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Ocean Park Analysis

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PESTEL Analysis
Political Factor: Hong Kong was run as a laissez-faire economy under British colonial rule, and Hong Kong government continued using this system after the territory reverted to Chinese rule in 1997. The government announced the development for five tourism clusters to increase the attractiveness of Hong Kong to tourists including of Ocean Park. The mandate of Ocean Park Corporate was to manage Ocean Park as a public and recreational park and to provide facilities for education, recreational and conservation activities to the public on a self-financing basis. The Chinese government launched the individual Visit Scheme (IVS), lifting restrictions on the travel of mainlanders to Hong Kong in response to the impact of SARS. The scheme allowed mainlanders from designated cities to travel to Hong Kong in an individual capacity rather than only on a business visa or in a group tour as before. The government also reshuffled the Park’s board of directors and appointed new members to replace half of the board.
Economic Factor: The park was dealt with the outbreak of the Severe Acute Respiratory Syndrome (SARS). As tourists shunned Hong Kong and Hong Kongers stayed home as much as they could, attendance at the Park fell by about 70%. Investors in the theme park industry had increasingly turned their eyes to Asia. Analysts forecasted industry growth for Asia at 5.7% between 2005 and 2009. Asia has population of more than 3.7 million. The management saw the opportunity to boost the Park’s revenue by increasing in-park spending up from 15% of total revenue. In terms of economic benefits to the territory, the revamping of the park was expected to contribute with 0.5% of Hong Kong’s GDP by 2010.
Social Factor: Disneyland adopted the social and cultural to their business with signs and explanation for rides were written in both Chinese and English for the convenience for the Chinese tourists. The Park also offered both local music and food, including the first Chinese eatery on Main Street. However. Ocean Park also positions itself as Hong Kong‘s homegrown park and Hong Kong people take a lot of pride in it.
Technological Factor: There is not much information for technological factor which impact to the competition of the parks. However, it could be considered for them to propose the innovation and technology for their advantage to complete in the market.
Environmental Factor: Ocean Park focus on animals and nature was about reality. Playing on that difference, the Park decided to use the theme of connecting people with nature through the “ Ocean” and “Animal Encounter” to differentiate itself from Disney with the new attractions.
Legal Factor: Legally the financial support given by the government was structured in a way that Ocean Park had to first draw the subordinated loan, followed by the government-guaranteed commercial loan and then the commercial loan. The fact that Ocean Park was designated a public sector entity by the Hong Kong Monetary Authority favored the Park when lenders assessed the risk in participating in the syndicated loan.
With the PESTEL analysis is shown that political and economic factors have many impact to the face of competition of the parks. To be competitive, the park may contribute more in other factors like technological, which can be pushed more impact to the competition of the market.

Five Force Model
Bargaining power of customer Ocean Park is amusement industry. There is not much amusement in Hong Kong so it’s difficult for customer to bargaining the price down. Mostly tourists of Ocean Park are Chinese mainlanders and local people come visited by group tours and fully independent travelers (FIT). Ocean Park and Disney theme park are also differentiate from each other. So if customer would like to change to visit another place they can also do but of course they can’t bargaining any price down.
Bargaining power of suppliers There are a lot suppliers of Ocean Park such as tour operator, travel agencies, retail shop, food and beverage outlet. To increase income of Ocean Park the management team should consider those kinds of suppliers to help in term of increase revenue and make more profit so bargaining power of suppliers was very high.
Threat of new entrants Threat of new entrants is high in term of the amusement park because it need a lot of large investment and financial resources, a lot of time required for park’s planning and construction, a lot of licenses and legalization required. And Amusement Park needs a lot of land for construction so this is an important thing because Hong Kong has a high land price in the Market.
Threat of substitutes The main threats of substitutes are Disney theme park and an educational park (Dream Come True). For education propose they can switch go to Dream Come True Park, Hong Kong Zoological, Botanical Garden or Cultural center. For entertainment purpose, they can visit Game Center, Cinema, Karaoke and make some trip to abroad.
Rivalry among exist competitors From the case study there is only one competition among this industry. For the rivalry among exist competitors is low because Ocean Park and Disney them park there are quite different from each other. Disney theme park they operate business based on movie products and their intellectual properties and for Ocean Park they use the theme of connecting people with nature through the Ocean and Animal Encounter.
Competitive Benchmarking When a given firms maintain its profit that exceed the average for its industry, the firm is said to have a competitive advantage against its rival. This can be seen in the current position of Hong Kong Ocean Park, over its direct competitor, which is the Hong Kong Disneyland. Hong Kong Ocean Park is using the cost advantage, where in it offers cheaper ticket that costs HK$208 for adult and HK$103 for children, compare to HK$295 for adult and HK$210 per child of Hong Kong Disneyland. In addition to that, Hong Kong Ocean Park acquired a good location compare to Disneyland, because it is nearer o the main urban districts. In addition to that, Hong Kong Ocean Park also offers a differentiation advantage because it is considered as bigger than the Hong Kong Disneyland, thus enabling the first organization to offer more and new features and shows than the second organization. It also offer different features and services compare to its competitors primarily the Disneyland, because it focuses on showing the reality regarding the nature, while Disneyland focuses on fantasy. Internal Environment Analysis
Core Competency The core competency of the organization is the length of its operation and service both to the locals and foreign visitors of the country that give the organization the knowledge regarding the likes, dislikes as well as the flow and trends in the behavior of the customers. Furthermore, cultural aspect is also an important factor, primarily to their growing mainland Chinese visitors. Furthermore, it also helps the organization to capture the attention of other visitors from different part of the globe, primarily those from the US and Europe, that are looking for new and local experience about the country.
Tangible Resources The reputation of the organization is its most important tangible resource. Ultimately, reputations have economic value to the company because it will be difficult to imitate. Rivals cannot simply replicate the unique features and intricate process that produced those reputations (1996). The fact that the company features educational aspects regarding the environment, gives it a reputation that is close to nature. This is important because of the growing awareness of the world regarding the different natural and environmental problem, primarily global warming.
Value Creation The core competency of the organization gives it both advantage and disadvantage. Advantage, because it helped them to know more about the behavior and culture of their different local and foreign visitors. Furthermore, it also enables the company to create an image that is considered as one of the most important aspect in gaining and maintaining competitive advantage. On the other hand, it gives the organization the disadvantage because some part of the facilities and features of the organization are considered as old, and in great need for renovation, however, due to financial aspect as well as effort that must be exerted, it will take some time in order to come up with the ever changing demand of the foreign visitors for entertainment and leisure. On the other hand, the competitive advantage of the company which focuses on the cost advantage and differentiation advantage is the result of the continuous effort of the organization in their relationship with the customers as well as their continuous effort in process of research and development. In this situation Firstly Theme park is aiming to provide the atmosphere of another world for visitor. Secondly The atmosphere is very important in order to attract visitors. And Themes can be categorized as adventure, futurism, international, nature, fantasy, history, culture and movies.

SWOT Analysis

Strengths Ocean Park has much plenty of strength that could lead to opportunities for success in upcoming business days. Tourism is a foremost pillar of the Hong Kong community and the theme park industry is predicted to raise 5.7% by 2009. In order to take advantage of the tourism, Ocean Park offers a 20% discount to travel agents who send guests to the park as opposed to Disney, lower 10% discount. Attractive activities to the visitors in the ocean park, it offering of mixture of thrills, animals and water creatures, which take great fun. Moreover with the education and conservation programs to their foreign travellers to learning. The images of Hong Kong Ocean Park ranked the world's seven most popular amusement park. When visitors coming to Hong Kong, Ocean Park would be their prior choice, because of its good reputation and image to the world.
A long history park it is first theme park in Hong Kong with 30 years of history and is known as a homegrown people's park. Tourists will recognize the Hong Kong story at Ocean Park. Complete and comfortable service adequate parking space Staffs Inside Park are friendly and hospitable Cable Car service offers breath-taking views of Hong Kong's beautiful southern coast, Aberdeen and neighboring islands. Caring service are provided to physically disabled, visually and hearing-impaired persons, such as disabled toilets, ramps, gondolas, tactile maps and the Loop Pad System. Competitive prices and easy accessibility by public transport. Political stability is the most tourist friendly silent feature and Ocean Park directly beneficial of that.

Weaknesses Few weaknesses are apparent for Ocean Park. First, tourist activities in Hong Kong were biased strongly towards shopping with 50% of tourist expenses spent on shopping and only 3% spent on sightseeing. This proves to be a weakness for Ocean Park currently with only 15% of revenue coming from in-park shopping and spending. A second weakness is that Ocean Park uses no formal metrics for measuring service excellence and thus has no way of enhancing the knowledge of employees and customer service at the park.
Physical location Ocean Park located at bumpy hilly area and with no enough space to develop more for theme park for the future development. Older felicities are needed to be renovated and source of finance support and back-up is unavailable other than local government.

Opportunities There are various opportunities for Ocean Park. The government first provided for growth of tourism through development of five tourism clusters to increase the attractiveness of Hong Kong, the redevelopment of Ocean Park being one of them. An additional opportunity is the Ocean Park focus on reality as opposed to Disney focus on fantasy. Ocean Park focuses on animals and nature and that difference of reality can connect people with nature through ocean and animal encounters to differentiate itself from Disney. Ocean Park also has the opportunity to brand itself as home grown so Hong Kong people can take pride in it, while Disney is labelled as an American brand. The biggest opportunity is park growth. The number of attractions could double, shows could triple and the number of animals could increase. With the proposed park changes under the master plan, Ocean Park has the opportunity to grow by 50% daily.

Threat The major threat for Ocean Park is the emergence of Disneyland into the Hong Kong entertainment market. Disney already operated seven out of the top ten theme parks in the world and annual revenues were growing 10% at the time of the park grand opening. Ocean Park is a local Hong Kong park with no global recognition or additional locations and now has to compete against the leader in the global theme park industry. However, the upside of this new-found competition is that Disney presence in Hong Kong would bring more visitors and turn the region into a family destination and therefore create an opportunity for Ocean Park.
An additional threat to Ocean Park is the increased competition from a range of other areas such as the growing tendency for families to spend long weekends on the mainland or other parts of Asia and increased competition for families to spend time and money at shopping malls.

Vision and Mission
Vision
Ocean Park will be a world leader in providing excellent guest experiences connecting people with nature.
Mission Statement Ocean Park provides all guests with memorable experiences that combine entertainment and education, while inspiring life long learning and conservation advocacy. Our aim is to maintain a healthy financial status, while striving to deliver the highest standards of safety, animal care, products and guest service.
Core Values * Fun * Service * Safety * Education and Conservation * Respect for People and Animals
Differential Values * Location in Hong Kong and culturally relevant * Generational connections and memories as Hong Kong's People's Park * Value for Money * Natural Scenic Environment * Internationally Accredited * Iconic Attractions and Events
Objective
According to the Tourism Development Bureau, 2009 Visitor Arrivals Summary by Country / Territory of Residence of the show, visitors from Mainland China had 1,848,832, accounting for the total number of visitors in Hong Kong 60.4%, 14.1% increase over 2008, statistics show Chinese mainland tourists are our most important visitors. The purpose of the investigation is to understand the mainland tourists for the satisfaction of the current park, which re-development projects of the impact on the marine park.

Proposal to improving Vision, Mission, Objective and Goals

The primary strategy of the redevelopment of Ocean Park is to adopt and improve upon the “SeaWorld” theme park concept in order to increase profitability and complement Hong Kong Disneyland. With nearly three decades of operation, Ocean Park has accumulated a tremendous amount of expertise in maintaining high quality marine life attractions. However, the dispersed pattern of attractions, age of the attractions and limited food and merchandise facilities render Ocean Park less competitive, particularly compared with the newly opened Disney theme park.
The redevelopment aims at differentiating Ocean Park from its competitors while also increasing the economic viability of the operations. Key strategies include: * Make Ocean Park “Better than SeaWorld” with the newest attractions, technology, marine design features and facilities. * Add new attractions, such as the arctic experience, which are unique to Asia and are expected to generate increased tourism to Hong Kong. * Provide new and upgraded food and beverage facilities as well as a range of retail shops and game opportunities. * In addition to state of the art marine attractions, offer thrill rides targeting the teenage visitor market. * Continue Ocean Park’s mission as an educational facility that is updated, more entertaining and appealing to the increasingly sophisticated visitor and resident markets.

The main benefits of the proposed project are in the provision of a park with an enhanced visitor experience and better tourism potential. Also, the improved park will offer new and improved local recreation facilities. More staff will be employed in the expanded park. In addition, environmental enhancements will result from the redesign of the main entrance way and the redevelopment of the City bus depot and Hong Kong School of Motoring site; further environmental enhancements will be sought in the landscaping and planting around the site

TOWS matrix analysis.
S1
Attractive activities to the visitors in the ocean park, it offering of mixture of thrills, animals and water creatures, which take great fun, the images of Hong Kong Ocean Park ranked the world's seventh most popular amusement park.
S2
30 years of history and is known as a home grown people's park. Tourists will recognize the Hong Kong story at Ocean Park

S3 Complete and comfortable service, adequate parking space, Staffs inside park are friendly and hospitable Cable Car service offers breath-taking views of Hong Kong's beautiful southern coast, Aberdeen and neighboring islands.
S4
Caring service are provided to physically disable, visually and hearing-impaired persons, such as disabled toilets, ramps, gondolas, tactile maps and the Loop Pad System.
S5
Competitive prices and easy accessibility by public transport. Political stability is the most tourist friendly silent feature and Ocean Park directly beneficial of that.

Weaknesses
W1
First, tourist activities in Hong Kong were biased strongly towards shopping with 50% of tourist expenses spent on shopping and only 3% spent on sightseeing. This proves to be a weakness for Ocean Park currently with only 15% of revenue coming from in-park shopping and spending.
W2
A second weakness is that Ocean Park uses no formal metrics for measuring service excellence and thus has no way of enhancing the knowledge of employees and customer service at the park.
W3
Physical location Ocean Park located at bumpy hilly area and with no enough space to develop more for theme park for the future development.

W4 Older felicities are needed to be renovated and source of finance support and back up is unavailable other than local government.
Opportunities
O1 The government first provided for growth of tourism through development of five tourism clusters to increase the attractiveness of Hong Kong, the redevelopment of Ocean Park being one of them.
O2
An additional opportunity is the Ocean Park focus on reality as opposed to Disney focus on fantasy.
O3
Ocean Park focuses on animals and nature and that difference of reality can connect people with nature through ocean and animal encounters to differentiate itself from Disney.
O4
Ocean Park also has the opportunity to brand itself as home grown so Hong Kong people can take pride in it, while Disney is labeled as an American brand. The biggest opportunity is park growth.
O5
The number of attractions could double, shows could triple and the number of animals could increase. With the proposed park changes under the master plan, Ocean Park has the opportunity to grow by 50% daily.

Threats
T1
Emergence of Disneyland into the Hong Kong entertainment market. Disney already operated seven out of the top ten theme parks in the world and annual revenues were growing 10% at the time of the park grand opening. StrengthS1, S2, S3, S4, S5 | WeaknessesW1, W2, W3, W4 | OpportunitiesO1, O2, O3, O4, O5 | ThreatsT1, T2, T3 |
T2
Ocean Park is a local park, no global recognition or additional locations and now has to compete against the leader in the global theme park industry.
T3
Increasing competition from a range of other areas such as the growing tendency for families to spend long weekends on the mainland or other parts of Asia and increased competition for families to spend time and money at shopping malls.

SO Analysis
S1S3O3
Attractiveness and focus on reality of the park can also be used in marketing tools to promote the property.
S1S2O4
There is opportunity to grow the park trough using its attractive facilities and the global brand name to gain competitive advantages in global tourism market.

S5O5 The attraction can through the opportunities to double attractions, maintain a completive price irrespective of the availability of competitors in the market.
ST analysis
S1S3T1
The company can use the attractiveness of the facilities and comfortable services to maintain a high market share in the market.
S1T3
Aggressive marketing of attractive facilities available in the park to create awareness and attract the families to spend their holidays in the park other than going to the mainland or other part of Asia.
WO analysis
W1O5
The park can use the opportunities to double the attractions and increase the number of animals to create more prospects to increase sightseeing activities to tourists which will help increase revenue collection.
WT
W3T2 Due to its location on bumpy hilly area and with no enough space for expansion, the park can maintain its size and level of operation to cut off the costs associated with expansion due to lack of global recognition and fame.

Existed Business Ocean Park is a Hong Kong’s homegrown theme park. Ocean Park operate business by its focus on animals and nature and made it was reality. The park uses the theme of connecting people with nature through the “Ocean and Animal Encounter”. Ocean Park showcased animals, natural surroundings, and a cable car ride with a fantastic view of Hong Kong. And Ocean Park also decides to continue focusing on education and conservation in addition to providing entertainment.
Suggestion: We recommend Ocean Park to develop a new business unit of Spa & Resort concept hotel to make full use of its resources with the nature and to capture the latest living trend of Hong Kong.
Corporate Strategy Ocean Park use Directional Strategy by focus on Growth Strategy. Ocean Park have envisioned its future as a world-class marine-themed park.
Suggestion: Ocean Park can use Directional Strategy but focus on Stability Strategy by Pause/proceed with caution because Ocean Park operate business for long time already, just waiting for right time to renovate or to re-open again.
Business Strategy Ocean Park use cost leadership if compare price with Disney, price of Ocean park more cheaper. In addition, Hong Kong Ocean Park also offers a differentiation advantage because it is considered as bigger than the Hong Kong Disneyland, thus enabling the first organization to offer more and new features and shows than the second organization. It also offers different features and services compare to its competitors primarily the Disneyland
Competitive tactics of Ocean Park * Timing Tactic: Ocean Park is a first mover in Hong Kong amusement park. * Market Location Tactic: Hong Kong Ocean Park acquired a good location compare to Disneyland, because it is nearer the main urban districts. * Defensive Tactic: use lower the inducement for attack (price compare with Disney)
Suggestion: Strategic alliance may also be considered in the development of the park. And also with continue its innovation and strategic management in order to make sure that it will continue its competitive against its competitors.

Financial Analysis Financial AnalysisInbound Tourist & Mainland Tourist Visiting Hong Kong by Year | Year | Number Of Inbound | Number Of Mainland | Percentage Of Mainland Tourist Among | | Tourist (In Millions) | Tourist (In Millions) | Inbound Visitors to Hong Kong (In Millions) | 1996 | 12.97 | 2.39 | 31% | 1997 | 11.27 | 2.36 | 26.60% | 1998 | 10.16 | 2.67 | 27.13% | 1999 | 11.33 | 3.2 | 28.24% | 2000 | 13.06 | 3.79 | 29.02% | 2001 | 13.73 | 4.45 | 32.41% | 2002 | 16.57 | 6.83 | 41.22% | 2003 | 15.54 | 8.47 | 54.50% | 2004 | 21.81 | 12.25 | 56.17% | 2005 | 23.36 | 12.54 | 53.70% |

Profit & Loss Of Ocean Park | Fiscal Year | Profit / Loss In Millions (HK$) | 1996-1997 | 83.9 | 1997-1998 | -85.1 | 1998-1999 | -33.2 | 1999-2000 | -23.7 | 2000-2001 | -62.1 | 2001-2002 | 15.3 | 2002-2003 | -4.1 | 2003-2004 | 95.7 | 2004-2005 | 119.5 |

Historical & Project Attendance Of Ocean Park | Fiscal Year | Total Visitor (In Millions) | 1996-1997 | 3.3 | 1997-1998 | 4.1 | 1998-1999 | 3 | 1999-2000 | 3.1 | 2000-2001 | 2.8 | 2001-2002 | 3.4 | 2002-2003 | 3 | 2003-2004 | 3.7 | 2004-2005 | 4 | 2005-2006 | 4.38 | 2006-2007 | 0 | Projected Figures | 2007-2008 | 3.4 | 2008-2009 | 4.2 | 2009-2010 | 4.6 | 2010-2011 | 5 | 2011-2012 | 5.5 | 2012-2013 | 5.8 | 2013-2014 | 6.1 | 2014-2015 | 6.2 | 2015-2016 | 6.3 | 2016-2017 | 6.4 | 2017-2018 | 6.5 | 2018-2019 | 6.7 | 2019-2020 | 6.8 | 2020-2021 | 6.9 | 2021-2022 | 7 |

Breakdown for $5,55 Million Ocean Park Redevelopment Project | Item | Cost Estimates | Remarks | | (HK$ Millions) | | Capital Cost | 4.525 | Includes the following | | | 1.Demolition (HK$80 milions) | | | 2.Site formation (HK$328 milions) | | | 3.Access roads (HK$132 milions) | | | 4.Infrastructure (HK$304 milions) | | | 5.Facilities at the summit (HK$ 1.705 milions) | | | 6.Facilities at the waterfront (HK$1.237 milions) | | | 7.Funicular system and cable car upgrade (HK$464 milions) | | | 8.Area development(HK$230 milions) | Contigencies (10% of capital cost) | 453 | | Animal | 160 | Includes relocation of animals, temporary facilities and new animals | Design & Project Management | 362 | | Interim Phasing Cost | 50 | Enabling works and interim facilities to keep the park opening during redevelopment | Total | 5550 | |…...

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