An Environmental Analysis Of Yongin Farmland In Korea Tourism Essay

An Environmental analysis Of Yongin Farm state of matter In Korea Tourism EssayYongin tilled land, opened in 1976, was the initial amusement common land in Korea, managed by Joong-Ang Comp both, subsidiaries of Samsung. The 3700-acre attraction began as an artless pennyer to demonstrate how mountainous land could be used fruitfully for growing food product.Yongin tilled land opened a Motor-Park in latterly 1993 except loss in the first year.Samsung want to improve the guest satisfaction level at Farmland, and develop the curriculums for Farmlands expansion.QuestionShould Samsung target in such an aggressive expansion plan for Farmland? Is the authorship common land industry was an attractive industry for consecratement?We allow start this banter to analyze the motive super C industry using Porters 5 Forces cozy RivalrySince globalization, and alike stem turn park visitors also come from opposite country, foreign Theme Park has also be the competitor for Farmlan d. at that place ar so many big player in the world, spousal relationship America with Walt Disney phoner is the largest (revenue in 1988 grew from $2.042 B to $3.4 B. thither are also Time Warners Six Flags, Paramount.Europe has Alton Towers UK, Walt Disney, Parc Asterix and Big Bang Schtroumpf in Franc.Walt Disney separate in that location signs of declining profitability in the U.S. operations, since the market was maturing and the competition was getting much intense. But Tokyo Disneyland, the Japanese operation, was growing and profitable.AsiaTokyo Disneyland and Tokyo Disney Sea, nautical Park in Hongkong, Jaya Ancol Dreamland with Dunia Fantasi in Jakarta. China has Beijing amusement park, with 2,000 per cent increasing revebue between 1990 and 1993.KoreaLotte universe of discourse, started in 1989, the worlds largest indoor theme park with adjoining hotel, dept store, shopping mall, folk village and sport centre.capital of South Korea Land, located near Seoul at Kyu ngkido, ranked 23rd in the Top 50 theme put worldwideA repress of theme park were investing heavily in upgrading facilities and extending theme parks services. Periodically added radical attractions or renovated existing ones to rove repeat clients. starring(p) theme park companies, such as Walt Disney Company, charged huge licensing fees. They were genuinely selective in choosing joint hazards in other country.In this industry, its unvoiced to differentiation, other can copy.The competition is high intense. Threat from internal argument is HIGH.EntryTheme park industry required a large investment usually required over 50 acres of land and s baksheesh to could be very high, $50 M up to $3 B (this take 50 % of investment). Its also read amusement machinery (20-30 per cent of investment) and work capital requirements took the rest.Periodically contract addition new attractions or renovated existing ones to delimitate repeat customers much investment.This industry need stinting of scale of higher profit.This industry has a high exit cost since high investment.Need high level of special knowledge.Government regulations were kinda strict because of the extensive land use, and the voltage for serious accident. A characteristic period required for arranging government for a theme park could be as high as two to five eld (depending on the country)We can say, the entry barrier is quite high, so the flagellum from new entrance is quite low.BuyerThe buyers are families, young adults, embodied groups and tourists.Tour operators and government tourist promotion boards also a buyer. almost of them only come to theme park in the particular season. guest satisfaction is their need to attract a repetition, but there are so many players, and the buyer is very easy to switch. No need cost to switch to other theme park, the customer always need a new experience.Threat from buyer is HIGH.Supplier Power in that location were fewer than 10 suppliers who were cap able of developing quality machinery, such as DOGO of Japan, HUSS of Germany, and ARROW of the US. They are worked globally the industry can ask a custom designed.There were a large number of suppliers for the smaller machines, could be fabricate domestically.Sega Japan and Simex Canada is for special stimulators for amusement.Those suppliers are competing each other, can manufactured domestically and its a advantage for industry, so threat from Supplier is LOW.There is exception for software sometimes, software in the industry was not slowly available. In this case, Farmland will go it alone.Substitutes and ComplementsConsumer can substitute a visit to theme park with other modes of entertainment, something new, different, cheaper, or more than comfortable such as free admission parks and beaches, camping trips, scene movies at home. No switching cost.Threat from substitute is medium to high, since rattling the substitute is not in the same comparative with theme park industr y.P.E.S.T.E.DPoliticGovernment regulations were quite strict because of the extensive land use, and the potential for serious accident.EconomicBooming Korean economySocial change magnitude demands for leisure attractions.Customer satisfaction was a critical issue to draw repeat customersTechnologySpecial stimulators for amusement purpose using branded technology.Software, need a high licensing fees.Virtual Reality (VR) was increasingly bonny a highly lucrative mas-market entertainment phenomenon.EnvironmentDemographyThe traditionalistic appeals are preteens, teens, and young adults. But changing demographics push to think in term of broader market, particularly families, corporate groups and senior citizens. There 5 major marketsLocal family, mostly on weekendChildrens group (school, churches, scout), summer weekdaysThe even out market, teens and young adults, comes from concert and romancing at nightCorporate GroupTourists stand up Analysis+InternalStrengthFarmland had the hi ghest growth rate within Korean industrySAMSUNG image is a big company.Master plan includes some new park and new facilities, will continue with lavishness hotels, golf courses, will pass on a high class resort. luck resort gives a fresh connotation.WeaknessesFarmland is 60 km from Seoul, during peak hours, it took as long as 2 hours to driveFarmland permit more or less enough parking for the time being, but if we are going to expand, this will be a major hinderour customer satisfaction levels were lagging behind the key competitor, Lotte WorldExternalOpportunitiesThe government has plans to train the subway up to Yongin, Farmland would beget a subway terminal a lot of convenience to our customerSince we will bod some new infrastructure, like a piddle park, we can invest on the newest amusement technology that can be a new challenge to the customer.ThreatsWalt Disney Corp. were not interested for joint venture with in Korea. Farmland had to go it alone to provide software for theme parkKorean nature, work 5 days a week, working days the travel time is long. They will not be so keen to travel on a Sunday or on holiday if the traffic is heavy.Expanding Farmland will take over more of the land mass available in the Yongin valley. Potential flooding.STRATEGYYES, Samsung invest in such an aggressive expansion plan for Farmland.We need to do many things in our strategy in order to make this as a profitable industry.According to expanding Farmland, we have to consider how we compensate the mass around there since potential flooding in the surrounding region. If there is not compensation, there will be a potential threat to our company.Accessibility of the park location is a key success ingredient in theme park industry, so we need to make a good relationship with government according to government plan to capture the subway up to Yongin.About pricing, we will switch to Pay-one-price scheme.We have to increase our customer satisfaction levels. We also n eed to change the Farmland stimulate with other name to provide a better image of the company that can attract multitude with something different experience. Once they come to theme park, we will provide a high quality experience to draw repeat customers. Repeat business is very important to our survival. If we dont satisfy our customers, they will not come back and we will not have any business left.We have to create something that can be our distinctive. With our master plan, Farmland will be the South Koreas largest theme park. With new investment, we can invest on the newest amusement machinery technology that can be a new challenge to the customer.We need to material body a corporate image, to make Farmland as a world class resort complex.We will build our head office located where our products are, not manage Farmland by remote control.About recruitment, we need more service oriented people, more female workers, even we will face a high turnover, it will good since fresh bl ood always brings in fresh ideas so we would able to preserve some dynamism in our organization.What we want to build is a destination resort town and residential community where people can come, relax and enjoy themselves in a low-stress environment. For 180,00 Samsung employee, this will give a place to come and be proud of. This can bring a good spirit to all Samsung employee.