The Buckmore Park Project - Research Paper Example

Buckmore Park Project Report Executive Summary Diversification of products has been one of the most useful strategies that are used by organizations to gain competitive advantage over competitors. This strategy, if implemented by organizations, increases the customer base and generates higher revenue. This paper undertakes a research to suggest ways in which Buckmore Park Circuit can use the newly acquired land to diversify its products so as to increase customer base. This research has explored the new activities, which are to be introduced by the Circuit to enhance its appeal as an ultimate tourist destination. This research has used both primary and secondary research methods for reaching conclusions. Secondary research has primarily been used to gather complete knowledge about product offerings of the firm and its competitors. The secondary research has also contributed towards understanding communication strategies of the organization with its customers. It has been observed from this research that products offered by the competitors leave enough room in the market for Buckmore to undertake its extension strategy. Primary research about this topic has focused on accumulating response of customers to incorporate the new activities in the extension. Based on both primary and secondary research taken up for the purpose at hand, it has been observed that Buckmore Park circuit should include four major activities in the newly acquired area; namely tree top climbing, archery, survival camp and obstacle course. It is believed based on these results that if Buckmore Park Circuit incorporates these measures, then it can surely become one of the most diversified tourist destinations in entire South East. Contents Buckmore Park Project Report 1 Executive Summary 2 Introduction 4 Research Methodology 6 Research Design 7 Types of exploratory research 7 Overview of the data collection 9 Key Findings 9 Methods and Tools of Primary Data Collection 12 Focus groups 12 Questionnaire 12 Results 13 Interpretation of Focus Group 13 Interpretation of Questionnaires 15 Conclusion 20 Recommendations 21 Reference List 23 Introduction Buckmore Park Circuit is primarily an outdoor kart racing circuit located in Kent, England. The strategic location of the Circuit close to capital city, London, makes it one of the most popular circuits in England. The Circuit is licensed with MSA and is registered with AKBC. It is famous for kart racing and has different category of kart fleets, which allow customers of different age groups to enjoy the experience of carting. It is also a hub for a number of annual and local championship events, which take place all the year round. The core activities of Buckmore Park Circuit can be broadly divided into four major sub-divisional categories. The first one relates to casual karting for customers who visit the park for the purpose of leisure. This casual karting hosts parties for children as well as practice sessions for adults. The second major core activity of the park is to provide training sessions to candidates who wish to pursue a career in karting. Training is provided both for children and adults. Children are mainly given the bambino training and children of age group 8-16 years are trained professionally for karting in the Sisley kart training school. Training is also offered for children above the age of 16 (Buckmore Park, 2014). The Circuit has a number of clubs, namely the Bambino club, the Junior club and the Kart Driver’s club; these are mainly responsible for organizing corporate and social events. Apart from kart racing that is the forte of Buckmore Park Circuit; it also offers a host of other sport leisure activities like, Quad Biking, Argo Cats, Laser Tags and Buggies. Though the circuit is quite popular, yet in order to attract more tourists, the management is planning to increase product offerings. The management is also planning to include diversification in the product offerings. They have acquired a new land adjacent to the main land, where these additional activities can be promoted. All of these are done in order to render the Circuit as one of the most popular tourist attraction in the south east. In order to help the management to achieve its objective, this research has tried to recognize ways in which the business of Buckmore Park Circuit can be improved. This strategy of the management can be linked to the theory of Porter (Yu, 2010), which stated that an organization must develop a competitive strategy to gain competitive advantage over rivals. According to Porter, competitive advantage can be gained either by reducing the current prices, which is termed as cost minimization strategy; or by augmenting value of the products and services offered, known as product differentiation strategy. In this case, management is trying to use the product differentiation strategy in order to obtain a competitive advantage over the rivals (Kotler, 2011). A diversified firm tends to be bigger than a non-diversified one in the market and the increased size entails additional benefits like, economies of scale, which may either be real or pecuniary. Again, a diversified firm can compete more aggressively than a specialist firm as it can cut down prices in one category of products and raise the same for another category offered. It has also been found that product differentiation can create additional attachment of customers with the existing products, which in turn can generate more business (George, Joll and Lynk, 1992). The main objective of this research is to find ways in which Buckmore Circuit Park can extend their core product offerings to improve prospect of the current business. In order to understand this, product offerings of the key competitors are analyzed and customers visiting the park have been interviewed to realize their expectations from the organization. The research questions are: What should be the line of extension followed by Buckmore Park? What are the new activities through which business can be enhanced? What are the key product offerings of the competitors? What are the communication methods used by the organization to interact with its customers? What could be the possible cost of implementation? The research that has been conducted by this group is based on both primary and secondary research by directly distributing questionnaires to customers who visited the park over a course of five days. The rationale behind doing primary research was to obtain as authentic data as possible so that the management can use this information to implement their decision. The rationale for doing the secondary research was to obtain a transparent understanding of product offerings of the competitors. This was essential to determine the services, which are either offered or not offered by the competitors. Based on this understanding, this research presents a set of recommendations that can be used by management to expand their business opportunities. This report is divided into six sections. The first section provides a detailed account of the methodology for research as well as rationale for the method that has been used in this report. The next section summarizes key findings that have been obtained from the research. The method of primary data collection, which is an integral part of this research, is explained in third section of the report. The result of the analysis of primary data is given in fourth section of the report. Fifth section of the report focuses on conclusions that have been derived. Finally, recommendations of the research highlight the key opportunities that can be employed by the management to enhance their business opportunities. Research Methodology Kothari (2009) describes research as an academic process for solving a problem by framing a hypothesis that is useful in expanding knowledge in a particular field of interest. Research is a collection of data for their interpretation, which is used to draw conclusions regarding the subject. The process of research has been depicted by the following diagram. Figure 1: Steps of research (Source: Prinsloo, 2014) The first stage in this research was to identify the key problem that needs to be solved. In this case, the key objective is to find ways in which the company can improve its business opportunities through diversification of existing products. To obtain a clear idea about existing product offerings, turnover and customer base of Buckmore Park Circuit, secondary research was done. This was done to find out opportunities and gap in the existing business. In order to help the management come up with products that will experience maximum acceptance among customers, this research has used questionnaire based survey and focus group interview for obtaining the data. After collection of the data, it has been studied to interpret the results, which could be understood by all. Finally, findings of the research have been used to recommend ways in which the business can be improved. Research Design There are three types of research design that can be followed while doing a research; namely exploratory research, descriptive research and casual research. Exploratory research as the name suggests is related to discovering new ideas and insights about a topic by application of appropriate research techniques. Descriptive research relates to describing a sample on the basis of population by emphasizing on important explanatory variables. Causal research design, on the other hand, relates to establishment of a cause and effect relationship between variables under study. Most of the marketing studies use a combination of exploratory and descriptive research design to conduct their work depending on purpose of the research. This research has primarily used exploratory research design as this method is apt for dealing with the issue in hand (Connaway and Powell, 2010). This is because the purpose of an exploratory research is to help managers understand the situation that they are facing in a better way. It can guide the management to reach the final decisions, but does not provide exact answers to the question. Exploratory research is also another name for qualitative research. Exploratory research fails to provide definitive answers because this type is based on a small sample observation and these answers may be biased, which can distort the results that are obtained. Types of exploratory research There can be three types of exploratory research; namely literature research, focus group interview and questionnaire surveys. Content Analysis: This has been used for two purposes. Firstly, to analyze all the information available in newspapers, online and other sources for obtaining a clear understanding about the products offered, patterns of demand and challenges that Buckmore Park Circuit presently faces; and secondly, to do a similar analysis of the related articles for realizing the business structure of direct competitors like, Bayford Meadows Karting, Lydd Kart Circuit and Team Sport. In order to generalize results of research, the broader leisure industry competitors like, Leeds Castle and Camp Beaumont, has been studied as well. Information about the competitors has been examined in details to understand the competitor’s approach. This research has made a detailed content analysis of all available information about Buckmore Circuit Park so as to comprehend the turnover, base of existing customers and strengths and weaknesses that the business exhibits currently. Information has mainly been collected from websites and newspaper articles. Same method has been used for analysing the competitors. Content analysis is one of the simplest, yet powerful, methods to answer the research objective. Content analysis has been also used to find out about promotional activities that are done by the Circuit dominantly. The limitation of using this method is that results are difficult to quantify (Monroe College, n.d.). Questionnaire Survey: Questionnaires are one of the most useful tools that help in conducting a research. This is because questionnaires not only assist in realizing demand pattern in the markets, but also help in designing new products for the organization, thereby generating more business. Six set of questionnaire were made for purpose of the research and distributed to the sample that had provided the answers. Based on these answers, conclusion for this research has been drawn. The first questionnaire was designed to obtain an opinion about popularity of the possible alternatives. The second questionnaire tries to find motivational factors that drive customers to take part in the outdoor activities. The third questionnaire desires to identify the proportion of gender differences in customers who visit the park and the fourth questionnaire aims to comprehend demographic profiling of the families. This has been done to understand whether the families have children and do they want their children to participate in outdoor activities. In order to understand fluctuations in demand pattern due to weather conditions, the fifth questionnaire has been designed. Finally, to get an idea about willingness of customers to pay for the additional facilities, the final questionnaire has been incorporated. One of the basic limitations of this method is that individuals cannot be probed further after completion of the process (Saunders, Lewis and Thornhill, 2012). Focus Group: In this method, a small group of individuals are brought together who are likely to provide insightful answers to the topic under study. These kinds of discussions are coordinated through a moderator, who is present with participants of the focus group research, along with members of the management. This research has used focus group interview to engage with participants so as to understand their preferences (Monroe College, n.d.). The interaction with the focus group has been quite helpful to perceive the expectations of customers. This method is different from the questionnaire survey because this incorporates the “group” element in discussions. One of the primary reasons to incorporate focus group interview is that it is a comprehensive and time saving method of collecting reactions of customers towards new products introduced by firms. The existing literature on focus group interviews suggests that this method is likely to generate a great deal of interaction among the members in a short span of time. This technique also provides a chance to the moderator to come up with improvised questions, which was not initially anticipated by researchers (Krueger and Casey, 2009). Overview of the data collection There are primarily two types of data; namely primary data and secondary data. Primary data is collected directly by the researcher to answer primary objectives of the research. Secondary data, on the other hand, is any data used by the researcher that has not been directly collected by him. Sources of secondary research include information from websites, journals, newspapers and other academic sources. As far as primary research is concerned, focus group interviews and questionnaire surveys have been employed to reach the results. A sample of 50 people has been considered for the purpose of the study and convenience sampling has been used for conducting this research. Convenience sampling is a non-probability method of sampling, which is convenient as respondents can be selected based on their proximity to the researcher. This method has its fair set of criticisms, but is useful in conducting pilot studies and successfully deciphers basic trends of the market (McBurney and White, 2009). The constraint of time factor was the main reason for which simple random sampling has been avoided. The details of the data collection have been discussed later in this report. Key Findings It is already mentioned that secondary data has been used to understand the state of business of Buckmore Circuit Park and its chief competitors. Based on information gathered from secondary sources, the following chart represents turnover of customers in each of the key areas. Figure 2: Turnover of customers (Source: Author’s creation) This chart clearly represents products and services offered by the Circuit and depicts that corporate events and kart drivers constitute the maximum turnover rate of customers. This is followed by the adult practice session. The other product offerings form a relatively lesser share of overall turnover rate. Analysis of the present customer base of Buckmore Circuit Park has revealed that the predominant customer base comprises the males. This shows that the Circuit should create future products that can attract girls and women as well. This will provide the organization with opportunities to expand its existing business. Further analysis of the company has also revealed that corporate events and club creation generate maximum revenue for the Circuit. The greatest limitation is that the demand pattern reflects seasonal fluctuations, which is also reflected in sales of the organization. This is not unique for Buckmore because almost all theme and amusement parks suffer seasonal fluctuations in sales, particularly in the winter season. Three of the direct competitors of Buckmore Circuit Park have been analyzed and it has been found that Bayford Meadows Karting provides only karting services with good quality food for its customers. Lydd Kart Circuit provides the fastest cars for customers with scenic beauty. They are also engaged in selling karts; Buckmore lacks in this aspect. Both of these parks are located in Kent. Team Sport, on the other hand, is located in London and provides customers with the facility of indoor karting along with scenic view of London. Analysis of the wider competitors, like, Leeds Castle and Camp Beaumont, has revealed that these institutions offer a wide range of products. Leeds Castle offer castle, lake, tree top adventure, maze and kids underworld grotto. On the contrary, Camp Beaumont offers kids clubs and summer camps, various water activities, tree top adventures, scout training, zorbing and many more (Camp Beaumont, 2014). Nevertheless, Leeds Castle has a small scale of operation and Camp Beaumont has activities tailored for children. This implies that there remains an ample market gap for Buckmore Park. These services can mainly present a basic guideline to extend product offerings of Buckmore Park Circuit as both of these indirect competitors are quite popular among the leisure industry. Leeds Castle has particularly introduced a number of innovative services like, “Keys to castle”, in 2006 and witnessed 35% increase in number of customers by 2009 (Barda, 2010). Based on the range of popular product offerings of competitors, a host of services is suggested in this research that can be included in Buckmore Park Circuit. In order to understand the services that can be added in the new area of the Circuit, this paper has also performed a primary research so as to rate popularity of the new services, which is discussed in the next section. Development of new products must be backed up by prominent methods of advertising as this is crucial for communicating information relating to the business to existing and new customers. Marketing literature states that advertising is equally beneficial for buyers as well as sellers; this is because buyers get information about the products and sellers can use this tool as a direct method of communication with target audience (M. Trehan and R. Trehan, 2008). It has been found based on the secondary research that Buckmore Park Circuit uses both traditional and social media for advertising. When new extensions are introduced, the Circuit can use both above the line and below the line methods to communicate with customers about launching the new products. Without effective communication of new products, the venture is unlikely to be successful (M. Trehan and R. Trehan, 2008). Methods and Tools of Primary Data Collection The first step of the data collection method is selection of the sample. This research has used the method of convenience sampling to select respondents from Kent. Small focus group was selected to obtain an initial understanding about expectations and perceptions of customers and then survey was conducted on a wider scale. In order to develop a clearer picture based on discussions from the focus group, questionnaire survey was conducted. To do this, a sample of 50 people was selected from individuals visiting the park. There were both first time visitors and existing customers among the respondents. Focus groups A focus group interview can be defined as a group interview, which basically concentrates on a particular topic, product or service by motivating participants to share their opinion in an open environment (Krueger and Casey, 2009). A group of eight people, comprising four males and four females, were selected to conduct a focus group interview. The rationale for selecting equal number of males and females was to ensure that both sexes get equal representation in the process. The researcher himself has played the role of moderator in order to ensure the topic of discussion remained relevant. The researcher has used three open-ended questions and assured that spontaneous and unbiased answers were obtained from respondents. The biggest advantage of this method is that participants can interact with one another and generate useful ideas, thereby enriching quality of information compared to them being interviewed separately (Gratton and Jones, 2010). Questionnaire Questionnaire can be described as a process of data collection, where each respondent is asked the same set of questions in a predetermined manner, which provides an effective way to gather responses from a large sample for conducting quantitative analysis (McDaniel and Gates, 1998). Keeping in mind the primary research objective and answers obtained from the focus group interview, the researcher has developed a set of 6 relevant questions for respondents to answer. The researcher has used delivery and collection method to distribute the questionnaire and to reach out to people visiting the park. The questionnaire contained primarily close-ended questions to minimize the issue of interviewer bias; thereby giving respondents only selected answers to choose from. There were both Likert scale questions and multiple choice questions. Six options were given in the Likert scale questions to recognize the alternative product offerings that would be most popular among customers. “1” on the scale denoted strong dislike and “6” on the scale denoted strong likeness for the activity. The remaining five questions in the questionnaire were based on multiple choice answers so as to gather correct set of responses from respondents that would help the management. The researcher has made a deliberate attempt to avoid open-ended questions in the questionnaire and has focused only on close-ended questions, so that a quantitative analysis can be done on the basis of answers obtained; this can provide the management of Buckmore Park Circuit with numerical and concrete answers (McDaniel and Gates, 1998). Results Interpretation of Focus Group The primary objective of this research was to find out the type of additional activities that could be developed by Buckmore Park Circuit in order to attract more customers. It has been found from the on-going research that clients of the Circuit are mostly males and the management wants to diversify product offerings to improve footfall. In order to identify the type of activities that would be preferred by most customers, a focus group interview was conducted. This focus group interview contained three open-ended questions, which are shown in the following figure: Figure 3: Focus group interview (Source: Author’s Creation) There were eight members in the focus group; of which four were males and four were females. From the discussion, it has been witnessed that eight outdoor activities could be popular among visitors of the park. They are: Archery Tree top climbing Zip Wire Shooting Zorbing Obstacle Course Mountain biking Survival Camp After these possible options were identified, a questionnaire based survey on 50 respondents was carried out, thereby developing a better understanding of the matter. Interpretation of Questionnaires The answer to the first question prepared for this research has been shown in the following figure. This question provided customers with options of eight popular outdoor activities so as to identify the one that is preferred most. Figure 4: Questionnaire on activity types (Source: Author’s creation) Out of the eight options presented, it was seen that Survival camp has been liked the most among the respondents. This is followed by obstacle course and tree top climbing. Mountain biking has, however, failed to receive much appreciation from the individuals. From this, it can be concluded that tree top climbing, archery, survivor camp and obstacle course should be included in the extended activity. The answer to the second question is shown in the following figure. This question was designed to find out motivational factors that encouraged customers to take part in outdoor activities. Figure 5: Questionnaire on motivation (Source: Author’s creation) The respondents who were surveyed have shown that most individuals, who wanted to participate in recreational activities, desired so with their families. This clearly indicates that people have been focusing on needs of the family for recreational facilities. This in turn implies that current customer base of the Circuit, which mainly comprises males, will definitely expand if these activities are included by the Circuit. The answer to the third and the fourth question is presented in the following chart. The purpose of these questions was to find gender distribution of customers visiting the Circuit and to find out the proportion of customers with children, respectively. Figure 6: Questionnaire on Gender and Children (Source: Author’s creation) It can be seen that activities like, survival camp, tree top climbing, archery and obstacle course, are not only popular among the males, but also among females. Out of the total female respondents selected for purpose of this research, it has been find that 77% of them are interested in taking part in these activities. A survey was carried out to identify the families with children. Only 16 out of the 50 people had confirmed that they have children under the age of 16. However, 94% of the respondents with children showed willingness to involve children in the outdoor activities, if they are introduced. The answer to the fifth question is presented in the following figure. This question was designed to realize the impact of weather conditions on psychology of customers and whether they are discouraged by weather conditions to take part in outdoor activities that are to be offered by Buckmore Park Circuit. Figure 7: Questionnaire on weather conditions (Source: Author’s creation) Weather conditions do not have considerable impact on the demand pattern and it has been found that both summer and winter weather conditions are unlikely to have detrimental impact on the prospective footfall of customers. This can prove to be a great opportunity for the business as there will be demand all-round the year, which would open more avenues for potential revenue. Thus, by introducing the new extension, problem of seasonality of demand can be solved to a great extent, if not eliminated. This is bound to generate greater revenue for the business. The answer to the final question is shown in the following figure. This question has been designed to find out about willingness of customers to pay for the services that are offered. Figure 8: Questionnaire on willingness to pay (Source: Author’s creation) Most customers have reflected the tendency to spend 15-20 pounds on ticket prices. Customers are even comfortable to pay 21-26 pounds for the activities. They have agreed to pay maximum 327-2 pounds for the activities. Beyond this price range, no one was willing to pay. This can depict a clear idea for the management about prices that should be charged for each of the activities. Conclusion After conducting the research, it has been found that there are certain opportunities that the management can use to enhance business prospects in the new land that has been acquired. This part of the report summarizes primary objectives of the research and provides comprehensive answers to them based on the same. The first objective of the research was to understand current product offerings of the Circuit to build an understanding about developments that could be made. It has been observed based on the literature and content analysis of the available information that activities of extension must be on grounds of core competencies of Buckmore Park Circuit. Corporate events and club memberships has been found to be the core competencies and extension of the activities must be based on these lines. Particularly, clubs have the potential of generating repeated sales, which facilitates higher revenue generation. The second primary objective was to identify activities that should be included in the newly acquired area so as to diversify the existing product offerings. For obtaining a concrete answer to this question, a focus group interview was organised to understand general expectations of the customers and later, questionnaire survey was employed to quantify results that was obtained. Based on the primary research, it has been noticed that survival training, archery, obstacle course and tree top adventure are activities, which are very popular among respondents who have been interviewed. So, these four activities can be introduced as a part of the diversified product offerings. Social outing with family members has been found to be the predominant cause for individuals to take up these activities. Personal satisfaction and corporate events have also been regarded as important variables, which motivate people to take part in outdoor activities. One of the primary limitations of the Circuit is that it is successful only in attracting the male members. It is assumed that if these additional activities are introduced, then customer profiles will widen and both women and children will be attracted to the new activities. Results from the study have shown that weather conditions will not discourage customers from participating in these activities and they are willing to pay reasonable price for the same. Third objective of the paper was to identify activities that are offered by direct and indirect competitors. Secondary research on the direct competitors has revealed that only karting service is offered by them; this implies that product diversification is likely to be profitable for the organization. Again, secondary research on indirect competitors has pointed out that Leeds castle provides lucrative outdoor activities, but their scale of operation is limited. Camp Beaumont, on the other hand, provides similar activities that the extension is willing to include. However, most of the activities offered by Camp Beaumont are primarily for children. As there is ample gap in the market, Buckmore Park Circuit can grab this opportunity to extend its activities. The creation of new activities will not be effectively communicated to the public, unless proper communication about products is made to them. In order to analyse communication strategies of Buckmore Park, its advertising methods have been studied. It has been found that the firm uses both above the line and below the line advertising techniques to communicate with customers. This will make communication of the new offerings quite easy as the firm already employs popular advertising modes. Recommendations Based on the primary and the secondary research that has been conducted, there are a few recommendations that this exploratory research has found out; these can be used by the management to utilize the newly acquired land for business opportunities. The first recommendation suggested is that the organization should include archery as one of the primary activities. The primary requirements for this activity are bows, arrows and targets. In order to train individuals in this activity, a set of professional staff needs to be maintained. Total estimated cost for this purpose will be £50000 (Go Ape, 2011). Second recommendation for Buckmore is introduction of survival training. This will be an enriching experience both for kids and adults. Execution of this activity will also require buying of certain props and maintaining a professional staff. The estimated cost for this activity is also £50000 (Go Ape, 2011). Third recommendation that this research has offered for enhancing profitability of Buckmore Park Circuit is incorporation of tree top adventure. The rationale for introducing this activity is that this can support a host of additional activities like, power fun plummet, sky ride, junior tree trail, zip wire, vertical climb, crossings and loop run. These types of activities can prove to be interesting for the children as well as the adult. This can also solve the problem of predominant male customers by including individuals from all age groups and gender. Execution of this activity is estimated to cost maximum for the Circuit as this involves setting up of multiple facilities. The total estimated cost for this purpose is £250, 000 (Go Ape, 2011). The final recommendation that is made by this research to the management of Buckmore Park Circuit is introduction of Obstacle Course in its new extension. This includes tyre run staff crossings, leap of faith, half-pipe, rope swing, rock climbing wall, podium climb and belly crawls. Execution this activity along with staffing costs is estimated to be around £100, 000 (Go Ape, 2011). If these recommendations are followed by the management, then Buckmore Park Circuit is truly expected to become one of the most entertaining tourist destinations of the entire South East. The core competencies of the firm along with these additional activities can provide a great competitive advantage over its competitors. Reference List Barda, T., 2010. Leeds castle. [online] Available at: [Accessed 4 April 2014]. Buckmore Park, 2014. Buckmore park. [online] Available at: [Accessed 4 April 2014]. Camp Beaumont, 2014. Camp beaumont. [online] Available at: [Accessed 4 April 2014]. Connaway, L. 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