This means overall I will find out mainly their views and opinions on Thorpe Park more than other areas such as Kingston and Croydon.
This chart shows that people, who are visiting Thorpe Park, largely travel there by car compared to other transport like Buses and Bikes. I could therefore target motorists through billboards on busy roads in order to advertise Thorpe Park. My results also show I may have target a specific age group instead of a larger variation.
This graph shows most people only visit Thorpe Park 1-3 times throughout the year. Therefore I may only want to create a marketing strategy for a short term product. Also I may think about advertising using the 360◦ campaign as this could persuade people to visit Thorpe Park more often.
From this chart I can see that a larger number of people agree that the Thorpe Park prices are reasonable. As a result, I might decrease the prices a little in order to persuade people who don’t believe they are reasonable to visit Thorpe Park more often and encourage potential customers to also visit.
From my pie chart I can see three quarters of the people I asked only brought individual tickets when visiting Thorpe Park instead of opting for Annual passes or Racing pulse tickets. My marketing strategy may affect the racing pulse tickets so that there’s an increase I sales of these specific tickets.
This chart shows more people agree the biggest rides should be in the same section of the park then spread out throughout Thorpe Park. This means my marketing mix (place) may be situated with other big rides like Colossus and or Nemesis Inferno.
This pie chart clearly shows most people don’t want extra children’s rides added to the park. Therefore I may create a ride for both smaller and older people as there’s still a substantial amount of people wanting a wider range of children’s rides. Although smaller rides are not liked they are necessary to have in Thorpe Park as most adults bring young children with them. This research could suggest I asked a large majority of teenagers.
This chart shows that most people prefer lost city to Ranger county and Amity Cove. I could therefore produce a product to be situated in Lost City. As there are not many large rides in the Lost City section my results show I may have asked a wider range or younger people (6-10 years).
From this pie chart I can clearly see that a large majority of people asked preferred fast rides. This would mean it would be most beneficial to create a fast ride. However, Thorpe Park do need a range of rides as there are younger people still visiting the Park.
As this graph shows there’s an equal amount of people saying smaller rides should and shouldn’t be at the front of the park I may situate my product in the middle of the park as this would appeal to most people. This could mean I have to move rides around in order to fit a new one in, therefore affecting the layout of the park and an increase of the cost of my product.
From this pie chart I can see that a large majority of the people asked would prefer not to have more gift shops around the park. As a result, it would not be beneficial to create another gift shop as most customers would not be willing to buy products from the shop.
This chart shows that a large percentage of people would prefer Thorpe Park to introduce new rides instead of keeping the same old rides every year. This could affect my marketing strategy as it may be most beneficial to create a new ride for the Park instead of making a gift shop or restaurant.
From this pie chart I can see that a large section of people I asked agreed that there shouldn’t be more rides for smaller children. This could suggest a large amount of people I asked where older and would not benefit from smaller rides.
This pie chart clearly shows the most effective form of advertisement is billboards and radio. By using these advertisements for my promotion I will be reaching many people and persuading potential customers to visit Thorpe Park. On the other hand TV may still be a good source of advertisement, as a wide range of people has at least two TV’s in their homes.
Boston Consultancy Group Matrix (BCGM)
The Boston Consultancy Matrix was devised by the Boston Consultancy group and show a product develops as a result of market forces.
From the Boston Matrix I can see that Thorpe Park is the cow. This is because:
-It has a high market share and is one of the most popular amusement parks in the country.
-The amusement park market is not new and is not expanding rapidly.
The Matrix tells us to milk the cow. Milking for Thorpe Park is getting revenue from Restaurants, gift shops and ticket sales. In order to do this I will have to:
- Have frequent advertising such as billboards
- Introduce new products to keep interest and persuade potential customers to visit Thorpe Park
- Design prices that achieve the highest revenue
- Make sure the park is accessible and well laid out
The above bullet points relate to product, price, promotion and place and will be explained in detail in my Marketing Mix section.
However there are flaws to the Boston Matrix which are shown below:
- How will you be able to decide what market you are in as you may be better than some markets but not as good as others?
- Ignores added value
- Ignores costs of investments and promotion so you may be spending loads on promotion but your product is still not going to be affective.
- Only gives you four options which is not a wide range of choices
The Product Life Cycle
A new product progresses through a series of stages from introduction to growth, maturity and decline. This is known as the product life cycle and is linked with changes in the marketing situation therefore influencing the marketing strategy and the marketing mix. The profit and product revenue can be plotted as a function of the life cycle stages as shown in the graph below:
Introduction Stage
This stage is when a business seeks to launch an awareness of their product or service. This means that this section is important as if this doesn’t succeed the product or service will not survive.
Quality level and product branding is established and property protection such as patent and trademarks are obtained.
Pricing may begin with penetration pricing in order to build market share quickly, or skim pricing in an attempt to restore development costs. Until customers show a good enough interest samples can be used.
Thorpe Park uses promotion in order to create interest for potential customers and aimed at the target audience.
Marketing communications seeks to build product awareness and to inform possible consumers about the product.
In Thorpe Parks cast this would be the ride which may offer a free t-shirt or to encourage people to come to the park and go on the new ride discount tickets.
Growth Stage
In the growth stage a business seeks to increase market share and build brand preference. Product quality is maintained and additional features and support services may be added. As the company has increasing demand with little competition pricing is maintained.
Maturity Stage
The strong growth in sales begins to fade, at maturity. Competition may appear with similar products. At this point the main objective is to protect market share the company has and also maintain its profits. In order to differentiate the product from that of competitors, product features may be enhanced and pricing may be lower because of the new competition. Promotion emphasizes product differentiation.
In Thorpe Park’s case this could mean adding new rides and restaurants.
Decline Stage
At the decline stage and sales start to decrease, the business has several options:
- Maintain the product, possibly rejuvenating it by adding new features and finding new uses.
- Harvest the product - reduce costs and continue to offer it, possibly to a loyal niche market.
- Discontinue the product, or selling it to another company that is willing to continue the product. For Thorpe Park this could mean selling the ride to another amusement park or adding new features which will create a new interest in the ride
Product Life Cycle:
- Difficult to use as a prediction because you do not know the length of the cycle
- With new products all you can tell is financial considerations. This is what cash flow is for. It also presumes all companies will decline – virgin?
Product
From my results I can conclude that my core product is going to be a new ride for Thorpe Park. I have decided to create a new ride as I believe this product will attract the most potential customers. From my market research I found that most people liked Thorpe Park introducing new and fast rides but there were also a large percentage of people who did not want any more gift shops around the park.
This ride is going to be fast, vast and intense. My idea is two rollercoaster’s becoming one - looping in and out of each other but riding side by side at the end. My ride’s going to be situated in Ranger County which is next to Calypso Quay as there’s already Nemesis Inferno and Detonator in this section and from my questionnaire a large percentage of people wanted all the big rides in the same section. Also, my rides going to be sponsored by Coca-Cola as it’s a well known brand and people will automatically think that it’s a worthy ride.
The rides main theme is ‘battle of the best’. One rollercoaster is going to be black and in contrast one is going to be red – these will immediately catch the eyes of the visitor’s at Thorpe Park. Both will journey through loops, corkscrews and many free fall drops, colliding towards each other but narrowly missing at the last second. It’s a race to the end with both winning. It’s not just the ride that’s going to build the tension but the place in which customer’s will queue up. I’ll create a dark cave at the beginning which then eventually splits into two tunnels – one for each rollercoaster.
There’ll be interesting facts about each one and you chose which you want to ride. I’ve decided to use these specific tangible features as these are going to interest and lure people into the Park. Also from my research more people preferred faster rides and didn’t want anymore smaller rides added to the Park.
My augmented product is the thrill and excitement the visitor’s of Thorpe Park will feel as they race through hoops and loops. Also, as you leave the ride you walk through a shop with the same theme as the ride. This will entice people to buy souvenirs especially if there are families with small children as the bright colours will instantly attract them. All staff will be friendly, willing to help people and have to wear only black and red clothes. Although people didn’t want any more gifts shops I will still create this one as it will only centre on the theme.
Price
Cost plus pricing is working out what something costs to make or run and then adding on a percentage. For example if Thorpe Park costs £100,000 to run per day you would need to add a percentage. They could make this money through sales of tickets, food and gifts. As long as they are making more than they’re spending they will increase their profit margins. The advantage of this is that you are guaranteed to make a profit however if your costs are too much no one will buy it, especially when you’ve added a percentage onto an expensive price. Also you’re prices may not be competitive as you may have moved away from it.
Prestige pricing is when you sell your products at a very high price. This is used by well known brands such as Gucci but could also be used for selling tickets. Although the product might not be worth as much as it’s being sold for it makes the product exclusive and seem better than competition. If you have a good brand name you’ll sell more products as it would be well know and have a good reputation. On the other hand if you can’t convince your audience your brand is good you won’t sell as many goods.
Competitive pricing is when you charge the same price as competing products as this prevents price wars. Competitive pricing is used for many products such as CD’s, DVD’s and Ticket prices. For example Legoland tickets cost £21 which is competitive pricing compared to Thorpe Park tickets at £27. An advantage of competitive pricing is that your research has already been done for you, you no what prices people are willing to pay. However if your prices are the same your audience will pick the best brand which may not be yours.
Penetration pricing is when you target a specific market and try getting a share in this market. This is done by selling products at a low price for a while but after a while when the target market get used to the product they raise the price. This is to get your trust and market share. However, there is a short term loss but there can be long term gains. This is because if you’re charging at a low price at the start you are losing money but when the prices are raised your profit margins are increased. Thorpe Park could do this at the start of the season in order to get people interested. Penetration pricing is good as you can get people interested in your product and they’ll hopefully make a repeat purchase. Nevertheless you’ll make a loss for a while until you start charging at a higher price.
Price discrimination can be used to sell tickets to certain target groups. For example for adults the price may be £22 whereas for children they may only be £15. This can persuade people to visit Thorpe Park as the tickets may be lowered for the people who aren’t visiting the park as much as. This is good because you’ll be able to attract people on what you can afford and charge different prices for different target groups. However you’re going to be charging less for specific groups producing a loss instead of a profit.
Seasonal pricing is also used during the winter months by Thorpe Park. This means if you book online you can get half price tickets instead of paying the full admittance fee. This persuades people to visit Thorpe Park in the usually quiet months.
Promotion
In order for me to create a successful advert I am going to use ‘AIDA’. This will enable me to:
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Draw people’s ‘ATTENTION’ to the new ride
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Provide some appealing facts to ‘INTEREST’ visitors to Thorpe Park
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Create ‘DESIRE’ by offering something that may interest potential visitors
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Demand immediate ‘ACTION’ from visitors of Thorpe Park
To advertise the new ride at Thorpe Park I have drawn potential customer’s attention by using contrasting colours of each rollercoaster, bright colours for headings and also a big and bold font for all writing. My image shows the ride as fun yet extreme, with many loops and drops featured in the background. This is effective as people will be drawn to the advertisement and intrigued at how thrilling it looks.
I’ve given some interesting facts such as, ‘Highest in Britain’ in order to interest potential customers. These facts are short but effective as they draw attention to the poster and the new ride. By describing the ride I’m providing key information to persuade people into riding the new ride.
I’m going to target mainly teenagers and young adults as from my questionnaire this is the main age group that visited the park most often. I will show both young boys and girls having the time of their life while riding ‘Battle of the Best’ as this will interest my target audience and create desire for them as they’ll want to see how good the ride is for them selves.
In order for customers to take action I’ve put the Thorpe Park website address at the bottom of my advert. This will enable customers to look at other rides at the park but also give them the opportunity to book entry tickets online. There’s also a free phone number to provide help for potential customers. E.g. Different ways of getting to Thorpe Park.
Once I’ve created my advertisement I am going to advertise it on Kiss 100 radio station as lots of young people listen to this in the mornings and throughout the day. I know this will not reach a wide range of people however the radio station is already mainly targeted at the teenage market segment. This will be cheaper than advertising on TV so I will also advertise on billboards near local schools. It will be best to locate near schools as lots of young people will see it when go going to and from school.
Place
This section is another part of the marketing mix and will decide where my ride’s going to be situated in the Park. If I want to get the full potential from my ride I need it to be in the right place otherwise it may not attract many visitors.
From my market research I know I am aiming at teenagers to young adults who enjoy large and thrilling rides. My ride is going to take up a vast space as it is both a ride and gift shop. Therefore I need to look at the park layout and see where it could fit and what would be the best area for it. I know I will need to locate it near other big rides as my market research shows a large percentage of people would prefer all big rides in the same section. Alternatively, I could place it away from larger rides and place gift shops and restaurants between in order to attract customers while they move from ride to ride. This will not be a problem for my target group and will increase revenue.
I have analysed my map and it is in my appendix at the back of my work. From this I know where I’m going to situate my ride. My decision was based on the following factors:
- Replacing Ranger County as this was the least popular section of the Park. By putting my ride here it will increase its popularity.
- At the back of the Park
- Near other big rides such as Nemesis Inferno and Detonator
- Spread out human traffic
- Spread out queues
- Near to toilets
- Aiming at younger people so distance will not be a problem
However there are certain problems with the location:
- Distant from any restaurants.
- When the ride is being built Canada Creek will only be accessible by the train as you have to walk through Ranger County to get to the entrance of this area.
- May need planning permission if we need to cut any trees down for extra space.
Recommendations
In order to prolong the product life cycle and increase the popularity of Thorpe Park I recommend a new rollercoaster for Thorpe Park (‘Battle of the Best’) that will have people queuing at the gates. Rushing through hoops, loops and corkscrews will have people on the edge of their seats- literally.
This thrilling stomach turning experience will be replacing Ranger County with a new gift shop and ride that will follow the theme down to a tee. By knocking down Ranger County, the least liked section of Thorpe Park; I’ll be expanding and creating space for the new ride. Also the rides will not be grouped to close together creating easy access to the new ride.
It will be advertised on both billboards and kiss 100 radio station to persuade potential customers to visit Thorpe Park. Although Kiss 100 will not reach a wide range of people the station is already targeted at the teenage market segment. By advertising on both billboards and radio I’ll be reaching many people, not just in one area. The better and appealing the advertisement the more people will want to visit.
As I’m aiming to get more people to visit Thorpe Park, when ‘Battle of the Best’ is first opened there will be a ‘Premier’ of the ride. Ticket prices will be halved for the first 2 weeks in order to interest and intrigue people. Therefore I’ll be using Penetration pricing. This could cause a short term loss but long term gains as Thorpe Park would have a market share in their target groups- teenagers and young adults who enjoy exhilarating rides.
By creating a new ride, Thorpe Park will be achieving many of its objectives such as increasing the Park’s profit margins as there will be more people visiting to ride ‘Battle of the Best’. Also Thorpe Park will be becoming a bigger organisation as the Park expands.
However, as my product is exceedingly big there will be lots of constructional work needed in order to situate it in the right place- ranger county. This will take time and could mean shutting off some parts of Thorpe Park while it’s being built; therefore there may be fewer visitors to the Park as they’ll want to wait for the new ride. As a result of this Thorpe Park may lower ticket prices as there will be fewer rides on offer. During this time the Park may be at a loss but in the long run the visitors will increase.
From creating a new ride Thorpe Park will be a larger organisation that staff will be proud to work at. When the rides built it will give them more job opportunities like sales or ride assistants therefore motivating the staff with a new challenge. Building a new ride and making the Park bigger will also mean there will be more staff needed -new faces and friends.
By introducing my new ride the cost of building and running ‘Battle of the Best’ could be expensive. However, as we will be knocking down Ranger County we’ll be using any recycled materials we can. since there will be a gift shop as well as a ride employees will have to be trained with basic sales skills and trained in getting people on and off the rides. For example the control desk- starting and stopping the ride.
Conclusion and Future Plans
From my Market Research I have created a marketing strategy to in crease the number of visitors visiting Thorpe Park for another year.
I have created a new ride, ‘Battle of the Best’, as the product for my marketing mix. This new rollercoaster ride will consist of mind blowing hoops, loops and death defying drops. Two rollercoaster’s moving in and out of each other battling to finish the ride first- one black, one red. At the climax of the ride both rollercoaster’s come face to face but narrowly miss. However the excitement will not start with the ride but when visitors are queuing up. A cave that splits into two giving a choice of the exhilarating red rollercoaster or the thrilling black one. In order to maximise revenue I am also going to build a themed gift shop- all employees have to wear only red and black
While my ride is being built ticket prices will be halved as there will not be as many rides on offer however when the rides first opened I’ll be using penetration pricing. This will act as a ‘premier’ of the ride that will get people interested.
Ranger County will be knocked down in order to allow space for ‘Battle of the Best’ and gift shop. I have chosen Ranger County as this is next to big rides like Nemesis Inferno and Detonator and from my Market research a large majority of people wanted all big rides in the same area. This section is at the back of the park which will not be a problem for our target market segment- teenagers and young adults.
To get potential customers interested in Thorpe Park I am going to advertise on Billboards near schools and Kiss 100 radio station. By situating the billboards near schools they will immediately interest children and Kiss 100 already targets young people.
From my marketing strategy I will be increasing revenue and making Thorpe Park into a bigger organisation. Also the Park will be expanding allowing more people to visit the new Thorpe Park.
In the future Thorpe Park will benefit widely from my product however it may get old and need to be replaced by a new ride. From my gift shop and ride Thorpe Park will be increasing their profit margins but all rides have to be replaced after a while. As a result of my marketing strategy I believe it will persuade new people to visit the Park for at least the next year.
Extension Strategies
HAVE DONE BUT IT’S ON MY HOME COMPUTER!
NOT SURE WHAT TO DO WITH THIS AND HOW I CAN ADD TO THIS!
Extension Strategies
Increase the number of people per ride on popular rides
Increasing the seats on popular rides would mean that there would be shorter queues and a decreased waiting time for customers, therefore allowing them to ride a wider range of rides throughout the day instead of being limited because of the time. This could immensely improve the park as more people would be willing to go to a theme park that they can have the full experience instead of others, such as Chessington World of Adventures, where the waiting time is more likely to be longer.
However during the time you are improving the ride you will have to hire construction workers and the ride will have to be closed for a short period.
Improve travel and awareness of Thorpe Park
By making people more aware of the location of Thorpe Park it will enable people to visit the park more frequently and therefore more potential customers interested in the Park. This would benefit Thorpe Park as it would generate more money from entrance fees and also from sales within the Park. However it would take a lot of time to create a wider awareness of Thorpe Park.
Build a baby crèche and play centre for younger ages
This would enable parents to enjoy a day at the park without paying the high cost fees of a nanny. By creating somewhere for younger children to play it would encourage more families to visit Thorpe Park as they wouldn’t have to worry about not being allowed to ride certain rides because of height restrictions. Also this will allow parents to get rid or their children for a an hour and two so that they can ride the more thrilling and breath taking rides. This will be effective for Thorpe Park as it supplies more options and convenience for parents. However, Thorpe Park would have to employ fully trained nannies and also get insurance as they would be looking after children.
Expand there indoor area
By enlarging their indoor section it would mean that in poor weather conditions there would be a larger section for people to shelter under as they may be willing to go home if they bad weather consists. By creating a larger section people would be more willing to stay at the Park until they want to return to the rides.
Attention
Interest
Desire
Action