from other entertainment avenues during financial crisis years Lack of differentiation from other competitor in entertainment experience provided to the customers The company needs to formulate a strategy that can help it overcome all the above difficulties. A reduction in entry fee or overall cost of entertainment, focusing on tie ups with other entertainers to reduce competition and encouraging innovation in services within the organization culture can be some of the solutions. We will discuss each of these is sues and their solutions in greater detail in our ensuing sections. Methodology A research paper is incomplete without a mention of the methods employed to analyze and conclude a paper. Research involves data collection, its analysis and finally reaching a conclusion. Methodology helps in defining the research design, the way data is collected, the validity of the data and the limitations of the research. Two types of data have been used in the research – primary and secondary. Data directly gathered from the company is the primary data. Secondary data is the one used from other researcher’s analyses. Most of the data used in the ensuing paper is the secondary data from books and journals and