Harvard Case - Samsung and the Theme Park Industry in Korea
"Samsung and the Theme Park Industry in Korea" Harvard business case study is written by Paul W. Beamish, Charles Dhanaraj, Young Soo Kim. It deals with the challenges in the field of General Management. The case study is 20 page(s) long and it was first published on : Nov 1, 1996
At Fern Fort University, we recommend that Samsung pursue a strategic entry into the Korean theme park industry, leveraging its existing strengths in technology, innovation, and brand recognition. This strategy should focus on developing a unique and immersive theme park experience that integrates cutting-edge technology, interactive entertainment, and Korean cultural elements. Samsung should prioritize a phased approach, starting with a smaller-scale, highly innovative park, followed by expansion based on initial success and market feedback. This approach will allow Samsung to minimize risk while maximizing potential for long-term growth and profitability.
2. Background
Samsung, a global leader in electronics and technology, is seeking to diversify its business portfolio and capitalize on the growing Korean theme park market. The case study highlights the increasing demand for entertainment experiences, particularly among young adults and families. However, the market is already crowded with established players like Lotte World and Everland, posing a significant competitive challenge.
The main protagonists of the case study are:
- Samsung: A multinational conglomerate seeking to enter the theme park industry.
- Korean Theme Park Industry: A rapidly growing market with significant potential but also intense competition.
- Consumers: The target audience for the proposed theme park, seeking unique and immersive entertainment experiences.
3. Analysis of the Case Study
To analyze Samsung's potential entry into the Korean theme park industry, we employ a combination of frameworks:
- SWOT Analysis: This framework helps identify Samsung's strengths, weaknesses, opportunities, and threats.
- Strengths: Strong brand recognition, technological expertise, financial resources, global reach, and experience in innovation.
- Weaknesses: Lack of experience in the theme park industry, potential for brand dilution, and potential for cultural insensitivity.
- Opportunities: Growing demand for entertainment experiences, potential for technological innovation, and a strong domestic market.
- Threats: Intense competition from established players, economic downturn, and changing consumer preferences.
- Porter's Five Forces: This framework analyzes the competitive landscape of the industry.
- Threat of New Entrants: High, due to the relatively low barriers to entry and the potential for new players to leverage technology.
- Bargaining Power of Buyers: Moderate, as consumers have a range of options and can choose to visit other attractions.
- Bargaining Power of Suppliers: Low, as there are many potential suppliers for theme park equipment and services.
- Threat of Substitute Products: High, as consumers can choose to spend their leisure time on other activities, such as online gaming or home entertainment.
- Competitive Rivalry: High, due to the presence of established players with significant market share and the potential for price wars.
- Competitive Advantage: Samsung can create a competitive advantage by leveraging its technological expertise to create a unique and immersive theme park experience that differentiates itself from existing offerings. This can be achieved through the use of augmented reality, virtual reality, interactive displays, and other innovative technologies.
- Corporate Social Responsibility: Samsung should consider incorporating sustainability practices and promoting Korean culture through its theme park. This can enhance its brand image and appeal to environmentally conscious consumers.
4. Recommendations
Samsung should pursue a phased approach to entering the Korean theme park industry:
Phase 1: Pilot Project (2-3 years)
- Develop a smaller-scale, highly innovative theme park: This park should focus on a specific theme that leverages Samsung's technological strengths and showcases Korean culture.
- Target a niche market: Focus on young adults and families seeking unique and immersive experiences.
- Partner with local businesses: Collaborate with Korean entertainment companies and cultural institutions to enhance the theme park experience.
- Utilize cutting-edge technology: Integrate augmented reality, virtual reality, and other immersive technologies to create a unique and engaging experience.
- Focus on customer feedback: Gather data on visitor preferences and experiences to inform future development and expansion.
Phase 2: Expansion and Growth (5-10 years)
- Evaluate the success of the pilot project: Based on the pilot project's performance, determine the feasibility of expanding the theme park concept.
- Expand to a larger scale: Develop a full-fledged theme park with multiple attractions and entertainment options.
- Diversify target audience: Attract a broader range of visitors by offering attractions and experiences that cater to different age groups and interests.
- Develop a strong brand identity: Create a unique and memorable brand identity that reflects Samsung's technological expertise and Korean cultural heritage.
- Focus on sustainability: Implement sustainable practices throughout the theme park, including energy efficiency, waste reduction, and water conservation.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: Samsung's core competencies in technology, innovation, and brand management align well with the requirements of the theme park industry. This entry aligns with Samsung's mission to create innovative and enriching experiences for consumers.
- External Customers and Internal Clients: The recommendations consider the needs and preferences of the target audience, including young adults and families seeking unique and immersive entertainment experiences. Samsung's internal stakeholders, such as employees and investors, will also benefit from the potential growth and profitability of this new venture.
- Competitors: The recommendations address the competitive landscape by focusing on differentiation through technology and innovation, targeting a niche market, and leveraging partnerships to create a unique and compelling experience.
- Attractiveness: The recommendations are based on the potential for high returns on investment, considering the growing demand for entertainment experiences, the potential for technological innovation, and the strong domestic market.
6. Conclusion
Samsung's entry into the Korean theme park industry presents a significant opportunity for growth and diversification. By leveraging its technological expertise, strong brand recognition, and understanding of the Korean market, Samsung can create a unique and immersive theme park experience that attracts a wide range of visitors. A phased approach, starting with a smaller-scale pilot project, will allow Samsung to minimize risk while maximizing potential for long-term success.
7. Discussion
Other alternatives not selected include:
- Acquiring an existing theme park: This option would provide immediate market access but could be costly and involve integrating different cultures and management styles.
- Focusing solely on technology: This option could limit the appeal of the theme park to a narrower audience and may not fully leverage the potential of the Korean cultural heritage.
Key assumptions of our recommendations include:
- Consumer demand for unique and immersive experiences will continue to grow.
- Samsung's technological expertise will be a key differentiator in the theme park industry.
- Partnerships with local businesses will be successful in enhancing the theme park experience.
8. Next Steps
To implement these recommendations, Samsung should:
- Form a dedicated team: Assemble a team of experts with experience in theme park development, technology integration, and cultural sensitivity.
- Conduct market research: Gather data on consumer preferences, competitive landscape, and potential partnerships.
- Develop a detailed business plan: Outline the project scope, budget, timeline, and key performance indicators.
- Secure necessary funding: Allocate resources for the pilot project and subsequent expansion.
- Establish a strong communication strategy: Communicate the theme park concept to stakeholders and the public.
By taking these steps, Samsung can successfully enter the Korean theme park industry and create a unique and immersive entertainment experience that resonates with consumers and strengthens its brand image.
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Case Description
The management of the Samsung Group has to decide whether to enter the Korean theme park industry. The case focuses on three main issues in the context of the entry decision: (1) the underlying forces that shape industry structure, competitive interaction and profits; (2) the impact of globalization on industry structure; (3) the relationship between a firm's resources and its strategy. Porter's Five Forces model is used to analyze the impact of the competitive forces on profitability. A 15-minute video, product 7A96M006, can be purchased for this case.
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