Achieving Genting Theme Park Objectives Through Marketing

Achieving Genting stem Park Objectives Through MarketingTourist attraction is a place of interest to visit that is very popular with tourists whether from local or foreign country. Normally, places of tourist attractions ar brings establishments that operate their business in tourism industries tend to overprice their goods and services in order to gain profits. (Viewed 20th declination 2009, However in Malaysia, with growing economies in the country, Malaysia rapidly become hotspot for amusement and also developments of penning viridity in tourism industries. In Malaysia, in that location are many tourist attractions available for local or foreign tourists to visit one of the tourist attractions is Genting constitution Park. Genting approximation Park is one of the far-famed authorship divisions under Genting Malaysia Berhad which consists of Fist world indoor stem turn park, outdoor theme park and Water Park.1.1 The share of Marketing in circumstances Genting Theme Pa rk in Achieve Its ObjectivesAs a travel bying brand in theme park industriousness, Genting Theme Park burn seldom satisfy everyone in a market. Therefore, Genting Theme Park then decides which share presents the greatest opportunity in propose markets. Its targets in kids and family markets visit to their theme park. In order to achieve theme park objectives to be the leading leisure, hospitality and entertainment organization in the world, which result responsive to the changing demands to customers and excel in providing quality services. As were seen the main objectives of an organization is to maximize the revenue and profits, and at the same time also to satisfy needs, wants and demands of customers. The fictional character marketing plays in gild is a societal process by which individual and sort outs obtain what they need and want through offering and freely exchanging products and services of value with each others and the role of marketing in helping Genting Theme p ark to achieve their objectives is plays an important part and efforts of an organization in order to develop satisfying relationship with customers that put on for the both parties, the organization and the customers. These efforts pass on lead marketing to serve an important role within organizations. However without a strong marketing effort, unlikely of an organization can survive in the tourism market. Normally what the public or costumers accredits more about an organization services that provided is depends on their interactions with marketers. Therefore, it is important of Genting Theme park to do the research and development (RD) to meet the needs and wants of the costumers in the market because it has direct effect on sales and profitability for Genting Theme Park.(Viewed 20th celestial latitude 2009)Doing the marketing research and development is very important in order to know what features to design into red-hot services in the theme park, what prices should offer t o customers and how very much to spend on advertising or sales compare with other competitors. Therefore in marketing point of view, tourism industries commonly would use of foursome major mass communication tools which is advertising, sales promotions packages, events and experiences, and public relations and publicity for the various customers especially tourists that come from foreign country to knows more about the theme park information about the services, promotions packages and useful massage that provided to their value customers. For example, television advertisements is generally know as the most powerful advertising medium and instanter reaches a broad spectrum of costumers. It can be an effective core of vividly demonstrating product and service attributes and persuasively explaining their corresponding consumer benefits.2. Social element of the macro surroundings that are currently impacting Theme Park industryTheme park industry performance could reflect by social issue, social issue both positive or negative is significant role whether difficultly or unhindered to achieve the vision of theme park industry in the future.2.1 MigrationFirstly, migration from one regulate to another was become an opportunity for theme park industry to hire local communities manage or operate the theme park facilities. In Malaysia, house physician had shift their hometown in order to find job at capital city, such as Kuala Lumpur, the situation make population of capital city increased, thitherof as short distance of Genting from Kuala Lumpur become a perfect geography strength to attract local communities working at Genting Theme Park, cause mountain apply Genting job and employee shortage condition rare occurred. So Genting often had sufficient employee to serve customers especially during the festival such as Chinese unseasoned Year, Deepavali, and Christmas Day and so on.2.2 Global CrisisSecondly, social issues such as global crisis would affect cons umers visit to theme park, usually national government advice resident shrivel go aboard to foreign and visitors may worry accidence occurred when outbreak global crisis. For example, in 2003, Iraq war and Severe Acute Respiratory Syndrome (SARS) breakout causing local visitor and foreigner choose stay away from crowded placed. Through genting has implemented various events to increased number of customers consume in theme park during the difficult period, however the result show that profit before tax of Genting was decreased to RM1, 131 million compare to previous year rough RM1, 195 million. (genting, 2003) Consequently, the global crisis would bring negative impact on Genting unavoidable, Genting must expect global crisis may occur in the future and draw up few treated of solution to solve these issues.2.3 Natural Environment IssueThirdly, natural environment issue may also affect policy on operating theme park industry indirectly. The nature environment issue such as global warming has became serious in recent years, that would brought various natural disasters around the world. Therefore society has awareness the environment pollution that threaten their life, society will concern about global warming and support companies going green. so theme park industry has engaged and practice various method to degrade global warming. For example, Genting theme park has installed water flow restrictor that function was reduce water exercise around 5% each month, the cost of material would reduced. In addition, Genting theme park also installation of energy devices and minimum steam boiler process to reduce heat and air pollution. Furthermore, Genting corporate has planning and development various conservation programmed in the future. These programmed could brought advantage on reduce resource run off and simultaneously obtain margin profit in Genting corporate. (Nre, 2009)3.0 Economic element of the macro environment that are currently impacting Theme Park industryTheme park industry is currently being impact by the economic elements of the macro environment such as funds permute rate and unemployment rate.3.1 replacement rateThe exchange rate affects the oversea tourists coming to their country. In U.K, their British pound exchange rate cost higher than other countries, which makes the tourists unable to suffer the expenses to a tour in U.K. A lower British pound exchange rate makes the tourists able to afford the expenses for park experience. A reasonable exchange rate among both countries like U.K and Malaysia, Euro countries and Malaysia will effect on the buying power of the tourists, so the tourist will pay a visit to the park. The currency exchange rates policy either limited by government or followed the global economy trend will positively or negatively affects the tourists attendance.(viewed 20th december2009, )3.2 Unemployment rateThe unemployment rate is one of the major factors that are influencing the theme park ind ustrys attendance. Unemployment rate in local and oversea will bring several(predicate) effects to the theme parks attendance, either fewer tourists with more local visitors or vice versa. (http//www.anderson.ucla.edu/documents/areas/ctr/ccp/ThemeParkAttendance%28bw%29.pdf) The revenue the people earn will spend part of it with families going to theme park for leisure time to enjoy during the weekend. If the unemployment rate getting higher in the countries, those people normally will not expending their money in the theme park and they will aim for the theme park promotion period for cheaper ticket.4.0 Customer element of the micro environment that are currently impacting Genting Theme ParkCustomer is the person, company,orother entity which buys goods and services produced by another person, company, or other entity. So, customers are playing a very important role in market. Genting Highland Theme Park the first mission is to be responsive to the changing demands of our customer s and excel in providing quality products and services.(viewed 2009/12/05 http//www.gentingmalaysia.com/annualreports/2008/rwb2008_missioncontents.pdf)4.1 The Age and demo In The Life CycleThe age and stage in the life cycle concept will impact upon the Genting Theme Park. They come from different group status, such as children, youngsters, adult and elderly customers. This is because consumers are from different group of age stage they will impact Genting to build or create new games to service the consumers when traveling at Genting Threme Park. Genting Theme Park will serve their customers with different age with different game either in indoor or outdoor. Such as the customers from children and teenager the indoor games such as Malaysias first 4D Motion Master Theater to give the education movie for them. Because adult customers they will aspire stimulate entertainment and new creative game, Genting Theme Park will build the game in outdoor such as firm Coaster is the first in Asia. Family life cycle from customers also will impact to Genting Theme Park. In the end of the year vacation season parent will bring their children go to travel therefore family relationship between parent and children when travel at Genting Theme Park. (Philip Kotler and Kelvin Lane Keller, 2009)4.2 Consumer Consumption ConceptThe consumers consumption concept changed impacting the Genting Theme Park. Nowadays each customers had basic education and they consider consumption concept not only focus on buying products, that they know their rights and also consist service consumption, therefore customers would spend more money consume on services in entertainment. As service entertainment industry corporate, Genting provide Theme Park either indoor or outdoor to satisfied demand of customers. Customers can enjoy these exciting game simultaneously that ameliorate family relationship between parents and children. Customers consider ticket price of Genting Theme Park was worth to con sume, they could going and playing these entertainment facilities with a whole day. But how when the consumers moot that what Genting Theme Park provide is not worthy?5.0 Competitor Element of the Micro Environment That Are Currently Impacting Genting Theme ParkCompetitor means a business that provides similar products or services. The presence of competitors in an industry drives down the price of goods and services because consumers constitute more alternatives from which to choose if the price of a particular good or service is too high. For Genting Theme Park, it also facing different competitor since they joined in this industry.5.1 Threat of intense segment rivalryIn a business celestial orbit, the competitiveness between corporate will become very strong if it already contains numerous, strong competitor. In Malaysia, Genting Theme park is not only the one numerous and strong theme park, there still have many different theme park that have the competitiveness to compete wi th Genting. The competition like frequent price wars, advertising battles and promotion battle between Genting Theme Park and other themes park, all these lead Genting have to constantly compare its marketing strategies, products, prices and promotion with other competitors. Otherwise, this will make it expensive to compete. This happen more frequently especially in the holiday period.5.2 Threats of High Entrants and Low ExitsIn a business field, competitiveness is high when the launch barriers are higher than exit barriers. Firm enter during good time but find it hard to leave during bad time. As the result, this will leads to chronic overcapacity and depressed earnings for all. In this last 10 years, the new entry of other theme park in Malaysia is more than the exit entry. Many firms join and stay in this industry as long as they can get profit from this industry but if they cannot, as long as they keep continued presence, this will cause dampens profit for everyone. In directl y, this lead Genting Theme Park has to dealing with even more competitors in order to keep survived in this business field.5.3 Threat of Substitute ProductsA segment is unattractive when there are actual or potential substitutes of the product. If technology advances or competition increases in these substitute industries, prices and profits in the segment are likely to fall. For example, electronic games and theme park is categorized in the entertainment field. Nowadays, the introduced of electronic games like play station, PSP, and computer games becomes a common and necessary amusement tool by the world. People will visit Genting theme park because to have fun, and so that same with playing electronic games-all is about fun. With the introduced of the electronic games, this success attracted the major target of customer of Genting Theme Park, like teenagers. Virtually, this creates a competition between of electronic game business field and Genting Themes Park which in the same b usiness field entertainment.6.0 ConclusionMarketers do not make decision about target market and marketing mix variables in a vacuum. Research and study should be applied in order to further understanding the market. This will help marketer in making the business plan and business decision