Description
Theme parks, primarily engaged in operating a variety of attractions, such as mechanical rides, water rides, games, shows, theme exhibits, refreshment stands, and picnic grounds, are physical locations for the enjoyment of a large group of people.
Revenue management of Theme Parks
Abstract: Theme parks, primarily engaged in operating a variety of attractions, such as mechanical rides, water rides, games, shows, theme exhibits, refreshment stands, and picnic grounds, are physical locations for the enjoyment of a large group of people. Revenue management (RM) has been an essential strategy to maximize revenue for many capacity-limited service industries. Considering the common industry characteristics of traditional RM industries, the nature of the theme park industry suggests potential for enhancing revenue by exercising a variety of RM techniques. This final project is intended to suggesting practices for theme park operators by utilizing successful RM applications. In addition, this project examines how customers perceive RM practice in the theme park industry compared to a traditional RM industry. The findings will indicate whether the customers seem to perceive RM practice in the theme park industry as relatively fair practices as similarly perceived for other industries. The project will also look into a particular theme park and try to understand what kind of revenue model they exist in that particular theme park and whether there is any revenue management system in place. In this project we shall try to analyse the various revenue generation and management techniques followed by an amusement park to gain maximum return on investment. We shall also try to identify gaps in revenue management and propose solutions for improvement based on our analyses. Our observation so far is that all amusement parks are constrained with resources and only a specified number of people would be allowed for a specific time frame. Now, how do we improve revenue knowing the constraints and seasonality? This project would thrive to understand how revenue management can be implemented in theme parks.
doc_403110344.pdf
Theme parks, primarily engaged in operating a variety of attractions, such as mechanical rides, water rides, games, shows, theme exhibits, refreshment stands, and picnic grounds, are physical locations for the enjoyment of a large group of people.
Revenue management of Theme Parks
Abstract: Theme parks, primarily engaged in operating a variety of attractions, such as mechanical rides, water rides, games, shows, theme exhibits, refreshment stands, and picnic grounds, are physical locations for the enjoyment of a large group of people. Revenue management (RM) has been an essential strategy to maximize revenue for many capacity-limited service industries. Considering the common industry characteristics of traditional RM industries, the nature of the theme park industry suggests potential for enhancing revenue by exercising a variety of RM techniques. This final project is intended to suggesting practices for theme park operators by utilizing successful RM applications. In addition, this project examines how customers perceive RM practice in the theme park industry compared to a traditional RM industry. The findings will indicate whether the customers seem to perceive RM practice in the theme park industry as relatively fair practices as similarly perceived for other industries. The project will also look into a particular theme park and try to understand what kind of revenue model they exist in that particular theme park and whether there is any revenue management system in place. In this project we shall try to analyse the various revenue generation and management techniques followed by an amusement park to gain maximum return on investment. We shall also try to identify gaps in revenue management and propose solutions for improvement based on our analyses. Our observation so far is that all amusement parks are constrained with resources and only a specified number of people would be allowed for a specific time frame. Now, how do we improve revenue knowing the constraints and seasonality? This project would thrive to understand how revenue management can be implemented in theme parks.
doc_403110344.pdf