Samsung And The Theme Park Industry In Korea
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Samsung is investing $300 million to revamp an existing farmland amusement theme park in Yongin, Korea. The plans include building a $140 million water park, an $85 million global fair, and expanding the existing zoo with a $50 million investment. A second phase will develop the area into a resort town. The overview discusses Porter's 5 Forces model and ensuring customer satisfaction. As chairman of Samsung, the response approves the master plan due to Korea's growing GDP, popularity of theme parks, and the project being a profitable venture.
Samsung And The Theme Park Industry In Korea
- 1. Samsung And The Theme Park Industry In Korea
- 2. Samsung and theme park industry in Korea Yongin Farmland- amusement theme park Case Overview
- 3. $300 million investment for revamping Farmland Changing the name to provide better image A water park- US$140 million A global fair- $85 million Expansion of existing zoo- $50 million Second phase: developing a resort town Priority and profitable venture for managers comprehensive, competitive analysis Customer satisfaction and quality revolution Overview – Master Plan
- 4. Porter’s 5 Forces Model
- 5. Porter’s 5 Forces Model
- 6. Financial Issues • The price of the theme park land is relatively expensive, ranging from $50mil - $3bill • The cost of the land value can be really high what more when the location of this theme park is smack in the middle of the city • The cost of maintenance for the theme park is huge • This expenses is unavoidable as the nature of the business require regular maintenance works and upgrading tasks
- 7. Marketing and Social Issues Customer satisfaction was a critical issues in theme park management To reach the diverse group SEASONAL & INTERMITTENT NATURE In marketing the theme park, the management used about 10% of their total income for below and above the line promotions the number of visitors for the centre varies from time to time In managing high demand during peak season, the management of theme park often struggle with lack of staff to manage the demand
- 9. Key Success Factors in Theme Park Industry
- 10. Key Success Factors for Yongin Farmland Park
- 11. As the chairman of the Samsung group would you approve such a master plan?? PESTLE ANALSIS Political •Land use •Getting approval could be tedious, takes 2-5 yrs •Political issues involving environmental concerns Economic •GDP growing at an average of 8% per year and current PPP is USD 13350 •Seasonal business, needs continuous investment in rides, shows etc. Technological •H/w suppliers are mainly concentrated in US and Europe and are costly •Difficult to engage management software through licensing Social •People have long working hours • Korea is densely populated country Environmental •Theme parks might hinder certain environmental laws Legal •Getting approval for land and building might be difficult
- 12. Yes…. I would approve such plan….