London working on a new theme park similar

London Resort Company Holdings in the UK are working on a new theme park similar to famous Disneyland parks around the world. It’s a unique project that’ll offer the public over 50 remarkable attractions in different themes. The park will be situated in Kent, where it will benefit the locals by exposing the area to tourists. This will provide the community with many job opportunities, leisure activities and entertainment. They also support future employees with training and recruit interns of all ages to further develop their skills. These unique opportunities will make the park more desirable for locals that wish to gain experience. However, to be successful and distinctive against its competitors LRCH need to have tactical marketing strategies that attract more people and convince them to invest in their new project. They have to focus on satisfying the public’s demands.Factors that may influence demandThe demand for the theme park heavily relies on factors such as price, competition, consumer preferences and income levels. The price of tickets, rides and extras determine whether or not it would appeal to many consumers. Naturally, consumers seek for the cheapest, most affordable option in order to economise. Theme parks are normally targeted towards families, many that prefer to save money for education, health and future homes. So when faced with the decision, it’s uncommon that they would choose leisure over a necessity – unless it’s within a reasonable price range. LRCH have to decide on a price that would make customers lean towards them rather than their competitors.LRCH are going to face harsh competitors nearby like Alton Towers, Thorpe Park and LEGOLAND. All which are popular and trusted parks. This will make it difficult for LRCH to settle and stand out. When choosing the right price, taking competition into consideration is important because there are many well-known parks in the vicinity that people could go to instead. For example, Alton Towers is one of the top tourist attractions in the UK.As the company declared, the new park will have “environmental enhancements”. Located nearby the famous River Thames, the park encourages a healthy and environmentally friendly arrangement by facilitating visitors with cycle routes. People who are interested in protecting the environment will look for the least damaging expenses. They would find the flood defences and other environmental attempts impressive and worth spending towards. The park will have a wildlife site close to the river (Holdings, 2017).Consumer preferences like connectivity and location of the park are vital in terms of attracting visitors; the easier the means of transport are, the more accessible the park will be. LRCH are working on reducing noise and air pollution with two different options, stated on their main website. Their aim is to ‘Minimise our impact on the local road network and deliver transport improvements’ (Holdings, 2017). Both access routes take into consideration local traffic and congestion, the road plans make the park more appealing to visitors that live further away as they would travel a longer destination.The use of market segmentationMarket segmentation would be beneficial for LRCH to cater for all their different target audiences and fulfil their demands. Many businesses choose to group their customers into demographic groupings. This helps the business develop products that meet the customer needs. Products can be made to appeal to different market segments, this means it targets a larger audience. Segmentation allows promotional spending and advertising to be targeted more effectively.Socio economic grouping can be used to determine how financially stable their specific targets are, it supports them to settle on a moderate price that’s fair and affordable. Geographic grouping can determine the most suitable opening times and dates to attract the maximum customers. In the UK most parks like LEGOLAND have peak seasons during the summer because that’s when more tourists come to visit and more people are free to go to parks. The staff working in the park have to be aware of the different cultures and religions they will attract. As a new business, they can’t afford offending anyone; that would lead to having a bad reputation and loss of profit.Marketing mix: pricing strategies and effective promotionPrice Pricing strategies aim to achieve the company’s marketing objectives. Several strategies like     skimming, penetration and competition pricing are used to attract customers to a newly launched product; others like seasonal pricing are usually used on existing products. Other ways to set a reasonable price could be age-based so that younger kids or elderly people get discounts or even free passes.Seasonal pricing works well because parks have peak periods, often during summer holidays when they can compensate for low demand during off season. LRCH should introduce age-based pricing that would offer children under a specific age group and seniors, cheaper prices. This has been effective with competitors like LEGOLAND who also allow free entry to children under the age of 3. This is suitable for families that are on a budget and have younger children. (LEGOLAND, 2007)Promotion is a very important element in the recognition of the new theme park. A useful approach to promote the park would improve the ways consumers’ perceive it and convince them that their rivals aren’t as good. Promotion could also be used to retain loyal customers and keep them interested, this would include introducing new accessories to the product and improvements based on customer requests. PromotionAbove-the-line advertising helps to publicise the new theme park and enhance brand image. Nowadays, most people use phones, radios and social media as a platform to advertise their services. The use of electronic sources would be efficient because it reaches out to a lot of different people. There are three main types of above-the-line advertising: informative, persuasive and reassuring. LRCH need to focus on persuasive methods as they lack existing customers and have strong competition. Persuasive advertising try to persuade audiences to buy a specific brand in oppose to the other, they often emphasise on being regarded for authority.Below-the-line promotion is used to support advertising and motivate people to expend in the project. Sales promotions like vouchers, loyalty cards and free gifts. Loyalty schemes have been successful in the past with Disney. Disney have a membership program called the ‘Disney Vacation Club’ that offer discounted tickets and family packages that are “cost effective” and have many advantages to their members. They provide them with cheaper accommodations at the best Disney resorts around the world. This is a smart way to hold on to their existing loyal customers because it ensures the quality of their trips to various Disney parks (The Walt Disney Company, 2016). Another program Disney has implemented is the Disney visa card. This credit plan help customers redeem ‘points’ upon purchase and save money while shopping at Disney stores: “Card members save 10% every day on select purchases” (Disney, 2018). There are other promotions that are available for members. After the park has been established, they should initiate a similar program for their customers, especially frequent ones. This has worked in the past with rivals like Disney. If LRCH can present a support system like loyalty cards for regular visitors; it will give the impression that the company values their loyal customers. That makes the business more desirable and trustworthy.Merchandising is an important factor of promotion, it’s how appealing the goods appear to be for consumers. A majority of clothing stores layout their stores in a way that encourages buyers to follow a specific path and look at certain products. This method would be useful for the new theme park if they are introducing new rides or even focusing on particular attractions. The use of space draws customers to the product and place the producers intended to lure them towards. Another way to entice customers is the design of the park, the lighting and visual effects, the walkways and overall atmosphere of the area. Two factors I believe are critical for successTo conclude, I believe that competition and price are the two most important elements of success because they are the most effective. The entry fee for the park