The Marketing Plan to Initiate Theme Park - Assignment Example

Paper The Marketing Plan to Initiate Theme Park Introduction The marketing has developed in the form of art and science of persuasion. The classical concept of marketing is obsolete that emphasized on fulfilling needs and wants of customers with profitability. The old testament of marketing thrived on the notion of meeting existing demand of the products and services. In the past, nobody could even think that the period will come, when companies have to create demand in the marketplace for a specific product (Firat and Dholakia pp. 140). The old method of identifying the demand and then, gathering organizational resources to fulfill is not at all applicable in the modern era of the 21st century. The information technology and internet has transformed the globe into a global village and therefore, the competition in every industry is cutthroat. The number of competitors in every field is mounting significantly (Keller pp.150). The level of competition killed those companies that attempted to identify the demand in the marketplace. In the contemporary organizational arena, the companies have to work towards fulfillment of customers’ psychological needs. The approach of celebrity endorsement has been conceptualized and developed in the light of Maslow’s theory as people like to attain attachment with famous people (McCracken pp. 315). Thusly, it can be established that psychological value is the most effective way of winning customer loyalty in the current times. But, the companies that can create some new way to fulfilling the customer’s existing needs can do well as well because the people of modern world love creativity as the living standards are improving in all parts of the world simultaneously. The customers are finding innovative companies that have the capacity to meet their real needs in a different and unique manner. Additionally, it is also important to note that the modern clientele is reverting towards quality and the concept of psychological value is deforming with the passage of time. However, the world of consumerism is ending and the people are getting more and more interested in maximizing their utility with efficiency. But, one industry remained quite profitable in all periods and it is called the entertainment commerce (Moscardo and Pearce pp. 473). The work environment is getting increasingly challenging and therefore people attempt to spend their downtime in relaxing and enjoying. The notion of theme park is developed in order to give customers an opportunity to interact with their favorite cartoon characters. The entertainment industry is known to remain blooming in every possible economic conditions because people will always keep ending up tired and exhausted at the weekends and then, they will require some place to get rid of their tiredness. Therefore, it will be very fruitful to open a theme park based on famous film characters. The suggested model of theme park will supposedly be based on Star Trek The Next Generation that is a famous sci-fi Television series of 1980s. All of the American population is believed to be a fan of scientific movies and therefore, the idea will be purchased like hot cakes in the local marketplace. The industry of theme park is relatively slow in terms of absorbing new technologies whereas, it offers the greatest level of return on assets. In addition, the humans have a tendency to pay generously against the services that have the power and ability to alleviate work stress. Furthermore, the company may have the luxury to outsource the operational level management and thusly, it will be able to make pure profit in the form of rent and royalty. The fear and threat of technological obsolesce is minimal in the featured industry. Moreover, the attractive level of financial returns will assist the company in bringing advance level technology change more rapidly and swiftly. The notion of psychological value will also be satisfied with the help of giving people a chance to interact with their favorite stars. The customers may forget their work stress instantaneously. The idea of theme park is inspired from Tom and Jerry based theme parks that are operating in major nations of the world. But, the nature of Star Trek based theme vacation facilities will receive more public level acceptance because the show is famous in all age groups and therefore, the potential customer base will be huge. The existing theme parks are specifically targeting children but the newly conceptualized one is going to be attractive for everyone because the main message of the show is unity and human concern that is the ultimate unfulfilled desire of humans all around the world. Findings The key findings of the study are as follows: - The concept of fulfilling and providing psychological value to the customers is the backbone of modern marketing The needs that are unfulfilled are rare to find in the modern era of the 21st century The idea of theme park is always based on the modern concept of celebrity endorsement The technological change in theme parks is slow and therefore, the company can cope with it more easily The company is recommended to outsource operational level management in order to keep things efficient The idea of theme park is based on Disney Land but this time it is more generic in nature The theme park business is famous for offering highest level of return on assets Finally, the people always love to visit the facilities that can help them in relaxing Conclusion This paper reviewed and analyzed the fundamental principles of marketing and found that it is getting more and more difficult for the companies to find new customer needs to fulfill. Therefore, they are looking to meet the traditional needs in an innovative way. The human is believed to be lethargic by nature and due to this reason, he or she always known for his or her desire for entertainment. When the valued idea of celebrity endorsement comes to entertainment then, it gives birth to theme parks. The need and want of relaxation is met by theme park while the customers love the idea of getting an opportunity to interact with their favorite stars. References Firat, Fuat and Nikhilesh Dholakia. "Theoretical and philosophical implications of postmodern debates: some challenges to modern marketing." Marketing Theory 6, 2 (2006): 123-162 Online. Keller, Kevin. "Building strong brands in a modern marketing communications environment." Journal of Marketing Communications 15, 3 (2009): 139-155 Online. McCracken, Grant. "Who is the Celebrity Endorser? Cultural Foundations of the Endorsement Process." Journal of Consumer Research 16, 3 (1989): 310-321 Online. Moscardo, Gianna and Philip Pearce. "Historic theme parks: An Australian experience in authenticity." Annals of Tourism Research 13, 3 (1986): 467–479 Online. Read More