Lrcch Pest Analysis
Strategies is a business hook! Understand your type of customers and their needs and wants can help you to reach them easier. Every business has its own type of customers that really need the product and others that only want the product for fun. Attraction, attraction, and attraction is the most important point in any business for the customers (Scholarworks.umass.edu, 2017). Indeed, London resort company holdings can improve their income by using strategies which can lead the company to higher profits, sales, and shares significantly.
All businesses need to take in concordance SWOT and PEST analysis which are an external and internal factor that the can affect the theme park. SWOT is the strength of the business, weakness …show more content…
Pricing is the most sensitive one, even more than the product itself. There are many ways to price a product, however, the business needs to base the price on the income of the customers where the product is not too expensive or too cheap, in other words an average price.
The average price is the price that most businesses and customers prefer. Indeed, LRCH can make a good profit as well as satisfying most of the customers. Knowing that a theme park’s customers are mainly families who have different responsibilities to pay for and children that mostly get their own money, is a situation that can help us to understand that the income will be low. Therefore, the pricing strategies per ticket need to attract them.
Demand-based pricing is a technique to control the demand. Mostly it is used in airlines and before a few years ago Disney land parks had to adopt it. It is divided into three periods of time. Firstly, value / discount tickets when the number of guests is low, regular tickets when the number of guests is at the average level and high tickets when the number of guests is on peak …show more content…
Basically, London Resort Company needs to find the best location for the resort from two points of view: reachable and easy to access and competitive (Scholarworks.umass.edu, 2017).
Another factor that can affect the income is weather patterns. The UK’s summer is more attractive to the tourists than winters. Indeed, summer will be the peak period for the park. The more days the park can open in the summer, the more customers will attend - basically, more opening days or hours will lead to more income. Local demographics or human population in the area will help the demand of the park; specifically in the first few years of the park. More information and detail about the future and the system that can be used to control the park needs a bigger amount of capital invested.
Lastly, but not least, If the consumer is unable to afford the price of the ticket it will cause a fall in the income of the park because they will not have enough customers which will lead to a loss to the park. Indeed, a theme park where most of the customers are children means that the families must be able to afford the price of the ticket. Other factors that can affect the demand indirectly prices of fuel, cost airline fares, and foreign exchange rates. The more money the customers need to pay for means the more likely they are to reconsider. (Scholarworks.umass.edu,