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As requested, I have assessed the merits of the option presented at the meeting, and I have come up with the best recommendation to deal with the current issues. Despite the intriguing idea presented at the meeting, I feel it is not the best solution available for our current situation. In order to bring in more revenue for our amusement parks, I have concluded that we need to increase our ticket price on holidays and increase the varieties of the types of tickets that we offer.
When analyzing our best solution, certain criteria needed to be met in order to establish a valid decision, including:
a) Increase visits per customer
b) Increase average spending per visit
c) Attract new customers
A) Different Tickets Ensure More Visits per Customer
When we start to offer different types of tickets such as seasonal pass and yearly pass, average visits per customer would naturally increase due to the fact that we are offering these tickets.
As a result, the sale of those tickets will generate enormous profit for us because of the average price of those tickets. Moreover, customers will happily and gladly purchase those tickets because seasonal and yearly passes are always a good deal. The guest card idea presented at the meeting does not address this decision criterion and this criterion is crucial for generating more revenue for amusement parks. Thus, by increasing the types of tickets we offer, we can generate significantly more revenue for Exquisite Entertainment.
B) Higher Ticket Price Increase Customer Spending
With the increase in ticket price on holidays and the increase in the types of tickets that we offer, customers’ average spending per visit will increase substantially mainly due to the ticket price.
People go to amusement parks mostly on weekends and holidays. As a result, on those occasions the demand is extremely high. And according to the law of supply and demand, when demand is high, price should increase as well. Therefore, it is a suitable strategy to increase the ticket price on holidays to increase average spending per visit while without having to introduce special guest card to separate customers into different tiers and levels that may ruin the whole customer experience.
C) Attracting New Customers Without Losing Company’s Identity
With the introduction of different varieties of ticket types, we are able to create a unique benefit to potential customers. New customers will be attracted greatly to our amusement parks because they can now enjoy our amusement parks several times at a discount price. Additionally, every type of customer will be satisfied and attracted instead of just time-starved, high-income professionals and their families proposed at the meeting. Therefore, by introducing different ticket types and not focusing our customers down to a narrow group, there will be more profits generated because we can attract more potential customers from various groups. And it fits our company’s history and culture perfectly as well.
All of these factors make my recommendation a logical solution to Exquisite Entertainment, as it will not only increase average spending per visit with higher ticket price on holidays, but it will also attract new customers and increase visits per customer with different types of tickets. Ultimately, all factors lead to higher profits for our amusement parks.
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