¶ … Flags Discovery Kingdom in Vallejo, California wants to implement a new revenue management system, maximizing revenue per customer, per visit and improving overall revenue. There are several tactics that can be utilized to extract the maximum revenue from customers. Some of these will be discussed in this paper. The nature of the business is important here, because amusement parks deal in a perishable good (park capacity). There are many different revenue streams within the park as well, so revenue management policies affect an entire suite of products and services, rather than a single good (No author, 2013). One revenue management strategy is to foster repeat visits. While some customers travel to visit the park, there is a market of local consumers who might visit the park. Converting occasional visitors from this group into regular visitors can increase revenue substantially. Heo and Lee (2009) note that consumers find revenue management at theme parks to be acceptable, and view it as being similar to how the...
The revenue manager faces an interesting decision here, because offering discounts to entice repeat visits means forgoing some income on the gamble that more income will accrue as the result of that decision (Walls, 2013). This is entirely possible for the theme park, because the entrance ticket is only one revenue stream -- most of the other streams come inside the park. Thus, offering discounts to encourage repeat visits from locals is sound revenue management practice. Theme parks in the Orlando area do this for Florida residents to entice them to utilize the parks sporadically throughout the year.
Flags Revenue management is both an art and a science. Much like life both sides of the mind must be in accord with each other. Applying important information to help relate customer demands with the appropriate products and services requires a strong and deep understanding of the many different inputs that comprise the situation. The purpose of this essay is to examine how revenue management techniques can best be applied
International Association of Amusement Parks and Attractions (IAAPA) 319 million people attended Americas 450 amusement parks, which grossed over $9 billion in revenues in the year 2001.1 ("The U.S. Amusement Industry," 2002) Amusement Parks are an essential part of American Life and have been for decades. Theme Parks blanket the country and add an interesting dynamic to the American economy. Many of us can't imagine the world without Mickey
Antigua Guatemala Coffee Antigua Guatemala International (AGI) will be a manufacturer and exporter of Guatemalan coffee to Japan and the global. AGI will use a new system in the food and beverage industry to offer Antigua Guatemala coffee in a time-efficient and convenient way. AGI will provide vendors, retailers, and cafes with the ability to buy freshly brewed Antigua Guatemala coffee. It will be a high quality option to the institutional
The Panama Canal Treaty along with the Treaty on the Permanent Neutrality of the canal, both affirmed that the United States would transfer control of the canal to Panama by the year 2000. After this Panama would keep the canal neutral, and both countries would be responsible for protecting it. With Vietnam a recent memory, Carter and Linowitz hoped their spirit of cooperation toward Panama could usher in a new
International Regulation of Tourism in Antarctica Since the mid-1980s, Antarctica has been an increasingly popular tourist destination, despite the relative danger of visiting the largest, least explored -- and arguably least understood -- continent on earth. Beginning with the 1959 treaty establishing Antarctica as an international zone free of claims of sovereignty by nation's that had been instrumental in establishing research stations there, there has been almost constant negotiation about how
Ethical Violations - South African Audit ScandalIntroductionBrowning, Levin, & Wolod is interested in expanding accounting and auditing services to Luxembourg, Malta, Monaco, and south Africa. The introduction of international operations into the organization creates new opportunities that can be leveraged by the organization to generate revenue and new risks that can be mitigated by training the recruits accordingly (Minh Duc et al., 2019). The KPMG case is recognized internationally for
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